Seagate Technology (NASDAQ:STX) Given New $96.00 Price Target at The Goldman Sachs Group

Seagate Technology (NASDAQ:STX) had its price objective raised by The Goldman Sachs Group from $84.00 to $96.00 in a research note released on Wednesday, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the data storage provider’s stock.

A number of other analysts have also commented on the company. Rosenblatt Securities lifted their price target on Seagate Technology from $100.00 to $115.00 and gave the stock a buy rating in a report on Thursday, January 25th. Robert W. Baird raised their target price on Seagate Technology from $70.00 to $100.00 and gave the stock an outperform rating in a research report on Thursday, January 25th. TD Cowen raised their target price on Seagate Technology from $85.00 to $110.00 and gave the stock an outperform rating in a research report on Thursday, January 25th. Evercore ISI began coverage on Seagate Technology in a research report on Tuesday, February 27th. They issued an outperform rating and a $110.00 target price for the company. Finally, Mizuho reissued a buy rating and issued a $100.00 target price on shares of Seagate Technology in a research report on Tuesday, April 9th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $94.53.

Seagate Technology Trading Down 1.4 %

Shares of Seagate Technology stock opened at $86.04 on Wednesday. The business’s fifty day simple moving average is $89.25 and its 200 day simple moving average is $82.81. The firm has a market capitalization of $18.03 billion, a P/E ratio of -66.70, a price-to-earnings-growth ratio of 719.92 and a beta of 1.04. Seagate Technology has a 12 month low of $54.47 and a 12 month 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, topping analysts’ consensus estimates of $0.29 by $0.04. The business 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 quarter last year, the business posted ($0.43) earnings per share. Analysts predict that Seagate Technology will post 0.1 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Thursday, June 20th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date of this dividend is Thursday, June 20th. Seagate Technology’s payout ratio is -217.05%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. New York State Teachers Retirement System raised its position in shares of Seagate Technology by 1.1% in the 1st quarter. New York State Teachers Retirement System now owns 182,951 shares of the data storage provider’s stock worth $17,024,000 after acquiring an additional 1,941 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of Seagate Technology by 15.2% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 20,500 shares of the data storage provider’s stock worth $1,908,000 after acquiring an additional 2,700 shares in the last quarter. V Square Quantitative Management LLC raised its position in shares of Seagate Technology by 17.3% in the 1st quarter. V Square Quantitative Management LLC now owns 5,299 shares of the data storage provider’s stock worth $493,000 after acquiring an additional 782 shares in the last quarter. Berkshire Bank increased its position in Seagate Technology by 23.4% during the 1st quarter. Berkshire Bank now owns 3,431 shares of the data storage provider’s stock valued at $319,000 after buying an additional 650 shares in the last quarter. Finally, Global Retirement Partners LLC increased its position in Seagate Technology by 8.6% during the 1st quarter. Global Retirement Partners LLC now owns 1,735 shares of the data storage provider’s stock valued at $161,000 after buying an additional 138 shares in the last quarter. Institutional investors own 92.87% of the company’s stock.

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.