Seagate Technology (NASDAQ:STX) Hits New 1-Year High After Analyst Upgrade

Seagate Technology Holdings PLC (NASDAQ:STX) shares hit a new 52-week high during mid-day trading on Friday after Susquehanna upgraded the stock from a negative rating to a neutral rating. Susquehanna now has a $280.00 price target on the stock, up from their previous price target of $150.00. Seagate Technology traded as high as $335.02 and last traded at $322.6020, with a volume of 356895 shares changing hands. The stock had previously closed at $320.32.

Several other equities analysts also recently weighed in on STX. Sanford C. Bernstein increased their target price on Seagate Technology from $275.00 to $370.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Citigroup increased their price objective on shares of Seagate Technology from $275.00 to $320.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. The Goldman Sachs Group boosted their target price on shares of Seagate Technology from $280.00 to $310.00 and gave the company a “buy” rating in a report on Friday, January 9th. China Renaissance increased their price target on shares of Seagate Technology from $325.00 to $452.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Barclays boosted their price objective on shares of Seagate Technology from $240.00 to $370.00 and gave the company an “equal weight” rating in a research note on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $320.39.

Insider Activity

In other Seagate Technology news, EVP Ban Seng Teh sold 1,412 shares of the business’s stock in a transaction on Monday, January 12th. The shares were sold at an average price of $299.31, for a total value of $422,625.72. Following the transaction, the executive vice president owned 13,693 shares in the company, valued at $4,098,451.83. The trade was a 9.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Stephanie Tilenius sold 2,046 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $266.41, for a total value of $545,074.86. Following the sale, the director owned 12,244 shares of the company’s stock, valued at $3,261,924.04. This represents a 14.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 132,557 shares of company stock worth $36,847,793 over the last three months. 0.79% of the stock is currently owned by corporate insiders.

Institutional Trading of Seagate Technology

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Harbor Asset Planning Inc. bought a new stake in shares of Seagate Technology in the 2nd quarter worth about $27,000. Rakuten Securities Inc. lifted its holdings in Seagate Technology by 884.2% during the 2nd quarter. Rakuten Securities Inc. now owns 187 shares of the data storage provider’s stock worth $27,000 after buying an additional 168 shares during the last quarter. Armstrong Advisory Group Inc. acquired a new position in shares of Seagate Technology in the 4th quarter worth approximately $28,000. MTM Investment Management LLC acquired a new stake in shares of Seagate Technology during the 2nd quarter valued at approximately $29,000. Finally, First Horizon Corp bought a new position in Seagate Technology during the third quarter worth $33,000. Institutional investors own 92.87% of the company’s stock.

Seagate Technology Price Performance

The business’s fifty day simple moving average is $282.16 and its 200 day simple moving average is $221.57. The stock has a market cap of $69.88 billion, a price-to-earnings ratio of 41.73, a P/E/G ratio of 1.22 and a beta of 1.60.

Seagate Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 9th. Shareholders of record on Wednesday, December 24th were given a $0.74 dividend. This is a boost from Seagate Technology’s previous quarterly dividend of $0.72. This represents a $2.96 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Wednesday, December 24th. Seagate Technology’s dividend payout ratio is 38.00%.

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.