Seagate Technology (NASDAQ:STX) had its price target lifted by Citigroup from $56.00 to $60.00 in a research report sent to investors on Friday morning. They currently have a neutral rating on the data storage provider’s stock.
Several other equities analysts have also recently commented on the stock. TheStreet upgraded shares of Seagate Technology from a c+ rating to a b- rating in a research report on Tuesday, January 9th. Zacks Investment Research cut shares of Seagate Technology from a buy rating to a hold rating in a research report on Tuesday, January 2nd. BidaskClub upgraded shares of Seagate Technology from a buy rating to a strong-buy rating in a research report on Friday, December 8th. Loop Capital restated a buy rating and issued a $55.00 target price on shares of Seagate Technology in a research report on Tuesday, January 9th. They noted that the move was a valuation call. Finally, Wells Fargo & Co initiated coverage on shares of Seagate Technology in a research report on Tuesday, November 14th. They issued a market perform rating and a $38.00 target price for the company. Four analysts have rated the stock with a sell rating, twenty-one have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. The company has an average rating of Hold and a consensus price target of $50.60.
Seagate Technology (STX) opened at $60.21 on Friday. The company has a market cap of $17,150.00, a P/E ratio of 27.49, a PEG ratio of 0.79 and a beta of 1.84. The company has a quick ratio of 1.25, a current ratio of 1.58 and a debt-to-equity ratio of 4.07. Seagate Technology has a 12-month low of $30.60 and a 12-month high of $60.63.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 4th. Shareholders of record on Wednesday, March 21st will be issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date is Tuesday, March 20th. Seagate Technology’s payout ratio is 115.07%.
In other news, CFO David H. Morton, Jr. sold 35,142 shares of the company’s stock in a transaction on Monday, March 5th. The shares were sold at an average price of $55.00, for a total value of $1,932,810.00. Following the sale, the chief financial officer now directly owns 8,540 shares of the company’s stock, valued at approximately $469,700. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Philip G. Brace sold 12,000 shares of the company’s stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $46.44, for a total transaction of $557,280.00. Following the completion of the sale, the insider now directly owns 27,069 shares in the company, valued at $1,257,084.36. The disclosure for this sale can be found here. Insiders have sold a total of 810,048 shares of company stock worth $43,459,301 over the last three months. Insiders own 0.87% of the company’s stock.
Several large investors have recently bought and sold shares of the company. ValueAct Holdings L.P. boosted its stake in shares of Seagate Technology by 55.3% in the 3rd quarter. ValueAct Holdings L.P. now owns 21,458,600 shares of the data storage provider’s stock valued at $711,782,000 after purchasing an additional 7,642,835 shares during the last quarter. Two Sigma Advisers LP boosted its stake in shares of Seagate Technology by 7.4% in the 4th quarter. Two Sigma Advisers LP now owns 5,461,842 shares of the data storage provider’s stock valued at $228,523,000 after purchasing an additional 375,667 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Seagate Technology by 0.3% in the 4th quarter. Bank of New York Mellon Corp now owns 2,904,107 shares of the data storage provider’s stock valued at $121,509,000 after purchasing an additional 7,989 shares during the last quarter. UBS Asset Management Americas Inc. boosted its stake in shares of Seagate Technology by 66.8% in the 4th quarter. UBS Asset Management Americas Inc. now owns 2,113,408 shares of the data storage provider’s stock valued at $88,425,000 after purchasing an additional 846,230 shares during the last quarter. Finally, Amundi Pioneer Asset Management Inc. bought a new stake in shares of Seagate Technology in the 4th quarter valued at $87,422,000. 88.84% of the stock is currently owned by institutional investors.
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About Seagate Technology
Seagate Technology public limited company is a provider of electronic data storage technology and solutions. The Company’s principal products are hard disk drives (HDDs). In addition to HDDs, it produces a range of electronic data storage products, including solid state hybrid drives, solid state drives, peripheral component interconnect express (PCIe) cards and serial advanced technology architecture (SATA) controllers.
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