Seagate Technology’s (STX) Neutral Rating Reiterated at Wedbush

Wedbush reaffirmed their neutral rating on shares of Seagate Technology (NASDAQ:STX) in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has a $100.00 target price on the data storage provider’s stock.

A number of other research firms have also recently commented on STX. BNP Paribas cut Seagate Technology from a neutral rating to an underperform rating and set a $65.00 target price on the stock. in a research note on Thursday, January 11th. Wells Fargo & Company upped 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. TD Cowen lifted their price objective on Seagate Technology from $85.00 to $110.00 and gave the stock an outperform rating in a report on Thursday, January 25th. The Goldman Sachs Group lifted their price objective on Seagate Technology from $65.00 to $84.00 and gave the stock a neutral rating in a report on Friday, January 26th. Finally, Evercore ISI started coverage on Seagate Technology in a report on Tuesday, February 27th. They issued an outperform rating and a $110.00 price objective on the stock. 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 stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $94.53.

Seagate Technology Stock Down 1.4 %

STX opened at $86.04 on Wednesday. The stock has a market cap of $18.03 billion, a PE ratio of -66.70, a P/E/G ratio of 719.92 and a beta of 1.04. Seagate Technology has a 52 week low of $54.47 and a 52 week high of $101.26. The business’s fifty day simple moving average is $89.25 and its 200 day simple moving average is $82.81.

Seagate Technology (NASDAQ:STX) last released its 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 during the quarter, compared to the consensus estimate of $1.68 billion. The firm’s revenue was down 11.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.43) EPS. As a group, equities analysts anticipate that Seagate Technology will post 0.1 earnings per share for the current year.

Seagate Technology Dividend Announcement

The firm 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. The ex-dividend date is Thursday, June 20th. This represents a $2.80 annualized dividend and a dividend yield of 3.25%. Seagate Technology’s payout ratio is presently -217.05%.

Institutional Trading of Seagate Technology

Several large investors have recently modified their holdings of STX. Vanguard Group Inc. raised its stake in Seagate Technology by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 24,006,681 shares of the data storage provider’s stock valued at $2,049,450,000 after buying an additional 425,117 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Seagate Technology by 9.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 17,680,400 shares of the data storage provider’s stock valued at $1,166,022,000 after buying an additional 1,485,937 shares during the last quarter. Capital Research Global Investors raised its stake in Seagate Technology by 39.3% during the 4th 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. Sanders Capital LLC raised its stake in Seagate Technology by 3.0% during the 4th quarter. Sanders Capital LLC now owns 15,486,153 shares of the data storage provider’s stock valued at $1,322,053,000 after buying an additional 443,768 shares during the last quarter. Finally, FMR LLC raised its stake in Seagate Technology by 13.1% during the 3rd quarter. FMR LLC now owns 13,929,708 shares of the data storage provider’s stock valued at $918,664,000 after buying an additional 1,612,264 shares during the last quarter. 92.87% of the stock is owned by institutional investors.

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.