Barclays Trims Seagate Technology (NASDAQ:STX) Target Price to $80.00

Seagate Technology (NASDAQ:STX) had its target price cut by Barclays from $85.00 to $80.00 in a research note published on Monday morning, Benzinga reports. They currently have an equal weight rating on the data storage provider’s stock.

Other analysts have also recently issued reports about the stock. Mizuho reaffirmed a buy rating and set a $100.00 target price on shares of Seagate Technology in a report on Tuesday, April 9th. Wells Fargo & Company increased their price objective on shares of Seagate Technology from $80.00 to $90.00 and gave the company an equal weight rating in a research report on Thursday, February 1st. Susquehanna raised their target price on shares of Seagate Technology from $50.00 to $55.00 and gave the stock a negative rating in a report on Wednesday, April 10th. Robert W. Baird raised their target price on shares of Seagate Technology from $70.00 to $100.00 and gave the stock an outperform rating in a report on Thursday, January 25th. Finally, Cantor Fitzgerald reaffirmed a neutral rating and issued a $95.00 price target on shares of Seagate Technology in a research note on Monday, March 4th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $94.53.

Seagate Technology Price Performance

NASDAQ:STX opened at $87.11 on Monday. Seagate Technology has a one year low of $54.47 and a one year high of $101.26. The company’s 50-day simple moving average is $89.30 and its 200 day simple moving average is $82.64. The firm has a market capitalization of $18.25 billion, a P/E ratio of -24.89, a PEG ratio of 703.97 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. The company had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.68 billion. The firm’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter last year, the company earned ($0.43) EPS. On average, equities research analysts expect that Seagate Technology will post 0.1 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 20th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.21%. Seagate Technology’s payout ratio is -80.00%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of STX. Capital Research Global Investors lifted its position 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 worth $1,418,413,000 after purchasing an additional 4,685,454 shares in the last quarter. Norges Bank purchased a new stake in shares of Seagate Technology during the 4th quarter worth $188,834,000. FMR LLC boosted its position in shares of Seagate Technology by 13.1% in the 3rd quarter. FMR LLC now owns 13,929,708 shares of the data storage provider’s stock worth $918,664,000 after buying an additional 1,612,264 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Seagate Technology by 9.2% in the 3rd 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 last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in Seagate Technology by 24.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,410,163 shares of the data storage provider’s stock valued at $158,950,000 after purchasing an additional 470,592 shares during the last quarter. Institutional investors and hedge funds 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.