Seagate Technology (NASDAQ:STX) Sets New 12-Month High on Analyst Upgrade

Seagate Technology plc (NASDAQ:STX)’s share price reached a new 52-week high during trading on Thursday after Morgan Stanley raised their price target on the stock from $86.00 to $90.00. Morgan Stanley currently has an overweight rating on the stock. Seagate Technology traded as high as $79.97 and last traded at $79.08, with a volume of 3188 shares. The stock had previously closed at $78.96.

STX has been the topic of a number of other research reports. Royal Bank of Canada upped their price target on shares of Seagate Technology from $52.00 to $61.00 and gave the stock a “sector perform” rating in a research note on Friday, January 22nd. Stifel Nicolaus increased their price target on shares of Seagate Technology from $75.00 to $86.00 and gave the company a “buy” rating in a report on Monday, February 22nd. Zacks Investment Research lowered shares of Seagate Technology from a “buy” rating to a “hold” rating and set a $77.00 price objective for the company. in a report on Monday, February 22nd. Bank of America upgraded Seagate Technology from an “underperform” rating to a “buy” rating and set a $90.00 target price on the stock in a research note on Thursday, February 18th. Finally, Wedbush restated a “neutral” rating and issued a $62.00 price target on shares of Seagate Technology in a research note on Monday, March 22nd. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $70.63.

In other Seagate Technology news, Director Stephanie Tilenius sold 7,000 shares of the business’s stock in a transaction dated Thursday, March 11th. The stock was sold at an average price of $77.38, for a total transaction of $541,660.00. Following the completion of the sale, the director now owns 16,468 shares of the company’s stock, valued at $1,274,293.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Holdings L.P. Valueact sold 39,559 shares of the company’s stock in a transaction dated Friday, January 8th. The stock was sold at an average price of $60.35, for a total value of $2,387,385.65. The disclosure for this sale can be found here. Insiders sold 1,636,975 shares of company stock worth $100,101,615 over the last quarter. Insiders own 0.97% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of STX. JPMorgan Chase & Co. boosted its position in shares of Seagate Technology by 214.1% in the fourth quarter. JPMorgan Chase & Co. now owns 5,005,897 shares of the data storage provider’s stock worth $311,167,000 after purchasing an additional 3,412,343 shares during the period. Morgan Stanley boosted its holdings in Seagate Technology by 22.8% in the 4th quarter. Morgan Stanley now owns 4,073,442 shares of the data storage provider’s stock worth $253,205,000 after buying an additional 757,290 shares during the period. Norges Bank bought a new position in Seagate Technology in the 4th quarter worth $138,077,000. Dimensional Fund Advisors LP lifted its position in shares of Seagate Technology by 5.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,879,873 shares of the data storage provider’s stock valued at $116,830,000 after acquiring an additional 94,689 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Seagate Technology by 0.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,118,658 shares of the data storage provider’s stock worth $69,536,000 after acquiring an additional 4,451 shares during the period. Institutional investors and hedge funds own 82.51% of the company’s stock.

The firm has a 50 day moving average of $74.80 and a 200-day moving average of $62.37. The company has a current ratio of 1.51, a quick ratio of 1.01 and a debt-to-equity ratio of 2.27. The company has a market cap of $18.63 billion, a P/E ratio of 20.14, a P/E/G ratio of 11.24 and a beta of 1.22.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Wednesday, January 20th. The data storage provider reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.16. Seagate Technology had a net margin of 10.02% and a return on equity of 65.10%. The business had revenue of $2.62 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same period last year, the firm posted $1.35 EPS. Equities analysts predict that Seagate Technology plc will post 4.4 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 7th. Shareholders of record on Wednesday, March 24th were issued a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 3.40%. The ex-dividend date of this dividend was Tuesday, March 23rd. Seagate Technology’s dividend payout ratio (DPR) is presently 58.64%.

Seagate Technology Company Profile (NASDAQ:STX)

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company offers hard disk and solid state drives, including serial advanced technology attachment, serial attached SCSI, and non-volatile memory express products; solid state hybrid drives; and storage subsystems.

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