Seagate Technology (NASDAQ:STX) Upgraded to Buy at Summit Insights

Summit Insights upgraded shares of Seagate Technology (NASDAQ:STX) from a hold rating to a buy rating in a research note released on Wednesday morning, MarketBeat Ratings reports.

Several other analysts have also recently weighed in on the stock. Wells Fargo & Company lowered 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 research report on Thursday, January 16th. Morgan Stanley dropped their price target on Seagate Technology from $133.00 to $129.00 and set an “overweight” rating for the company in a research note on Tuesday. Evercore ISI increased their price objective on Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Cantor Fitzgerald restated a “neutral” rating and issued a $125.00 target price on shares of Seagate Technology in a research report on Wednesday, October 23rd. Finally, The Goldman Sachs Group reduced their price target on shares of Seagate Technology from $112.00 to $99.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $122.56.

Seagate Technology Stock Down 0.2 %

Seagate Technology stock opened at $108.19 on Wednesday. The stock has a market cap of $22.89 billion, a price-to-earnings ratio of 19.78 and a beta of 1.06. The business has a 50-day simple moving average of $95.00 and a 200 day simple moving average of $100.42. Seagate Technology has a 52 week low of $82.31 and a 52 week high of $115.32.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, topping the consensus estimate of $1.30 by $0.28. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The company had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same quarter in the previous year, the firm earned ($0.34) earnings per share. Seagate Technology’s revenue was up 49.1% on a year-over-year basis. On average, research analysts anticipate that Seagate Technology will post 6.92 earnings per share for the current year.

Seagate Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Wednesday, March 19th will be issued a dividend of $0.72 per share. The ex-dividend date of this dividend is Wednesday, March 19th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.66%. Seagate Technology’s dividend payout ratio is presently 52.65%.

Insider Buying and Selling

In other news, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $102.83, for a total value of $2,056,600.00. Following the completion of the transaction, the chief executive officer now owns 622,497 shares in the company, valued at $64,011,366.51. This trade represents a 3.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Kian Fatt Chong sold 9,182 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $105.50, for a total value of $968,701.00. The disclosure for this sale can be found here. Insiders sold 50,073 shares of company stock valued at $5,106,149 over the last quarter. 0.81% of the stock is owned by company insiders.

Institutional Trading of Seagate Technology

A number of hedge funds and other institutional investors have recently modified their holdings of STX. Victory Capital Management Inc. boosted its stake in Seagate Technology by 133.8% during the third quarter. Victory Capital Management Inc. now owns 171,952 shares of the data storage provider’s stock worth $18,834,000 after acquiring an additional 98,418 shares in the last quarter. Versor Investments LP bought a new stake in shares of Seagate Technology in the 3rd quarter worth approximately $2,146,000. Lighthouse Investment Partners LLC purchased a new stake in shares of Seagate Technology in the 2nd quarter worth approximately $499,000. Forte Capital LLC ADV increased its position in Seagate Technology by 29.8% during the 3rd quarter. Forte Capital LLC ADV now owns 28,972 shares of the data storage provider’s stock valued at $3,173,000 after buying an additional 6,653 shares in the last quarter. Finally, International Assets Investment Management LLC raised its stake in Seagate Technology by 3,549.7% during the third quarter. International Assets Investment Management LLC now owns 204,493 shares of the data storage provider’s stock valued at $22,398,000 after buying an additional 198,890 shares during the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

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.