Seagate Technology (NASDAQ:STX) Upgraded to Outperform at Wedbush

Wedbush upgraded shares of Seagate Technology (NASDAQ:STX) from a neutral rating to an outperform rating in a research note published on Wednesday, Marketbeat Ratings reports. Wedbush currently has $100.00 price target on the data storage provider’s stock. Wedbush also issued estimates for Seagate Technology’s Q4 2024 earnings at $0.65 EPS, FY2024 earnings at $0.49 EPS, Q1 2025 earnings at $1.01 EPS, Q2 2025 earnings at $1.54 EPS, Q3 2025 earnings at $1.74 EPS, Q4 2025 earnings at $1.99 EPS and FY2025 earnings at $6.27 EPS.

A number of other equities research analysts have also recently issued reports on STX. Susquehanna boosted their target price 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. Barclays decreased their target price 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. Morgan Stanley raised Seagate Technology from an equal weight rating to an overweight rating and raised their price target for the company from $73.00 to $115.00 in a report on Tuesday, March 26th. Cantor Fitzgerald raised their price objective on shares of Seagate Technology from $95.00 to $100.00 and gave the company a neutral rating in a research report on Wednesday, April 24th. Finally, The Goldman Sachs Group raised their price target on Seagate Technology from $84.00 to $96.00 and gave the company a neutral rating in a research report on Wednesday, April 24th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $94.53.

Seagate Technology Price Performance

Shares of STX opened at $85.81 on Wednesday. Seagate Technology has a one year low of $54.47 and a one year high of $101.26. The company has a market cap of $18.02 billion, a PE ratio of -66.52, a price-to-earnings-growth ratio of 238.26 and a beta of 1.06. The firm has a 50-day moving average of $89.22 and a 200-day moving average of $83.28.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. The company had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.68 billion. Seagate Technology’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter last year, the firm posted ($0.43) EPS. Analysts expect that Seagate Technology will post 0.3 earnings per share for the current year.

Seagate Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 20th will be paid a dividend of $0.70 per share. The ex-dividend date is Thursday, June 20th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.26%. Seagate Technology’s payout ratio is -217.05%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Greenwood Capital Associates LLC grew its holdings in shares of Seagate Technology by 64.1% during the first quarter. Greenwood Capital Associates LLC now owns 11,486 shares of the data storage provider’s stock worth $1,069,000 after buying an additional 4,487 shares in the last quarter. Wakefield Asset Management LLLP purchased a new stake in Seagate Technology during the 1st quarter valued at about $310,000. Mission Wealth Management LP purchased a new position in Seagate Technology in the 1st quarter worth approximately $240,000. Retirement Systems of Alabama boosted its holdings in shares of Seagate Technology by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 43,005 shares of the data storage provider’s stock worth $4,002,000 after purchasing an additional 130 shares during the last quarter. Finally, HB Wealth Management LLC grew its position in shares of Seagate Technology by 18.0% in the first quarter. HB Wealth Management LLC now owns 2,799 shares of the data storage provider’s stock valued at $260,000 after purchasing an additional 427 shares in the last quarter. 92.87% of the stock is 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.