Seagate Technology (NASDAQ:STX) Price Target Raised to $130.00 at Bank of America

Seagate Technology (NASDAQ:STX) had its price objective increased by Bank of America from $124.00 to $130.00 in a report issued on Wednesday,Benzinga reports. They currently have a buy rating on the data storage provider’s stock.

Other analysts also recently issued research reports about the company. Morgan Stanley decreased their price target on Seagate Technology from $133.00 to $129.00 and set an “overweight” rating for the company in a research note on Tuesday. Northland Securities upped their target price on Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. StockNews.com downgraded Seagate Technology from a “buy” rating to a “hold” rating in a report on Tuesday, January 14th. Wells Fargo & Company reduced their price objective on shares of Seagate Technology from $120.00 to $110.00 and set an “equal weight” rating for the company in a research note on Thursday, January 16th. Finally, Benchmark reiterated a “hold” rating on shares of Seagate Technology in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $122.56.

Seagate Technology Stock Up 6.8 %

NASDAQ STX opened at $108.18 on Wednesday. The stock has a market capitalization of $22.88 billion, a PE ratio of 28.25 and a beta of 1.06. Seagate Technology has a 12-month low of $82.31 and a 12-month high of $115.32. The company has a 50 day moving average price of $94.55 and a two-hundred day moving average price of $100.33.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.28. The business had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. Seagate Technology’s quarterly revenue was up 49.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.34) EPS. As a group, equities analysts anticipate that Seagate Technology will post 7.18 EPS for the current year.

Seagate Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Wednesday, March 19th will be paid a $0.72 dividend. The ex-dividend date is Wednesday, March 19th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.66%. Seagate Technology’s payout ratio is 75.20%.

Insiders Place Their Bets

In related news, SVP Kian Fatt Chong sold 9,182 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $105.50, for a total value of $968,701.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Yolanda Lee Conyers sold 750 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $101.82, for a total value of $76,365.00. Following the transaction, the director now owns 6,555 shares of the company’s stock, valued at $667,430.10. This represents a 10.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 50,073 shares of company stock worth $5,106,149 over the last 90 days. Corporate insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

Several large investors have recently made changes to their positions in the company. Victory Capital Management Inc. boosted its position in Seagate Technology by 133.8% in the third quarter. Victory Capital Management Inc. now owns 171,952 shares of the data storage provider’s stock valued at $18,834,000 after buying an additional 98,418 shares in the last quarter. Versor Investments LP bought a new position in shares of Seagate Technology in the third quarter valued at approximately $2,146,000. Lighthouse Investment Partners LLC acquired a new position in shares of Seagate Technology in the 2nd quarter worth approximately $499,000. Forte Capital LLC ADV grew its position in Seagate Technology by 29.8% during the 3rd quarter. Forte Capital LLC ADV now owns 28,972 shares of the data storage provider’s stock worth $3,173,000 after acquiring an additional 6,653 shares during the last quarter. Finally, International Assets Investment Management LLC increased its holdings in Seagate Technology by 3,549.7% during the 3rd quarter. International Assets Investment Management LLC now owns 204,493 shares of the data storage provider’s stock valued at $22,398,000 after purchasing an additional 198,890 shares in the last quarter. Institutional investors own 92.87% of the company’s stock.

Seagate Technology Company Profile

Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It provides mass capacity storage products, including enterprise nearline hard disk drives (HDDs), enterprise nearline solid state drives (SSDs), enterprise nearline systems, video and image HDDs, and network-attached storage drives.