Seagate Technology (NASDAQ:STX) Price Target Raised to $96.00

Seagate Technology (NASDAQ:STX) had its target price upped by The Goldman Sachs Group from $84.00 to $96.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have a neutral rating on the data storage provider’s stock.

STX has been the topic of several other research reports. Robert W. Baird boosted their price target on Seagate Technology from $70.00 to $100.00 and gave the stock an outperform rating in a research report on Thursday, January 25th. Mizuho reissued a buy rating and set a $100.00 target price on shares of Seagate Technology in a report on Tuesday, April 9th. Wedbush reissued a neutral rating and set a $100.00 target price on shares of Seagate Technology in a report on Wednesday. Rosenblatt Securities boosted their target price on Seagate Technology from $100.00 to $115.00 and gave the stock a buy rating in a report on Thursday, January 25th. Finally, Benchmark reissued a hold rating on shares of Seagate Technology in a report on Wednesday. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $94.53.

Seagate Technology Stock Performance

NASDAQ STX opened at $86.04 on Wednesday. The stock has a market capitalization of $18.03 billion, a price-to-earnings ratio of -66.70, a PEG ratio of 719.92 and a beta of 1.04. The stock’s 50 day moving average price is $89.25 and its two-hundred day moving average price is $82.81. Seagate Technology has a 52 week low of $54.47 and a 52 week high of $101.26.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share for the quarter, topping the consensus estimate 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. The firm’s revenue for the quarter was down 11.0% compared to the same quarter last year. During the same period last year, the firm earned ($0.43) EPS. On average, equities research analysts forecast that Seagate Technology will post 0.1 EPS for the current year.

Seagate Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 20th will be given 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 3.25%. Seagate Technology’s payout ratio is -217.05%.

Institutional Trading of Seagate Technology

Institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. lifted its position in shares of Seagate Technology by 9.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 17,680,400 shares of the data storage provider’s stock valued at $1,166,022,000 after acquiring an additional 1,485,937 shares during the period. Stratos Wealth Partners LTD. lifted its position in shares of Seagate Technology by 8.8% during the 4th quarter. Stratos Wealth Partners LTD. now owns 6,941 shares of the data storage provider’s stock valued at $593,000 after acquiring an additional 561 shares during the period. Gotham Asset Management LLC lifted its position in shares of Seagate Technology by 51.1% during the 3rd quarter. Gotham Asset Management LLC now owns 86,680 shares of the data storage provider’s stock valued at $5,717,000 after acquiring an additional 29,323 shares during the period. SG Americas Securities LLC lifted its position in shares of Seagate Technology by 78.4% during the 4th quarter. SG Americas Securities LLC now owns 38,563 shares of the data storage provider’s stock valued at $3,292,000 after acquiring an additional 16,950 shares during the period. Finally, Nordea Investment Management AB lifted its position in shares of Seagate Technology by 5.0% during the 4th quarter. Nordea Investment Management AB now owns 13,293 shares of the data storage provider’s stock valued at $1,144,000 after acquiring an additional 630 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.