Seagate Technology (NASDAQ:STX) Receives Neutral Rating from Wedbush

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

Several other research firms have also weighed in on STX. Barclays decreased their target price on shares of Seagate Technology from $85.00 to $80.00 and set an equal weight rating on the stock in a report on Monday, April 22nd. Wells Fargo & Company boosted their target price on shares of Seagate Technology from $80.00 to $90.00 and gave the company an equal weight rating in a report on Thursday, February 1st. BNP Paribas lowered shares of Seagate Technology from a neutral rating to an underperform rating and set a $65.00 target price on the stock. in a report on Thursday, January 11th. Mizuho reiterated a buy rating and issued a $100.00 target price on shares of Seagate Technology in a report on Tuesday, April 9th. Finally, Cantor Fitzgerald reiterated a neutral rating and issued a $95.00 target price on shares of Seagate Technology in a report on Monday, March 4th. 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 company’s stock. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $94.53.

Seagate Technology Trading Down 1.4 %

Shares of NASDAQ STX opened at $86.04 on Wednesday. Seagate Technology has a 12-month low of $54.47 and a 12-month high of $101.26. The stock has a market cap 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 company has a 50-day moving average of $89.25 and a 200 day moving average of $82.92.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.04. The business had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same period in the prior year, the company posted ($0.43) EPS. The firm’s revenue was down 11.0% on a year-over-year basis. On average, sell-side analysts forecast that Seagate Technology will post 0.15 EPS for the current fiscal year.

Seagate Technology Announces Dividend

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

Institutional Investors Weigh In On Seagate Technology

A number of hedge funds have recently added to or reduced their stakes in STX. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in shares of Seagate Technology in the 4th quarter valued at approximately $26,000. CVA Family Office LLC purchased a new stake in shares of Seagate Technology in the 4th quarter valued at approximately $27,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Seagate Technology in the 4th quarter valued at approximately $28,000. Parkside Financial Bank & Trust increased its position in shares of 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 purchased a new stake in shares of Seagate Technology in the 4th quarter valued at approximately $31,000. 92.87% of the stock is currently owned by institutional investors and hedge funds.

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.