Seagate Technology (NASDAQ:STX) Stock Price Up 2.1% – Here’s Why

Seagate Technology Holdings PLC (NASDAQ:STX) shares were up 2.1% on Thursday . The company traded as high as $869.71 and last traded at $850.24. 3,233,244 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 4,445,080 shares. The stock had previously closed at $832.56.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Wedbush lifted their target price on Seagate Technology from $825.00 to $1,000.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 29th. Zacks Research raised Seagate Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 28th. Barclays raised their price target on Seagate Technology from $1,000.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, July 30th. Melius Research initiated coverage on Seagate Technology in a research note on Monday, June 29th. They issued a “buy” rating and a $1,600.00 price objective for the company. Finally, UBS Group increased their price objective on Seagate Technology from $515.00 to $545.00 and gave the company a “neutral” rating in a report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $986.00.

Seagate Technology Trading Down 0.0%

The company has a current ratio of 1.67, a quick ratio of 1.17 and a debt-to-equity ratio of 1.56. The business has a 50 day moving average price of $893.23 and a 200-day moving average price of $681.60. The firm has a market capitalization of $192.65 billion, a PE ratio of 61.24 and a beta of 2.06.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, July 28th. The data storage provider reported $5.71 earnings per share for the quarter, topping analysts’ consensus estimates of $5.10 by $0.61. The firm had revenue of $3.63 billion for the quarter, compared to analyst estimates of $3.50 billion. Seagate Technology had a return on equity of 369.98% and a net margin of 26.11%.Seagate Technology’s quarterly revenue was up 48.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.59 earnings per share. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. Analysts expect that Seagate Technology Holdings PLC will post 34.42 earnings per share for the current year.

Seagate Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 7th. Stockholders of record on Thursday, September 24th will be issued a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Thursday, September 24th. Seagate Technology’s dividend payout ratio (DPR) is currently 21.33%.

Insider Transactions at Seagate Technology

In other Seagate Technology news, EVP Ban Seng Teh sold 7,361 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $920.80, for a total value of $6,778,008.80. Following the completion of the transaction, the executive vice president directly owned 2,931 shares of the company’s stock, valued at approximately $2,698,864.80. This trade represents a 71.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Gianluca Romano sold 880 shares of Seagate Technology stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $845.12, for a total transaction of $743,705.60. Following the sale, the chief financial officer owned 20,663 shares of the company’s stock, valued at approximately $17,462,714.56. The trade was a 4.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 133,650 shares of company stock valued at $116,077,574. 0.79% of the stock is owned by company insiders.

Hedge Funds Weigh In On Seagate Technology

Several hedge funds and other institutional investors have recently bought and sold shares of STX. State Street Corp grew its holdings in Seagate Technology by 1.0% in the fourth quarter. State Street Corp now owns 9,370,805 shares of the data storage provider’s stock valued at $2,587,535,000 after purchasing an additional 94,527 shares during the last quarter. Morgan Stanley raised its stake in shares of Seagate Technology by 5.1% during the 4th quarter. Morgan Stanley now owns 5,317,516 shares of the data storage provider’s stock worth $1,464,391,000 after buying an additional 258,151 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Seagate Technology by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 4,896,815 shares of the data storage provider’s stock worth $1,343,683,000 after buying an additional 234,436 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Seagate Technology by 8.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,193,063 shares of the data storage provider’s stock worth $879,338,000 after buying an additional 243,551 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in Seagate Technology by 2,655.9% in the 2nd quarter. Wellington Management Group LLP now owns 2,414,136 shares of the data storage provider’s stock valued at $2,329,641,000 after acquiring an additional 2,326,538 shares during the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

About Seagate Technology

Seagate Technology (NASDAQ: STX) is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm’s product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate’s products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.