Seagate Technology (NASDAQ:STX) Shares Up 7.6% After Analyst Upgrade

Seagate Technology Holdings PLC (NASDAQ:STX)’s share price rose 7.6% on Monday after Cantor Fitzgerald raised their price target on the stock from $1,000.00 to $1,300.00. Cantor Fitzgerald currently has an overweight rating on the stock. Seagate Technology traded as high as $987.57 and last traded at $968.53. 5,373,036 shares were traded during mid-day trading, an increase of 27% from the average session volume of 4,234,276 shares. The stock had previously closed at $899.90.

Other equities research analysts also recently issued research reports about the company. Citigroup raised their price objective on Seagate Technology from $740.00 to $1,150.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Loop Capital increased their target price on Seagate Technology from $950.00 to $1,140.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Wells Fargo & Company lifted their price target on Seagate Technology from $700.00 to $900.00 and gave the company an “equal weight” rating in a research note on Monday, June 1st. Wedbush boosted their price target on Seagate Technology from $700.00 to $825.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. Finally, Bank of America raised their price objective on shares of Seagate Technology from $900.00 to $1,000.00 in a report on Monday, June 8th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Seagate Technology presently has an average rating of “Moderate Buy” and an average target price of $874.52.

Insider Buying and Selling

In related news, CFO Gianluca Romano sold 22,488 shares of the firm’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $774.22, for a total transaction of $17,410,659.36. Following the completion of the transaction, the chief financial officer directly owned 42,847 shares of the company’s stock, valued at $33,173,004.34. This trade represents a 34.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William D. Mosley sold 30,000 shares of Seagate Technology stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $751.29, for a total value of $22,538,700.00. Following the transaction, the chief executive officer directly owned 339,591 shares in the company, valued at $255,131,322.39. The trade was a 8.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 141,069 shares of company stock valued at $107,161,712 in the last quarter. 0.79% of the stock is currently owned by company insiders.

Institutional Trading of Seagate Technology

Several institutional investors have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership increased its position in Seagate Technology by 1,072.5% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,949,512 shares of the data storage provider’s stock valued at $696,262,000 after purchasing an additional 2,697,957 shares during the period. Massachusetts Financial Services Co. MA lifted its position in shares of Seagate Technology by 1,510.1% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,008,516 shares of the data storage provider’s stock worth $553,125,000 after purchasing an additional 1,883,769 shares during the period. Norges Bank bought a new stake in shares of Seagate Technology in the 4th quarter valued at $498,363,000. Soroban Capital Partners LP increased its position in shares of Seagate Technology by 1,468.1% during the second quarter. Soroban Capital Partners LP now owns 1,417,600 shares of the data storage provider’s stock worth $204,602,000 after buying an additional 1,327,197 shares during the period. Finally, Janus Henderson Group PLC increased its position in shares of Seagate Technology by 3,872.1% during the first quarter. Janus Henderson Group PLC now owns 967,528 shares of the data storage provider’s stock worth $378,985,000 after buying an additional 943,170 shares during the period. 92.87% of the stock is currently owned by institutional investors.

Seagate Technology Price Performance

The business’s 50 day moving average is $818.72 and its two-hundred day moving average is $530.88. The firm has a market cap of $217.17 billion, a P/E ratio of 91.89 and a beta of 2.04. The company has a quick ratio of 0.85, a current ratio of 1.33 and a debt-to-equity ratio of 3.16.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Tuesday, April 28th. The data storage provider reported $4.10 EPS for the quarter, beating analysts’ consensus estimates of $3.51 by $0.59. Seagate Technology had a net margin of 21.60% and a return on equity of 1,005.65%. The business had revenue of $3.11 billion for the quarter, compared to analysts’ expectations of $2.96 billion. During the same quarter in the prior year, the firm posted $1.90 earnings per share. The business’s quarterly revenue was up 44.1% compared to the same quarter last year. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. As a group, analysts anticipate that Seagate Technology Holdings PLC will post 14.14 earnings per share for the current year.

Seagate Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 7th. Investors of record on Wednesday, June 24th will be given a dividend of $0.74 per share. The ex-dividend date is Wednesday, June 24th. This represents a $2.96 annualized dividend and a dividend yield of 0.3%. Seagate Technology’s dividend payout ratio is presently 28.08%.

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.