Seagate Technology (NASDAQ:STX) Upgraded to Outperform by Wedbush

Wedbush upgraded shares of Seagate Technology (NASDAQ:STX) from a neutral rating to an outperform rating in a research report report published on Wednesday, MarketBeat reports. They currently have $100.00 target price on the data storage provider’s stock. Wedbush also issued estimates for Seagate Technology’s Q4 2024 earnings at $0.65 EPS, FY2024 earnings at $0.49 EPS, Q1 2025 earnings at $1.01 EPS, Q2 2025 earnings at $1.54 EPS, Q3 2025 earnings at $1.74 EPS, Q4 2025 earnings at $1.99 EPS and FY2025 earnings at $6.27 EPS.

A number of other analysts have also weighed in on the stock. BNP Paribas lowered shares of Seagate Technology from a neutral rating to an underperform rating and set a $65.00 price target for the company. in a research note on Thursday, January 11th. Robert W. Baird boosted their price target 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. Mizuho restated a buy rating and set a $100.00 price objective on shares of Seagate Technology in a research report on Tuesday, April 9th. Rosenblatt Securities raised their target price on shares of Seagate Technology from $100.00 to $115.00 and gave the stock a buy rating in a report on Thursday, January 25th. Finally, Benchmark reaffirmed a hold rating on shares of Seagate Technology in a report on Wednesday, April 24th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Seagate Technology has a consensus rating of Hold and an average target price of $94.53.

Seagate Technology Trading Down 0.1 %

STX opened at $85.81 on Wednesday. The business’s 50 day moving average is $89.22 and its 200-day moving average is $83.28. The stock has a market cap of $18.02 billion, a PE ratio of -66.52, a price-to-earnings-growth ratio of 238.26 and a beta of 1.06. Seagate Technology has a twelve month low of $54.47 and a twelve month high of $101.26.

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 business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the firm posted ($0.43) EPS. The company’s revenue was down 11.0% compared to the same quarter last year. As a group, analysts forecast that Seagate Technology will post 0.3 EPS for the current year.

Seagate Technology Dividend Announcement

The business 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 $0.70 dividend. The ex-dividend date is Thursday, June 20th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.26%. Seagate Technology’s dividend payout ratio is currently -217.05%.

Hedge Funds Weigh In On Seagate Technology

Several large investors have recently made changes to their positions in STX. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in Seagate Technology during the 4th quarter valued at $26,000. CVA Family Office LLC acquired a new position in shares of Seagate Technology during the fourth quarter valued at about $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Seagate Technology in the fourth quarter valued at about $28,000. Northwest Financial Advisors acquired a new stake in Seagate Technology during the fourth quarter worth about $31,000. Finally, Parkside Financial Bank & Trust increased its stake in Seagate Technology by 85.4% during the third quarter. Parkside Financial Bank & Trust now owns 445 shares of the data storage provider’s stock valued at $29,000 after acquiring an additional 205 shares during the period. 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.