Seagate Technology (NASDAQ:STX) Given New $95.00 Price Target at UBS Group

Seagate Technology (NASDAQ:STX) had its target price upped by UBS Group from $90.00 to $95.00 in a research report report published on Wednesday, Benzinga reports. They currently have a neutral rating on the data storage provider’s stock.

A number of other equities analysts have also recently weighed in on the stock. TD Cowen upped their price objective on shares of Seagate Technology from $85.00 to $110.00 and gave the company an outperform rating in a research report on Thursday, January 25th. Wells Fargo & Company increased their price target on shares of Seagate Technology from $80.00 to $90.00 and gave the stock an equal weight rating in a research report on Thursday, February 1st. Benchmark reiterated a hold rating on shares of Seagate Technology in a research note on Wednesday. Wedbush restated a neutral rating and issued a $100.00 price target on shares of Seagate Technology in a research note on Wednesday. Finally, Barclays dropped 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 research note on Monday. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Seagate Technology presently has a consensus rating of Hold and an average price target of $94.53.

Seagate Technology Stock Up 0.7 %

STX stock opened at $87.11 on Wednesday. The company has a market cap of $18.25 billion, a price-to-earnings ratio of -67.53, a PEG 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 52 week low of $54.47 and a 52 week high of $101.26.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The business had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same period last year, the company posted ($0.43) earnings per share. The firm’s revenue for the quarter was down 11.0% on a year-over-year basis. As a group, analysts expect that Seagate Technology will post 0.1 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The company 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 dividend on an annualized basis and a yield of 3.21%. Seagate Technology’s dividend payout ratio is -217.05%.

Hedge Funds Weigh In On Seagate Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC lifted its position in Seagate Technology by 17.3% in the 1st quarter. V Square Quantitative Management LLC now owns 5,299 shares of the data storage provider’s stock worth $493,000 after buying an additional 782 shares in the last quarter. Berkshire Bank raised its holdings in shares of Seagate Technology by 23.4% during the 1st quarter. Berkshire Bank now owns 3,431 shares of the data storage provider’s stock valued at $319,000 after purchasing an additional 650 shares in the last quarter. Global Retirement Partners LLC raised its holdings in shares of Seagate Technology by 8.6% during the 1st quarter. Global Retirement Partners LLC now owns 1,735 shares of the data storage provider’s stock valued at $161,000 after purchasing an additional 138 shares in the last quarter. Stablepoint Partners LLC raised its holdings in shares of Seagate Technology by 8.1% during the 1st quarter. Stablepoint Partners LLC now owns 59,132 shares of the data storage provider’s stock valued at $5,502,000 after purchasing an additional 4,449 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its holdings in Seagate Technology by 68.1% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 137,213 shares of the data storage provider’s stock worth $12,768,000 after acquiring an additional 55,586 shares during the period. Institutional investors and hedge funds own 92.87% of the company’s stock.

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.