Seagate Technology (NASDAQ:STX) Trading 4.9% Higher – Here’s Why

Seagate Technology Holdings PLC (NASDAQ:STX) shares shot up 4.9% during trading on Thursday . The company traded as high as $934.77 and last traded at $921.37. Approximately 4,547,173 shares were traded during mid-day trading, an increase of 2% from the average daily volume of 4,437,259 shares. The stock had previously closed at $878.21.

Analysts Set New Price Targets

Several research firms have weighed in on STX. Fox Advisors lowered Seagate Technology from an “overweight” rating to an “equal weight” rating in a report on Monday, June 22nd. Evercore increased their price target on Seagate Technology from $750.00 to $1,000.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. Wedbush increased their price target on Seagate Technology from $825.00 to $1,000.00 and gave the stock an “outperform” rating in a report on Wednesday, July 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $1,300.00 price target on shares of Seagate Technology in a research report on Wednesday, July 29th. Finally, Susquehanna lifted their price objective on Seagate Technology from $775.00 to $875.00 and gave the company a “neutral” rating in a report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Seagate Technology has a consensus rating of “Moderate Buy” and an average target price of $986.00.

Seagate Technology Stock Up 4.9%

The company has a debt-to-equity ratio of 1.56, a current ratio of 1.67 and a quick ratio of 1.17. The company has a market capitalization of $208.83 billion, a price-to-earnings ratio of 66.38 and a beta of 2.06. The firm has a 50-day moving average price of $888.94 and a two-hundred day moving average price of $658.57.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, July 28th. The data storage provider reported $5.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.10 by $0.61. The business had revenue of $3.63 billion for the quarter, compared to analyst estimates of $3.50 billion. Seagate Technology had a return on equity of 369.98% and a net margin of 26.11%.Seagate Technology’s revenue for the quarter was up 48.5% compared to the same quarter last year. During the same quarter last year, the firm earned $2.59 EPS. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. As a group, sell-side analysts anticipate that Seagate Technology Holdings PLC will post 34.42 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Stockholders of record on Thursday, September 24th will be issued a $0.74 dividend. The ex-dividend date is Thursday, September 24th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.3%. Seagate Technology’s dividend payout ratio (DPR) is 21.33%.

Insider Buying and Selling at Seagate Technology

In other news, CEO William D. Mosley sold 17,080 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $827.30, for a total value of $14,130,284.00. Following the sale, the chief executive officer owned 295,517 shares of the company’s stock, valued at $244,481,214.10. The trade was a 5.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP John Christopher Morris sold 168 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $817.76, for a total transaction of $137,383.68. Following the transaction, the executive vice president owned 11,920 shares of the company’s stock, valued at $9,747,699.20. The trade was a 1.39% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 156,289 shares of company stock worth $131,838,265. Company insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

Several hedge funds have recently modified their holdings of the stock. Heartland Bank & Trust Co acquired a new stake in shares of Seagate Technology in the second quarter valued at about $211,000. Pinnacle West Asset Management Inc. acquired a new position in Seagate Technology during the second quarter valued at approximately $5,607,000. Advisors Preferred LLC bought a new position in Seagate Technology in the second quarter valued at approximately $2,594,000. Abacus FCF Advisors LLC acquired a new position in shares of Seagate Technology during the 2nd quarter worth approximately $8,786,000. Finally, Madison Asset Management LLC acquired a new position in shares of Seagate Technology during the 2nd quarter worth approximately $386,000. Institutional investors own 92.87% of the company’s stock.

Seagate Technology Company Profile

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.