Citigroup Boosts Seagate Technology (NASDAQ:STX) Price Target to $120.00

Seagate Technology (NASDAQ:STX) had its target price lifted by Citigroup from $110.00 to $120.00 in a research report released on Friday morning, Benzinga reports. They currently have a buy rating on the data storage provider’s stock.

STX has been the subject of several other reports. The Goldman Sachs Group boosted their price target on Seagate Technology from $84.00 to $96.00 and gave the company a neutral rating in a report on Wednesday, April 24th. Mizuho boosted their price objective on shares of Seagate Technology from $100.00 to $110.00 and gave the company a buy rating in a research note on Friday, May 31st. Wedbush raised shares of Seagate Technology from a neutral rating to an outperform rating and set a $100.00 price objective for the company in a research note on Wednesday, May 1st. Barclays lowered their price objective on shares of Seagate Technology from $85.00 to $80.00 and set an equal weight rating for the company in a research note on Monday, April 22nd. Finally, Morgan Stanley raised shares of Seagate Technology from an equal weight rating to an overweight rating and boosted their price objective for the company from $73.00 to $115.00 in a research note on Tuesday, March 26th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Seagate Technology currently has an average rating of Hold and a consensus target price of $98.88.

Seagate Technology Stock Performance

Shares of STX opened at $107.10 on Friday. The stock has a fifty day moving average of $98.90 and a two-hundred day moving average of $91.60. The company has a market capitalization of $22.49 billion, a PE ratio of -83.02 and a beta of 1.02. Seagate Technology has a fifty-two week low of $57.32 and a fifty-two week high of $108.97.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.04. The business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.68 billion. The company’s revenue was down 11.0% on a year-over-year basis. During the same quarter last year, the firm posted ($0.43) earnings per share. As a group, equities research analysts forecast that Seagate Technology will post 0.44 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 5th. Shareholders of record on Thursday, June 20th were given a $0.70 dividend. The ex-dividend date was Thursday, June 20th. This represents a $2.80 dividend on an annualized basis and a yield of 2.61%. Seagate Technology’s payout ratio is currently -217.05%.

Insider Buying and Selling at Seagate Technology

In other Seagate Technology news, SVP John Christopher Morris sold 11,158 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total value of $1,004,220.00. Following the completion of the transaction, the senior vice president now directly owns 17,767 shares of the company’s stock, valued at approximately $1,599,030. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, EVP Ban Seng Teh sold 10,742 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $100.00, for a total value of $1,074,200.00. Following the sale, the executive vice president now owns 5,042 shares in the company, valued at approximately $504,200. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP John Christopher Morris sold 11,158 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the completion of the sale, the senior vice president now owns 17,767 shares in the company, valued at approximately $1,599,030. The disclosure for this sale can be found here. Insiders sold a total of 37,531 shares of company stock valued at $3,592,946 in the last ninety days. Insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

A number of institutional investors have recently modified their holdings of STX. Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in shares of Seagate Technology in the 4th quarter valued at about $26,000. CVA Family Office LLC acquired a new stake in Seagate Technology during the fourth quarter worth about $27,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Seagate Technology during the fourth quarter worth about $28,000. Northwest Financial Advisors acquired a new stake in Seagate Technology during the fourth quarter worth about $31,000. Finally, Exchange Traded Concepts LLC acquired a new stake in Seagate Technology during the fourth quarter worth about $43,000. 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.