Seagate Technology (NASDAQ:STX) Receives Neutral Rating from Wedbush

Wedbush reaffirmed their neutral rating on shares of Seagate Technology (NASDAQ:STX) in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a $100.00 price objective on the data storage provider’s stock.

Several other research firms have also recently issued reports on STX. Susquehanna upped their price target on shares of Seagate Technology from $50.00 to $55.00 and gave the company a negative rating in a report on Wednesday, April 10th. Mizuho reaffirmed a buy rating and issued a $100.00 price target on shares of Seagate Technology in a report on Tuesday, April 9th. Morgan Stanley raised shares of Seagate Technology from an equal weight rating to an overweight rating and upped their price target for the company from $73.00 to $115.00 in a report on Tuesday, March 26th. Barclays cut their price target on shares of Seagate Technology from $85.00 to $80.00 and set an equal weight rating on the stock in a report on Monday, April 22nd. Finally, TD Cowen upped their price target on shares of Seagate Technology from $85.00 to $110.00 and gave the company an outperform rating in a report on Thursday, January 25th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently 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 company’s fifty day simple moving average is $89.25 and its 200-day simple moving average is $82.92. Seagate Technology has a 52 week low of $54.47 and a 52 week high of $101.26. The stock has a market cap of $18.03 billion, a P/E ratio of -66.70, a PEG ratio of 480.77 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the previous year, the firm posted ($0.43) earnings per share. The company’s revenue for the quarter was down 11.0% on a year-over-year basis. On average, research analysts expect that Seagate Technology will post 0.15 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date is Thursday, June 20th. Seagate Technology’s dividend payout ratio is presently -217.05%.

Institutional Trading of Seagate Technology

A number of hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its holdings in shares of Seagate Technology by 9.2% in the 3rd 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 period. Stratos Wealth Partners LTD. increased its holdings in 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 holdings in 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 buying an additional 29,323 shares during the last quarter. SG Americas Securities LLC increased its holdings in Seagate Technology by 78.4% in the fourth quarter. SG Americas Securities LLC now owns 38,563 shares of the data storage provider’s stock worth $3,292,000 after buying an additional 16,950 shares during the last quarter. Finally, Nordea Investment Management AB increased its holdings in Seagate Technology by 5.0% in the fourth quarter. Nordea Investment Management AB now owns 13,293 shares of the data storage provider’s stock worth $1,144,000 after buying an additional 630 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.