Northland Securities Reaffirms Outperform Rating for Seagate Technology (NASDAQ:STX)

Northland Securities restated their outperform rating on shares of Seagate Technology (NASDAQ:STXFree Report) in a report released on Wednesday morning,Benzinga reports. They currently have a $160.00 target price on the data storage provider’s stock, up from their prior target price of $144.00.

Other analysts also recently issued research reports about the company. The Goldman Sachs Group lowered their price objective on Seagate Technology from $112.00 to $99.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Citigroup upped their price target on shares of Seagate Technology from $120.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday. Evercore ISI raised their price target on shares of Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Morgan Stanley lowered their price objective on shares of Seagate Technology from $133.00 to $129.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Bank of America raised their target price on Seagate Technology from $124.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Seagate Technology presently has a consensus rating of “Moderate Buy” and an average price target of $122.56.

Get Our Latest Stock Report on STX

Seagate Technology Stock Performance

STX stock opened at $108.19 on Wednesday. The firm has a market cap of $22.89 billion, a P/E ratio of 19.78 and a beta of 1.06. The firm’s fifty day moving average is $95.00 and its 200 day moving average is $100.42. Seagate Technology has a 52 week low of $82.31 and a 52 week high of $115.32.

Seagate Technology (NASDAQ:STXGet Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, topping the consensus estimate of $1.30 by $0.28. The firm had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The company’s quarterly revenue was up 49.1% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.34) earnings per share. As a group, analysts forecast that Seagate Technology will post 6.92 EPS for the current year.

Seagate Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Wednesday, March 19th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 2.66%. The ex-dividend date of this dividend is Wednesday, March 19th. Seagate Technology’s payout ratio is currently 52.65%.

Insiders Place Their Bets

In related news, SVP Kian Fatt Chong sold 9,182 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $105.50, for a total transaction of $968,701.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Yolanda Lee Conyers sold 750 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $101.82, for a total transaction of $76,365.00. Following the sale, the director now owns 6,555 shares of the company’s stock, valued at approximately $667,430.10. This represents a 10.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,073 shares of company stock worth $5,106,149. 0.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Seagate Technology

A number of institutional investors have recently made changes to their positions in the company. Ashton Thomas Securities LLC bought a new position in Seagate Technology in the 3rd quarter valued at approximately $26,000. Quarry LP bought a new position in shares of Seagate Technology during the second quarter valued at $27,000. Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of Seagate Technology by 2,407.1% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock valued at $36,000 after buying an additional 337 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in Seagate Technology by 177.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock worth $44,000 after buying an additional 258 shares in the last quarter. Finally, JFS Wealth Advisors LLC raised its position in Seagate Technology by 232.5% in the 3rd quarter. JFS Wealth Advisors LLC now owns 419 shares of the data storage provider’s stock worth $46,000 after buying an additional 293 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

About Seagate Technology

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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.

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Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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