Citigroup Cuts Seagate Technology (NASDAQ:STX) Price Target to $90.00

Seagate Technology (NASDAQ:STX) had its target price trimmed by Citigroup from $115.00 to $90.00 in a research report released on Monday morning,Benzinga reports. The firm currently has a buy rating on the data storage provider’s stock.

STX has been the subject of several other research reports. Rosenblatt Securities raised their price target on shares of Seagate Technology from $140.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Mizuho decreased their target price on Seagate Technology from $115.00 to $95.00 and set an “outperform” rating for the company in a research report on Thursday, April 10th. Summit Insights raised Seagate Technology from a “hold” rating to a “buy” rating in a research report on Wednesday, January 22nd. Benchmark upgraded Seagate Technology from a “hold” rating to a “buy” rating and set a $120.00 price target for the company in a research note on Wednesday, January 22nd. Finally, Susquehanna boosted their price objective on Seagate Technology from $65.00 to $68.00 and gave the company a “negative” rating in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Seagate Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $118.78.

Seagate Technology Stock Performance

Shares of NASDAQ:STX opened at $72.82 on Monday. Seagate Technology has a fifty-two week low of $63.19 and a fifty-two week high of $115.32. The company’s 50-day moving average is $87.78 and its 200 day moving average is $95.18. The company has a market capitalization of $15.42 billion, a P/E ratio of 13.31 and a beta of 1.21.

Seagate Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Wednesday, March 19th were issued a $0.72 dividend. The ex-dividend date of this dividend was Wednesday, March 19th. This represents a $2.88 annualized dividend and a dividend yield of 3.95%. Seagate Technology’s payout ratio is currently 52.65%.

Insider Activity

In other news, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $84.56, for a total transaction of $1,691,200.00. Following the completion of the sale, the chief executive officer now directly owns 555,677 shares of the company’s stock, valued at approximately $46,988,047.12. The trade was a 3.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

Large investors have recently added to or reduced their stakes in the company. Berkshire Bank raised its holdings 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 valued at $355,000 after buying an additional 103 shares in the last quarter. MWA Asset Management raised its stake in shares of Seagate Technology by 0.5% during the fourth quarter. MWA Asset Management now owns 19,636 shares of the data storage provider’s stock worth $1,695,000 after acquiring an additional 104 shares in the last quarter. Johnson Financial Group Inc. lifted its holdings in shares of Seagate Technology by 22.7% in the 4th quarter. Johnson Financial Group Inc. now owns 606 shares of the data storage provider’s stock worth $52,000 after acquiring an additional 112 shares during the last quarter. JFS Wealth Advisors LLC boosted its stake in shares of Seagate Technology by 27.0% in the 4th quarter. JFS Wealth Advisors LLC now owns 532 shares of the data storage provider’s stock valued at $46,000 after purchasing an additional 113 shares in the last quarter. Finally, Signaturefd LLC grew its holdings in shares of Seagate Technology by 2.3% during the 4th quarter. Signaturefd LLC now owns 4,988 shares of the data storage provider’s stock valued at $431,000 after purchasing an additional 113 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

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.