Brokerages Set Seagate Technology Holdings plc (NASDAQ:STX) PT at $118.83

Shares of Seagate Technology Holdings plc (NASDAQ:STX) have earned an average recommendation of “Hold” from the nineteen ratings firms that are presently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $118.83.

Several equities analysts recently weighed in on STX shares. Evercore ISI lifted their target price on Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Citigroup boosted their price objective on Seagate Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Northland Securities raised their target price on shares of Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Barclays upped their price target on shares of Seagate Technology from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 24th. Finally, Robert W. Baird raised their price objective on shares of Seagate Technology from $100.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th.

Insider Buying and Selling

In other Seagate Technology news, EVP Ban Seng Teh sold 4,872 shares of the company’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $110.00, for a total value of $535,920.00. Following the completion of the sale, the executive vice president now directly owns 9,969 shares in the company, valued at approximately $1,096,590. This represents a 32.83 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total value of $72,075.00. Following the completion of the sale, the director now owns 3,034 shares of the company’s stock, valued at $291,567.40. The trade was a 19.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 201,820 shares of company stock valued at $21,892,856. Insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

A number of large investors have recently bought and sold shares of STX. Point72 Asset Management L.P. purchased a new position in shares of Seagate Technology in the 3rd quarter valued at $133,031,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Seagate Technology by 341.7% in the third 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 purchasing an additional 1,012,638 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Seagate Technology by 3.1% during the first quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock valued at $2,303,274,000 after buying an additional 746,395 shares during the last quarter. State Street Corp lifted its position in shares of Seagate Technology by 6.8% during the third quarter. State Street Corp now owns 8,502,674 shares of the data storage provider’s stock valued at $937,081,000 after buying an additional 541,585 shares during the last quarter. Finally, Delta Global Management LP purchased a new position in shares of Seagate Technology in the 1st quarter worth approximately $33,478,000. Institutional investors own 92.87% of the company’s stock.

Seagate Technology Stock Performance

Shares of NASDAQ:STX opened at $96.79 on Wednesday. Seagate Technology has a 52-week low of $74.33 and a 52-week high of $115.32. The stock has a market capitalization of $20.47 billion, a price-to-earnings ratio of 25.27 and a beta of 1.05. The stock’s 50-day simple moving average is $105.02 and its two-hundred day simple moving average is $101.23.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.28. The company had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The firm’s quarterly revenue was up 49.1% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.34) earnings per share. As a group, equities analysts forecast that Seagate Technology will post 7.35 earnings per share for the current fiscal year.

Seagate Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be issued a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 2.98%. This is an increase from Seagate Technology’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, December 13th. Seagate Technology’s dividend payout ratio is presently 73.11%.

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.