Bank of America Increases Seagate Technology (NASDAQ:STX) Price Target to $130.00

Seagate Technology (NASDAQ:STX) had its price target increased by Bank of America from $124.00 to $130.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the data storage provider’s stock.

STX has been the subject of several other reports. Rosenblatt Securities boosted their price objective on Seagate Technology from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday. Wells Fargo & Company cut their price objective on shares of Seagate Technology from $120.00 to $110.00 and set an “equal weight” rating on the stock in a report on Thursday, January 16th. The Goldman Sachs Group lowered their target price on shares of Seagate Technology from $112.00 to $99.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Mizuho cut their price target on Seagate Technology from $130.00 to $110.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Finally, Wedbush reaffirmed an “outperform” rating and set a $150.00 price objective on shares of Seagate Technology in a research note on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $122.56.

Seagate Technology Price Performance

Shares of Seagate Technology stock opened at $108.18 on Wednesday. The firm has a 50 day simple moving average of $94.55 and a 200 day simple moving average of $100.33. Seagate Technology has a fifty-two week low of $82.31 and a fifty-two week high of $115.32. The firm has a market cap of $22.88 billion, a P/E ratio of 28.25 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, beating the consensus estimate of $1.30 by $0.28. The company had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The business’s revenue for the quarter was up 49.1% on a year-over-year basis. During the same period last year, the firm earned ($0.34) EPS. On average, sell-side analysts expect that Seagate Technology will post 7.18 EPS for the current year.

Seagate Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Wednesday, March 19th will be issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date is Wednesday, March 19th. Seagate Technology’s dividend payout ratio (DPR) is presently 75.20%.

Insider Activity

In other Seagate Technology news, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $101.82, for a total transaction of $76,365.00. Following the sale, the director now directly owns 6,555 shares of the company’s stock, valued at $667,430.10. The trade was a 10.27 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Kian Fatt Chong sold 9,182 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $105.50, for a total transaction of $968,701.00. The disclosure for this sale can be found here. Insiders have sold a total of 50,073 shares of company stock worth $5,106,149 over the last three months. Corporate insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Berkshire Bank increased its position in shares of Seagate Technology by 2.6% during the 4th quarter. Berkshire Bank now owns 4,118 shares of the data storage provider’s stock worth $355,000 after purchasing an additional 103 shares during the last quarter. Pacer Advisors Inc. grew its stake in shares of Seagate Technology by 49.8% in the fourth quarter. Pacer Advisors Inc. now owns 29,044 shares of the data storage provider’s stock valued at $2,507,000 after buying an additional 9,656 shares in the last quarter. KBC Group NV increased its holdings in Seagate Technology by 150.1% during the fourth quarter. KBC Group NV now owns 70,290 shares of the data storage provider’s stock worth $6,066,000 after buying an additional 42,182 shares during the last quarter. Blue Trust Inc. raised its position in Seagate Technology by 42.9% during the fourth quarter. Blue Trust Inc. now owns 3,407 shares of the data storage provider’s stock worth $294,000 after acquiring an additional 1,022 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC lifted its stake in Seagate Technology by 87.9% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 8,578 shares of the data storage provider’s stock valued at $740,000 after acquiring an additional 4,014 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.