UBS Group Raises Seagate Technology (NASDAQ:STX) Price Target to $95.00

Seagate Technology (NASDAQ:STX) had its price target raised by UBS Group from $90.00 to $95.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a neutral rating on the data storage provider’s stock.

A number of other equities research analysts have also issued reports on the company. Robert W. Baird increased their price target on Seagate Technology from $70.00 to $100.00 and gave the company an outperform rating in a research report on Thursday, January 25th. Rosenblatt Securities raised their target price on Seagate Technology from $100.00 to $115.00 and gave the stock a buy rating in a research report on Thursday, January 25th. Wedbush reissued a neutral rating and set a $100.00 target price on shares of Seagate Technology in a research report on Wednesday. Morgan Stanley raised Seagate Technology from an equal weight rating to an overweight rating and raised their target price for the stock from $73.00 to $115.00 in a research report on Tuesday, March 26th. Finally, Susquehanna raised their target price on Seagate Technology from $50.00 to $55.00 and gave the stock a negative rating in a research report on Wednesday, April 10th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and an average target price of $94.53.

Seagate Technology Trading Down 1.4 %

NASDAQ STX opened at $86.04 on Wednesday. The stock has a market cap of $18.03 billion, a PE ratio of -66.70, a P/E/G ratio of 719.92 and a beta of 1.04. Seagate Technology has a twelve month low of $54.47 and a twelve month high of $101.26. The stock has a fifty day simple moving average of $89.25 and a 200-day simple moving average of $82.81.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The business had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter in the prior year, the company posted ($0.43) earnings per share. The business’s revenue for the quarter was down 11.0% compared to the same quarter last year. Research analysts predict that Seagate Technology will post 0.1 EPS for the current year.

Seagate Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Thursday, June 20th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.25%. The ex-dividend date is Thursday, June 20th. Seagate Technology’s payout ratio is currently -217.05%.

Hedge Funds Weigh In On Seagate Technology

Several hedge funds have recently modified their holdings of STX. JPMorgan Chase & Co. boosted its position in shares of Seagate Technology by 9.2% in the third quarter. JPMorgan Chase & Co. now owns 17,680,400 shares of the data storage provider’s stock worth $1,166,022,000 after buying an additional 1,485,937 shares during the period. Stratos Wealth Partners LTD. lifted its position in shares of Seagate Technology by 8.8% in the fourth quarter. Stratos Wealth Partners LTD. now owns 6,941 shares of the data storage provider’s stock worth $593,000 after buying an additional 561 shares during the last quarter. Gotham Asset Management LLC increased its stake in shares of Seagate Technology by 51.1% in the third quarter. Gotham Asset Management LLC now owns 86,680 shares of the data storage provider’s stock worth $5,717,000 after purchasing an additional 29,323 shares during the period. SG Americas Securities LLC increased its stake in Seagate Technology by 78.4% during the fourth quarter. SG Americas Securities LLC now owns 38,563 shares of the data storage provider’s stock valued at $3,292,000 after acquiring an additional 16,950 shares during the period. Finally, Nordea Investment Management AB grew its stake in shares of Seagate Technology by 5.0% in the 4th quarter. Nordea Investment Management AB now owns 13,293 shares of the data storage provider’s stock valued at $1,144,000 after purchasing an additional 630 shares during the period. 92.87% of the stock is currently owned by institutional investors and hedge funds.

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.