Seagate Technology (NASDAQ:STX) Price Target Raised to $125.00 at Citigroup

Seagate Technology (NASDAQ:STX) had its target price lifted by Citigroup from $120.00 to $125.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Citigroup currently has a buy rating on the data storage provider’s stock.

Several other equities research analysts also recently commented on the stock. Northland Securities lifted their target price on shares of Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Rosenblatt Securities boosted their price objective on shares of Seagate Technology from $140.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday. Mizuho decreased their price objective on Seagate Technology from $130.00 to $110.00 and set an “outperform” rating for the company in a report on Friday, January 10th. StockNews.com downgraded Seagate Technology from a “buy” rating to a “hold” rating in a report on Tuesday, January 14th. Finally, Evercore ISI increased their price target on Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. One equities 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 stock. Based on data from MarketBeat.com, Seagate Technology currently has a consensus rating of “Moderate Buy” and an average price target of $122.56.

Seagate Technology Stock Performance

Shares of STX opened at $108.18 on Wednesday. Seagate Technology has a 52 week low of $82.31 and a 52 week high of $115.32. The stock has a market capitalization of $22.88 billion, a price-to-earnings ratio of 28.25 and a beta of 1.06. The stock has a fifty day moving average of $94.55 and a 200-day moving average of $100.33.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, beating the consensus estimate of $1.30 by $0.28. The firm had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The business’s quarterly revenue was up 49.1% on a year-over-year basis. During the same period last year, the company earned ($0.34) earnings per share. As a group, equities analysts forecast that Seagate Technology will post 7.18 EPS for the current year.

Seagate Technology Dividend Announcement

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

Insider Activity at Seagate Technology

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $99.53, for a total value of $1,990,600.00. Following the completion of the sale, the chief executive officer now owns 642,497 shares of the company’s stock, valued at approximately $63,947,726.41. This trade represents a 3.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Kian Fatt Chong sold 9,182 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $105.50, for a total value of $968,701.00. The disclosure for this sale can be found here. Insiders sold 50,073 shares of company stock valued at $5,106,149 in the last three months. Corporate insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Ashton Thomas Securities LLC bought a new position in Seagate Technology in the 3rd quarter valued at about $26,000. Quarry LP purchased a new stake in shares of Seagate Technology in the second quarter worth approximately $27,000. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of Seagate Technology by 2,407.1% in 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 purchasing an additional 337 shares in the last quarter. Advisors Asset Management Inc. boosted its position in shares of Seagate Technology by 177.9% during the third quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock valued at $44,000 after buying an additional 258 shares during the last quarter. Finally, JFS Wealth Advisors LLC grew its holdings in Seagate Technology by 232.5% during the third quarter. JFS Wealth Advisors LLC now owns 419 shares of the data storage provider’s stock worth $46,000 after buying an additional 293 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

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.