Seagate Technology (NASDAQ:STX) Upgraded to Outperform by Wedbush

Wedbush upgraded shares of Seagate Technology (NASDAQ:STX) from a neutral rating to an outperform rating in a report published on Wednesday, Marketbeat.com reports. Wedbush currently has $100.00 price target on the data storage provider’s stock. Wedbush also issued estimates for Seagate Technology’s Q4 2024 earnings at $0.65 EPS, FY2024 earnings at $0.49 EPS, Q1 2025 earnings at $1.01 EPS, Q2 2025 earnings at $1.54 EPS, Q3 2025 earnings at $1.74 EPS, Q4 2025 earnings at $1.99 EPS and FY2025 earnings at $6.27 EPS.

Several other research analysts have also recently weighed in on the stock. TD Cowen upped their price target on shares of Seagate Technology from $85.00 to $110.00 and gave the stock an outperform rating in a report on Thursday, January 25th. UBS Group upped their target price on Seagate Technology from $90.00 to $95.00 and gave the stock a neutral rating in a research note on Wednesday, April 24th. The Goldman Sachs Group lifted their price target on Seagate Technology from $84.00 to $96.00 and gave the company a neutral rating in a research report on Wednesday, April 24th. Robert W. Baird upped their price objective on shares of Seagate Technology from $70.00 to $100.00 and gave the stock an outperform rating in a research report on Thursday, January 25th. Finally, Evercore ISI assumed coverage on shares of Seagate Technology in a research report on Tuesday, February 27th. They set an outperform rating and a $110.00 target price for the company. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $94.53.

Seagate Technology Price Performance

Shares of NASDAQ STX opened at $87.50 on Wednesday. The stock has a market capitalization of $18.37 billion, a PE ratio of -67.83, a P/E/G ratio of 239.31 and a beta of 1.06. Seagate Technology has a one year low of $54.47 and a one year high of $101.26. The business’s fifty day moving average price is $89.18 and its 200-day moving average price is $83.53.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.04. The business had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.68 billion. The business’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same period last year, the firm earned ($0.43) EPS. As a group, equities analysts expect that Seagate Technology will post 0.3 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

The company 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 $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.20%. The ex-dividend date is Thursday, June 20th. Seagate Technology’s dividend payout ratio is currently -217.05%.

Institutional Trading of Seagate Technology

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Seagate Technology by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 24,006,681 shares of the data storage provider’s stock worth $2,049,450,000 after purchasing an additional 425,117 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Seagate Technology by 9.2% in the third quarter. JPMorgan Chase & Co. now owns 17,680,400 shares of the data storage provider’s stock worth $1,166,022,000 after acquiring an additional 1,485,937 shares in the last quarter. Capital Research Global Investors grew its stake in shares of Seagate Technology by 39.3% in the fourth quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock worth $1,418,413,000 after acquiring an additional 4,685,454 shares during the last quarter. Sanders Capital LLC increased its holdings in shares of Seagate Technology by 3.0% during the fourth quarter. Sanders Capital LLC now owns 15,486,153 shares of the data storage provider’s stock valued at $1,322,053,000 after acquiring an additional 443,768 shares in the last quarter. Finally, FMR LLC raised its position in shares of Seagate Technology by 13.1% in the 3rd quarter. FMR LLC now owns 13,929,708 shares of the data storage provider’s stock worth $918,664,000 after purchasing an additional 1,612,264 shares during the last quarter. Institutional investors own 92.87% of the company’s stock.

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.