Wedbush Reiterates Neutral Rating for Seagate Technology (NASDAQ:STX)

Wedbush reissued their neutral rating on shares of Seagate Technology (NASDAQ:STX) in a research report sent to investors on Wednesday morning, Benzinga reports. Wedbush currently has a $100.00 price objective on the data storage provider’s stock.

STX has been the topic of a number of other research reports. Mizuho reiterated a buy rating and set a $100.00 price target on shares of Seagate Technology in a report on Tuesday, April 9th. Cantor Fitzgerald reiterated a neutral rating and set a $95.00 price target on shares of Seagate Technology in a research note on Monday, March 4th. Evercore ISI started coverage on shares of Seagate Technology in a research note on Tuesday, February 27th. They set an outperform rating and a $110.00 price target on the stock. Rosenblatt Securities lifted their price target on shares of Seagate Technology from $100.00 to $115.00 and gave the stock a buy rating in a research note on Thursday, January 25th. Finally, The Goldman Sachs Group lifted their price target on shares of Seagate Technology from $65.00 to $84.00 and gave the stock a neutral rating in a research note on Friday, January 26th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Seagate Technology has a consensus rating of Hold and an average price target of $94.53.

Seagate Technology Stock Performance

Shares of NASDAQ STX opened at $87.11 on Wednesday. Seagate Technology has a fifty-two week low of $54.47 and a fifty-two week high of $101.26. The company has a 50 day simple moving average of $89.30 and a two-hundred day simple moving average of $82.64. The company has a market capitalization of $18.25 billion, a price-to-earnings ratio of -67.53, a P/E/G ratio of 715.12 and a beta of 1.04.

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

Seagate Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Thursday, June 20th will be issued 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 currently -217.05%.

Institutional Trading of Seagate Technology

A number of large investors have recently made changes to their positions in the business. V Square Quantitative Management LLC increased its holdings in shares of 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 during the last quarter. Berkshire Bank increased its holdings in shares of Seagate Technology by 23.4% in the 1st quarter. Berkshire Bank now owns 3,431 shares of the data storage provider’s stock worth $319,000 after buying an additional 650 shares during the last quarter. Global Retirement Partners LLC increased its holdings in shares of Seagate Technology by 8.6% in the 1st quarter. Global Retirement Partners LLC now owns 1,735 shares of the data storage provider’s stock worth $161,000 after buying an additional 138 shares during the last quarter. Stablepoint Partners LLC boosted its stake 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 worth $5,502,000 after purchasing an additional 4,449 shares during the period. Finally, Raymond James Financial Services Advisors Inc. boosted its stake in shares of Seagate Technology by 68.1% during 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 purchasing an additional 55,586 shares during the period. 92.87% of the stock is currently owned by institutional investors.

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.