Seagate Technology (NASDAQ:STX) Lowered to “Hold” Rating by StockNews.com

StockNews.com lowered shares of Seagate Technology (NASDAQ:STX) from a buy rating to a hold rating in a report published on Friday.

A number of other analysts have also weighed in on the stock. Wedbush reissued an “outperform” rating and issued a $150.00 price target on shares of Seagate Technology in a report on Wednesday, January 22nd. The Goldman Sachs Group lowered their price target 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 lowered their price target on shares of Seagate Technology from $130.00 to $110.00 and set an “outperform” rating for the company in a report on Friday, January 10th. Morgan Stanley lowered their target price on shares of Seagate Technology from $133.00 to $129.00 and set an “overweight” rating for the company in a report on Tuesday, January 21st. Finally, Benchmark raised shares of Seagate Technology from a “hold” rating to a “buy” rating and set a $120.00 target price for the company in a report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Seagate Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $122.56.

Seagate Technology Price Performance

Shares of Seagate Technology stock opened at $101.91 on Friday. The firm has a market cap of $21.58 billion, a P/E ratio of 18.63 and a beta of 1.07. The firm has a 50 day simple moving average of $95.65 and a 200 day simple moving average of $99.96. Seagate Technology has a fifty-two week low of $82.31 and a fifty-two week high of $115.32.

Seagate Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Wednesday, March 19th will be given a $0.72 dividend. The ex-dividend date is Wednesday, March 19th. This represents a $2.88 annualized dividend and a yield of 2.83%. Seagate Technology’s dividend payout ratio is currently 52.65%.

Insider Activity at Seagate Technology

In related news, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $101.82, for a total value of $76,365.00. Following the sale, the director now directly owns 6,555 shares of the company’s stock, valued at approximately $667,430.10. The trade was a 10.27 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $102.83, for a total transaction of $2,056,600.00. Following the completion of the sale, the chief executive officer now directly owns 622,497 shares in the company, valued at $64,011,366.51. This represents a 3.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,891 shares of company stock valued at $2,146,848. 0.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Seagate Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Victory Capital Management Inc. lifted its position in Seagate Technology by 133.8% during the 3rd quarter. Victory Capital Management Inc. now owns 171,952 shares of the data storage provider’s stock worth $18,834,000 after buying an additional 98,418 shares in the last quarter. Versor Investments LP bought a new stake in Seagate Technology during the 3rd quarter worth about $2,146,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Seagate Technology by 9.5% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 48,834 shares of the data storage provider’s stock worth $4,215,000 after buying an additional 4,229 shares in the last quarter. Forte Capital LLC ADV lifted 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 worth $3,173,000 after buying an additional 6,653 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Seagate Technology by 341.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,308,958 shares of the data storage provider’s stock worth $143,370,000 after buying an additional 1,012,638 shares in the last quarter. 92.87% of the stock is owned by 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.