Seagate Technology (NASDAQ:STX) Price Target Raised to $96.00 at The Goldman Sachs Group

Seagate Technology (NASDAQ:STX) had its price target upped by The Goldman Sachs Group from $84.00 to $96.00 in a report released on Wednesday, Benzinga reports. They currently have a neutral rating on the data storage provider’s stock.

Several other research firms have also commented on STX. Robert W. Baird upped their price objective on Seagate Technology from $70.00 to $100.00 and gave the company an outperform rating in a report on Thursday, January 25th. Evercore ISI assumed coverage on shares of Seagate Technology in a research report on Tuesday, February 27th. They set an outperform rating and a $110.00 price target for the company. Barclays dropped their price objective on 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. Morgan Stanley raised Seagate Technology from an equal weight rating to an overweight rating and increased their target price for the stock from $73.00 to $115.00 in a research note on Tuesday, March 26th. Finally, BNP Paribas cut Seagate Technology from a neutral rating to an underperform rating and set a $65.00 target price for the company. in a report on Thursday, January 11th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Seagate Technology presently has an average rating of Hold and an average target price of $94.53.

Seagate Technology Price Performance

Shares of NASDAQ:STX opened at $86.04 on Wednesday. Seagate Technology has a 1 year low of $54.47 and a 1 year high of $101.26. The firm has a market capitalization of $18.03 billion, a PE ratio of -66.70, a P/E/G ratio of 480.77 and a beta of 1.04. The business’s 50 day moving average price is $89.25 and its 200-day moving average price is $82.92.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the previous year, the firm posted ($0.43) earnings per share. The business’s revenue was down 11.0% compared to the same quarter last year. As a group, analysts expect that Seagate Technology will post 0.15 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 dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.25%. The ex-dividend date is Thursday, June 20th. Seagate Technology’s payout ratio is -217.05%.

Institutional Trading of Seagate Technology

Institutional investors and hedge funds have recently made changes to their positions in the company. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in Seagate Technology during the fourth quarter worth approximately $26,000. CVA Family Office LLC purchased a new position in shares of Seagate Technology during the fourth quarter worth approximately $27,000. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Seagate Technology in the 4th quarter valued at $28,000. Parkside Financial Bank & Trust raised its position in Seagate Technology by 85.4% in the 3rd 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 last quarter. Finally, Northwest Financial Advisors acquired a new stake in Seagate Technology during the 4th quarter worth $31,000. 92.87% of the stock is owned by hedge funds and other 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.