Seagate Technology (NASDAQ:STX) Upgraded to Buy at Summit Insights

Summit Insights upgraded shares of Seagate Technology (NASDAQ:STX) from a hold rating to a buy rating in a report issued on Wednesday, MarketBeat Ratings reports.

A number of other equities analysts also recently commented on STX. Wells Fargo & Company decreased their target price on Seagate Technology from $120.00 to $110.00 and set an “equal weight” rating for the company in a report on Thursday, January 16th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $125.00 target price on shares of Seagate Technology in a research report on Wednesday, October 23rd. Barclays boosted their price target on shares of Seagate Technology from $95.00 to $105.00 and gave the company an “equal weight” rating in a research report on Wednesday. Citigroup increased their price target on shares of Seagate Technology from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Morgan Stanley cut their price objective on Seagate Technology from $133.00 to $129.00 and set an “overweight” rating on the stock in a research report on Tuesday. One research 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 stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $122.56.

Seagate Technology Trading Up 6.8 %

STX stock opened at $108.18 on Wednesday. The firm’s 50-day moving average price is $94.55 and its two-hundred day moving average price is $100.33. The stock has a market capitalization of $22.88 billion, a price-to-earnings 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.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, beating analysts’ consensus estimates 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 negative return on equity of 32.19% and a net margin of 11.34%. Seagate Technology’s quarterly revenue was up 49.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.34) EPS. Equities analysts predict that Seagate Technology will post 7.18 EPS for the current year.

Seagate Technology Announces Dividend

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

Insider Transactions at Seagate Technology

In other Seagate Technology news, SVP Kian Fatt Chong sold 9,182 shares of the business’s stock in a transaction dated 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $99.53, for a total transaction of $1,990,600.00. Following the sale, the chief executive officer now directly owns 642,497 shares in the company, valued at approximately $63,947,726.41. The trade was a 3.02 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,073 shares of company stock worth $5,106,149. Corporate insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blair William & Co. IL purchased a new position in Seagate Technology in the second quarter worth about $314,000. Canada Pension Plan Investment Board lifted its stake in shares of Seagate Technology by 96,580.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 9,668 shares of the data storage provider’s stock worth $998,000 after purchasing an additional 9,658 shares during the period. Sei Investments Co. boosted its holdings in shares of Seagate Technology by 33.7% in the second quarter. Sei Investments Co. now owns 14,484 shares of the data storage provider’s stock worth $1,496,000 after buying an additional 3,647 shares during the last quarter. Thrivent Financial for Lutherans grew its position in Seagate Technology by 26.1% during the second quarter. Thrivent Financial for Lutherans now owns 10,475 shares of the data storage provider’s stock valued at $1,081,000 after buying an additional 2,165 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC increased its holdings in Seagate Technology by 2,407.1% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock valued at $36,000 after buying an additional 337 shares during 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.