Seagate Technology (NASDAQ:STX) Price Target Raised to $95.00

Seagate Technology (NASDAQ:STX) had its target price lifted by UBS Group from $90.00 to $95.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a neutral rating on the data storage provider’s stock.

A number of other research analysts have also recently weighed in on the stock. Barclays reduced their price target on shares of Seagate Technology from $85.00 to $80.00 and set an equal weight rating on the stock in a research report on Monday, April 22nd. Wells Fargo & Company lifted their target price on shares of Seagate Technology from $80.00 to $90.00 and gave the company an equal weight rating in a report on Thursday, February 1st. Wedbush reiterated a neutral rating and issued a $100.00 price target on shares of Seagate Technology in a report on Wednesday. The Goldman Sachs Group raised their price target on shares of Seagate Technology from $84.00 to $96.00 and gave the company a neutral rating in a report on Wednesday. Finally, Mizuho reiterated a buy rating and issued a $100.00 price objective on shares of Seagate Technology in a report on Tuesday, April 9th. Two investment 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’s stock. According to data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $94.53.

Seagate Technology Stock Performance

Seagate Technology stock opened at $86.04 on Wednesday. The stock has a fifty day moving average of $89.25 and a two-hundred day moving average of $82.92. Seagate Technology has a fifty-two week low of $54.47 and a fifty-two week high of $101.26. The company has a market capitalization of $18.03 billion, a price-to-earnings ratio of -66.70, a PEG ratio of 480.77 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.68 billion. The firm’s quarterly revenue was down 11.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.43) earnings per share. On average, analysts forecast that Seagate Technology will post 0.15 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Thursday, June 20th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $2.80 annualized dividend and a dividend yield of 3.25%. Seagate Technology’s payout ratio is currently -217.05%.

Hedge Funds Weigh In On Seagate Technology

Several hedge funds and other institutional investors have recently made changes to their positions in STX. Vanguard Group Inc. increased its position in 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 valued at $2,049,450,000 after acquiring an additional 425,117 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Seagate Technology by 9.2% during the third quarter. JPMorgan Chase & Co. now owns 17,680,400 shares of the data storage provider’s stock valued at $1,166,022,000 after purchasing an additional 1,485,937 shares during the period. Capital Research Global Investors raised its stake in shares of Seagate Technology by 39.3% during the fourth quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock valued at $1,418,413,000 after purchasing an additional 4,685,454 shares in the last quarter. Sanders Capital LLC lifted its holdings in Seagate Technology by 3.0% in the fourth quarter. Sanders Capital LLC now owns 15,486,153 shares of the data storage provider’s stock worth $1,322,053,000 after purchasing an additional 443,768 shares during the period. Finally, FMR LLC grew its position in Seagate Technology by 13.1% in the 3rd quarter. FMR LLC now owns 13,929,708 shares of the data storage provider’s stock valued at $918,664,000 after buying an additional 1,612,264 shares in the last quarter. 92.87% of the stock is currently 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.