Cantor Fitzgerald Increases Seagate Technology (NASDAQ:STX) Price Target to $100.00

Seagate Technology (NASDAQ:STX) had its target price lifted by Cantor Fitzgerald from $95.00 to $100.00 in a report released on Wednesday morning, Benzinga reports. Cantor Fitzgerald currently has a neutral rating on the data storage provider’s stock. Cantor Fitzgerald also issued estimates for Seagate Technology’s FY2024 earnings at $0.37 EPS.

STX has been the topic of a number of other reports. BNP Paribas downgraded Seagate Technology from a neutral rating to an underperform rating and set a $65.00 price objective on the stock. in a research note on Thursday, January 11th. Evercore ISI initiated coverage on Seagate Technology in a research note on Tuesday, February 27th. They issued an outperform rating and a $110.00 price objective on the stock. The Goldman Sachs Group raised their price objective on Seagate Technology from $65.00 to $84.00 and gave the company a neutral rating in a research note on Friday, January 26th. Barclays dropped their price target on Seagate Technology from $85.00 to $80.00 and set an equal weight rating on the stock in a research report on Monday, April 22nd. Finally, TD Cowen lifted their price target on Seagate Technology from $85.00 to $110.00 and gave the stock an outperform rating in a research report on Thursday, January 25th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $94.53.

Seagate Technology Price Performance

Shares of Seagate Technology stock opened at $86.04 on Wednesday. The firm has a market cap of $18.03 billion, a price-to-earnings 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 stock has a 50-day simple moving average of $89.25 and a 200-day simple moving average of $82.81.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. The company had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the previous year, the business posted ($0.43) earnings per share. The firm’s revenue was down 11.0% on a year-over-year basis. As a group, equities research analysts predict that Seagate Technology will post 0.1 earnings per share for the current year.

Seagate Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 20th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date is Thursday, June 20th. Seagate Technology’s dividend payout ratio is presently -217.05%.

Institutional Trading of Seagate Technology

A number of institutional investors and hedge funds have recently modified their holdings of STX. Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in shares of Seagate Technology during the fourth quarter valued at approximately $26,000. CVA Family Office LLC bought a new stake in shares of Seagate Technology during the fourth quarter valued at approximately $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Seagate Technology during the fourth quarter valued at approximately $28,000. Parkside Financial Bank & Trust increased its position in shares of 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 purchasing an additional 205 shares during the period. Finally, Northwest Financial Advisors bought a new stake in shares of Seagate Technology during the fourth quarter valued at approximately $31,000. 92.87% of the stock is currently owned by institutional investors.

Seagate Technology Company Profile

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.