Seagate Technology (NASDAQ:STX – Free Report) had its price objective upped by UBS Group from $95.00 to $105.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the data storage provider’s stock.
Several other equities research analysts have also recently issued reports on STX. The Goldman Sachs Group lowered their price objective on Seagate Technology from $112.00 to $99.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Citigroup lifted their target price on shares of Seagate Technology from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday. Benchmark raised Seagate Technology from a “hold” rating to a “buy” rating and set a $120.00 price target on the stock in a research note on Wednesday. Susquehanna increased their price objective on shares of Seagate Technology from $65.00 to $68.00 and gave the stock a “negative” rating in a research report on Wednesday. Finally, Evercore ISI lifted their target price on Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $122.56.
Read Our Latest Research Report on Seagate Technology
Seagate Technology Trading Down 0.2 %
Seagate Technology (NASDAQ:STX – Get Free Report) last announced its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. The firm had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The business’s revenue was up 49.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.34) EPS. Equities analysts predict that Seagate Technology will post 6.92 EPS for the current fiscal year.
Seagate Technology Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Wednesday, March 19th will be given a dividend of $0.72 per share. The ex-dividend date of this dividend is Wednesday, March 19th. This represents a $2.88 annualized dividend and a dividend yield of 2.66%. Seagate Technology’s dividend payout ratio is currently 52.65%.
Insider Buying and Selling at Seagate Technology
In related news, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $99.53, for a total transaction of $1,990,600.00. Following the transaction, the chief executive officer now owns 642,497 shares in the company, valued at $63,947,726.41. This trade represents a 3.02 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Yolanda Lee Conyers sold 750 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $101.82, for a total transaction of $76,365.00. Following the transaction, the director now owns 6,555 shares in the company, valued at approximately $667,430.10. This trade 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 three months. Insiders own 0.81% of the company’s stock.
Institutional Investors Weigh In On Seagate Technology
A number of institutional investors and hedge funds have recently made changes to their positions in STX. Point72 Asset Management L.P. acquired a new position in Seagate Technology in the 3rd quarter valued at about $133,031,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Seagate Technology by 341.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,308,958 shares of the data storage provider’s stock valued at $143,370,000 after purchasing an additional 1,012,638 shares during the period. State Street Corp raised its stake in shares of Seagate Technology by 6.8% during the third quarter. State Street Corp now owns 8,502,674 shares of the data storage provider’s stock worth $937,081,000 after purchasing an additional 541,585 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Seagate Technology by 29.5% during the third quarter. Franklin Resources Inc. now owns 1,778,811 shares of the data storage provider’s stock worth $197,844,000 after purchasing an additional 405,232 shares during the period. Finally, Point72 Hong Kong Ltd purchased a new position in Seagate Technology in the 2nd quarter valued at $35,349,000. 92.87% of the stock is owned by hedge funds and other institutional investors.
About Seagate Technology
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.
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