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

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

STX has been the topic of a number of other research reports. The Goldman Sachs Group lifted their price target on shares of Seagate Technology from $65.00 to $84.00 and gave the stock a neutral rating in a report on Friday, January 26th. Wells Fargo & Company boosted their price target 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. Evercore ISI assumed coverage on shares of Seagate Technology in a research report on Tuesday, February 27th. They issued an outperform rating and a $110.00 target price for the company. Morgan Stanley upgraded shares of Seagate Technology from an equal weight rating to an overweight rating and upped their target price for the stock from $73.00 to $115.00 in a research report on Tuesday, March 26th. Finally, Robert W. Baird upped their target price on shares of Seagate Technology from $70.00 to $100.00 and gave the stock an outperform rating in a research report on Thursday, January 25th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Seagate Technology presently has an average rating of Hold and an average target price of $94.53.

Seagate Technology Stock Performance

Shares of NASDAQ:STX opened at $87.11 on Monday. The company has a fifty day moving average of $89.30 and a 200-day moving average of $82.64. The company has a market capitalization of $18.25 billion, a PE ratio of -24.89, a price-to-earnings-growth ratio of 703.97 and a beta of 1.04. Seagate Technology has a 52-week low of $54.47 and a 52-week high of $101.26.

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

Seagate Technology Announces Dividend

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

Hedge Funds Weigh In On Seagate Technology

A number of large investors have recently added to or reduced their stakes in STX. Capital Research Global Investors raised its position in shares of Seagate Technology by 39.3% in the fourth quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock valued at $1,418,413,000 after buying an additional 4,685,454 shares during the last quarter. Norges Bank purchased a new position in Seagate Technology during the fourth quarter worth about $188,834,000. FMR LLC boosted its stake in Seagate Technology by 13.1% during the third 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 during the period. JPMorgan Chase & Co. boosted its stake in Seagate Technology by 9.2% during the third quarter. JPMorgan Chase & Co. now owns 17,680,400 shares of the data storage provider’s stock worth $1,166,022,000 after buying an additional 1,485,937 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its stake in Seagate Technology by 24.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,410,163 shares of the data storage provider’s stock worth $158,950,000 after buying an additional 470,592 shares during the period. 92.87% of the stock is currently owned by institutional investors and hedge funds.

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.