Seagate Technology (NASDAQ:STX) Sees Strong Trading Volume

Seagate Technology Holdings plc (NASDAQ:STX) saw unusually-strong trading volume on Tuesday . Approximately 1,276,479 shares traded hands during mid-day trading, a decline of 52% from the previous session’s volume of 2,656,591 shares.The stock last traded at $95.42 and had previously closed at $88.21.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on STX. 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. BNP Paribas lowered Seagate Technology from a “neutral” rating to an “underperform” rating and set a $65.00 price objective for the company. in a report on Thursday, January 11th. Barclays boosted their price objective on Seagate Technology from $65.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 16th. Wells Fargo & Company boosted their price target on shares of Seagate Technology from $80.00 to $90.00 and gave the company an “equal weight” rating in a research report on Thursday, February 1st. Finally, Robert W. Baird lifted their price objective on shares of Seagate Technology from $70.00 to $100.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Seagate Technology presently has an average rating of “Hold” and an average target price of $84.17.

Seagate Technology Stock Performance

The firm’s 50-day simple moving average is $89.17 and its 200-day simple moving average is $79.43.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Wednesday, January 24th. The data storage provider reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.19. The company had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.56 billion. As a group, equities research analysts anticipate that Seagate Technology Holdings plc will post -0.17 EPS for the current year.

Seagate Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 4th. Stockholders of record on Thursday, March 21st will be given a $0.70 dividend. The ex-dividend date is Wednesday, March 20th. This represents a $2.80 annualized dividend and a dividend yield of 2.96%. Seagate Technology’s dividend payout ratio is -80.00%.

Institutional Investors Weigh In On Seagate Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital Research Global Investors grew its position in shares of Seagate Technology by 39.3% in the 4th quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock worth $1,418,413,000 after buying an additional 4,685,454 shares during the period. BlackRock Inc. boosted its stake in Seagate Technology by 20.5% during the first quarter. BlackRock Inc. now owns 15,620,098 shares of the data storage provider’s stock worth $1,032,801,000 after acquiring an additional 2,662,098 shares in the last quarter. Norges Bank purchased a new stake in Seagate Technology in the fourth quarter worth about $188,834,000. FMR LLC increased its stake in shares of Seagate Technology by 13.1% during the third quarter. FMR LLC now owns 13,929,708 shares of the data storage provider’s stock valued at $918,664,000 after purchasing an additional 1,612,264 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Seagate Technology by 9.2% during the third quarter. JPMorgan Chase & Co. now owns 17,680,400 shares of the data storage provider’s stock valued at $1,166,022,000 after purchasing an additional 1,485,937 shares during the last quarter. 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.