Cantor Fitzgerald Raises Seagate Technology (NASDAQ:STX) Price Target to $100.00

Seagate Technology (NASDAQ:STX) had its price objective raised by Cantor Fitzgerald from $95.00 to $100.00 in a research report released on Wednesday morning, Benzinga reports. The firm currently has a neutral rating on the data storage provider’s stock.

Several other analysts have also weighed in on the company. Barclays cut their price objective on Seagate Technology from $85.00 to $80.00 and set an equal weight rating for the company in a report on Monday. Robert W. Baird upped their target price on Seagate Technology from $70.00 to $100.00 and gave the company an outperform rating in a report on Thursday, January 25th. TD Cowen upped their target price on Seagate Technology from $85.00 to $110.00 and gave the company an outperform rating in a report on Thursday, January 25th. Mizuho reaffirmed a buy rating and set a $100.00 target price on shares of Seagate Technology in a report on Tuesday, April 9th. Finally, BNP Paribas downgraded Seagate Technology from a neutral rating to an underperform rating and set a $65.00 target price for the company. in a report on Thursday, January 11th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Seagate Technology has an average rating of Hold and a consensus target price of $94.53.

Seagate Technology Stock Up 0.7 %

Shares of Seagate Technology stock opened at $87.11 on Wednesday. The firm has a market cap of $18.25 billion, a price-to-earnings ratio of -67.53, a price-to-earnings-growth ratio of 715.12 and a beta of 1.04. The business has a fifty day simple moving average of $89.30 and a 200-day simple moving average of $82.64. Seagate Technology has a fifty-two week low of $54.47 and a fifty-two week high of $101.26.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.04. The firm had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.68 billion. The company’s quarterly revenue was down 11.0% compared to the same quarter last year. During the same quarter last year, the company earned ($0.43) EPS. Analysts anticipate that Seagate Technology will post 0.1 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Thursday, June 20th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.21%. Seagate Technology’s dividend payout ratio is currently -217.05%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its position in 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 worth $1,166,022,000 after purchasing an additional 1,485,937 shares during the last quarter. Stratos Wealth Partners LTD. increased its position in Seagate Technology by 8.8% in the 4th quarter. Stratos Wealth Partners LTD. now owns 6,941 shares of the data storage provider’s stock worth $593,000 after purchasing an additional 561 shares during the last quarter. Gotham Asset Management LLC increased its position in Seagate Technology by 51.1% in the 3rd quarter. Gotham Asset Management LLC now owns 86,680 shares of the data storage provider’s stock worth $5,717,000 after purchasing an additional 29,323 shares during the last quarter. SG Americas Securities LLC increased its position in Seagate Technology by 78.4% in the 4th quarter. SG Americas Securities LLC now owns 38,563 shares of the data storage provider’s stock worth $3,292,000 after purchasing an additional 16,950 shares during the last quarter. Finally, Nordea Investment Management AB increased its position in Seagate Technology by 5.0% in the 4th quarter. Nordea Investment Management AB now owns 13,293 shares of the data storage provider’s stock worth $1,144,000 after purchasing an additional 630 shares during 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.