Seagate Technology (NASDAQ:STX) Receives “Neutral” Rating from Cantor Fitzgerald

Cantor Fitzgerald reiterated their neutral rating on shares of Seagate Technology (NASDAQ:STX) in a research note issued to investors on Wednesday,Benzinga reports. Cantor Fitzgerald currently has a $120.00 target price on the data storage provider’s stock.

Several other equities research analysts have also recently issued reports on the stock. Benchmark raised shares of Seagate Technology from a “hold” rating to a “buy” rating and set a $120.00 price objective for the company in a research report on Wednesday. Citigroup lifted their price target on Seagate Technology from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday. Wedbush reiterated an “outperform” rating and issued a $150.00 price objective on shares of Seagate Technology in a report on Wednesday, October 23rd. Barclays boosted their target price on Seagate Technology from $95.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, UBS Group increased their price target on shares of Seagate Technology from $95.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $122.56.

Seagate Technology Price Performance

STX stock opened at $108.18 on Wednesday. Seagate Technology has a 1 year low of $82.31 and a 1 year high of $115.32. The firm has a market capitalization of $22.88 billion, a P/E ratio of 28.25 and a beta of 1.06. The business’s 50-day moving average is $94.55 and its two-hundred day moving average is $100.33.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.28. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The firm had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter last year, the company earned ($0.34) earnings per share. The firm’s revenue was up 49.1% compared to the same quarter last year. On average, analysts expect that Seagate Technology will post 7.18 EPS for the current year.

Seagate Technology Dividend Announcement

The business also recently declared 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. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date is Wednesday, March 19th. Seagate Technology’s dividend payout ratio is currently 75.20%.

Insider Activity at Seagate Technology

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $99.53, for a total value of $1,990,600.00. Following the transaction, the chief executive officer now directly owns 642,497 shares of the company’s stock, valued at approximately $63,947,726.41. The trade was a 3.02 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Kian Fatt Chong sold 9,182 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $105.50, for a total transaction of $968,701.00. The disclosure for this sale can be found here. Insiders have sold 50,073 shares of company stock worth $5,106,149 in the last quarter. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sanders Capital LLC lifted its holdings in shares of Seagate Technology by 0.9% in the 3rd quarter. Sanders Capital LLC now owns 16,367,591 shares of the data storage provider’s stock valued at $1,792,742,000 after buying an additional 150,115 shares during the period. State Street Corp lifted its holdings in Seagate Technology by 6.8% in 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 acquiring an additional 541,585 shares during the period. Geode Capital Management LLC lifted its holdings in Seagate Technology by 8.3% in the third quarter. Geode Capital Management LLC now owns 4,162,512 shares of the data storage provider’s stock valued at $454,477,000 after acquiring an additional 318,416 shares during the period. Franklin Resources Inc. grew its stake in shares of Seagate Technology by 29.5% during the 3rd quarter. Franklin Resources Inc. now owns 1,778,811 shares of the data storage provider’s stock worth $197,844,000 after purchasing an additional 405,232 shares during the period. Finally, Duquesne Family Office LLC increased its holdings in shares of Seagate Technology by 22.0% in the 2nd quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock valued at $181,268,000 after purchasing an additional 316,295 shares in 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.