Seagate Technology (NASDAQ:STX) Given New $100.00 Price Target at Cantor Fitzgerald

Seagate Technology (NASDAQ:STX) had its target price upped by Cantor Fitzgerald from $95.00 to $100.00 in a research report released on Wednesday morning, Benzinga reports. The firm currently has a neutral rating on the data storage provider’s stock. Cantor Fitzgerald also issued estimates for Seagate Technology’s FY2024 earnings at $0.37 EPS.

A number of other analysts also recently issued reports on STX. BNP Paribas downgraded shares of Seagate Technology from a neutral rating to an underperform rating and set a $65.00 price target on the stock. in a report on Thursday, January 11th. Susquehanna increased their price target on shares of Seagate Technology from $50.00 to $55.00 and gave the stock a negative rating in a report on Wednesday, April 10th. Robert W. Baird increased their price objective on shares of Seagate Technology from $70.00 to $100.00 and gave the company an outperform rating in a report on Thursday, January 25th. Rosenblatt Securities increased their price objective on shares of Seagate Technology from $100.00 to $115.00 and gave the company a buy rating in a report on Thursday, January 25th. Finally, Wedbush reaffirmed a neutral rating and set a $100.00 price objective on shares of Seagate Technology in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of Hold and an average price target of $94.53.

Seagate Technology Price Performance

NASDAQ:STX opened at $86.04 on Wednesday. The firm has a market capitalization of $18.03 billion, a P/E ratio of -66.70, a PEG ratio of 480.77 and a beta of 1.04. Seagate Technology has a 1-year low of $54.47 and a 1-year high of $101.26. The company’s fifty day moving average price is $89.25 and its 200-day moving average price is $82.92.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same period last year, the company posted ($0.43) earnings per share. The business’s quarterly revenue was down 11.0% on a year-over-year basis. Equities analysts anticipate that Seagate Technology will post 0.15 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

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

Hedge Funds Weigh In On Seagate Technology

A number of institutional investors have recently bought and sold shares of the company. New York State Teachers Retirement System raised its stake in Seagate Technology by 1.1% during the first quarter. New York State Teachers Retirement System now owns 182,951 shares of the data storage provider’s stock worth $17,024,000 after purchasing an additional 1,941 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in Seagate Technology by 15.2% during the first 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 purchasing an additional 2,700 shares during the period. V Square Quantitative Management LLC raised its stake in Seagate Technology by 17.3% during the first quarter. V Square Quantitative Management LLC now owns 5,299 shares of the data storage provider’s stock worth $493,000 after purchasing an additional 782 shares during the period. Berkshire Bank raised its stake in shares of Seagate Technology by 23.4% in the 1st quarter. Berkshire Bank now owns 3,431 shares of the data storage provider’s stock valued at $319,000 after acquiring an additional 650 shares during the period. Finally, Global Retirement Partners LLC raised its stake in shares of Seagate Technology by 8.6% in the 1st quarter. Global Retirement Partners LLC now owns 1,735 shares of the data storage provider’s stock valued at $161,000 after acquiring an additional 138 shares during the period. 92.87% of the stock is owned by hedge funds and other institutional investors.

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.