Seagate Technology (NASDAQ:STX) Upgraded by Northland Securities to Outperform

Northland Securities upgraded shares of Seagate Technology (NASDAQ:STX) from a market perform rating to an outperform rating in a report published on Thursday morning, Price Targets.com reports. They currently have $98.00 target price on the data storage provider’s stock.

A number of other equities analysts also recently commented on STX. Loop Capital lifted their price objective on Seagate Technology from $90.00 to $100.00 and gave the stock a buy rating in a research report on Wednesday, April 21st. Bank of America lifted their price objective on Seagate Technology from $107.00 to $120.00 and gave the stock a buy rating in a research report on Thursday, May 20th. Benchmark lifted their target price on Seagate Technology from $95.00 to $112.00 and gave the company a buy rating in a research report on Wednesday, June 9th. Stifel Nicolaus lifted their target price on Seagate Technology from $95.00 to $115.00 and gave the company a buy rating in a research report on Monday, June 14th. Finally, Mizuho lifted their target price on Seagate Technology from $83.00 to $88.00 and gave the company a neutral rating in a research report on Tuesday, May 18th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have assigned a buy rating to the company. The stock has an average rating of Hold and an average price target of $86.17.

Shares of NASDAQ:STX opened at $86.39 on Thursday. Seagate Technology has a 1 year low of $43.53 and a 1 year high of $106.22. The firm has a market capitalization of $19.77 billion, a price-to-earnings ratio of 21.54, a PEG ratio of 16.38 and a beta of 1.14. The company has a debt-to-equity ratio of 10.12, a current ratio of 1.23 and a quick ratio of 0.81. The stock has a 50 day moving average price of $92.49.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Thursday, April 22nd. The data storage provider reported $1.48 EPS for the quarter, topping the Zacks’ consensus estimate of $1.18 by $0.30. Seagate Technology had a return on equity of 88.26% and a net margin of 9.80%. The firm had revenue of $2.73 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter last year, the business posted $1.38 earnings per share. The firm’s revenue was up .5% compared to the same quarter last year. On average, analysts forecast that Seagate Technology will post 4.88 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 7th. Stockholders of record on Wednesday, May 12th will be given a dividend of $0.67 per share. The ex-dividend date is Tuesday, May 11th. This represents a $2.68 annualized dividend and a dividend yield of 3.10%. Seagate Technology’s dividend payout ratio is currently 58.64%.

In other news, SVP Katherine Schuelke sold 24,525 shares of the business’s stock in a transaction dated Friday, April 30th. The stock was sold at an average price of $95.70, for a total value of $2,347,042.50. Following the completion of the sale, the senior vice president now directly owns 44,028 shares of the company’s stock, valued at approximately $4,213,479.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Edward J. Zander sold 12,043 shares of the business’s stock in a transaction dated Thursday, June 10th. The shares were sold at an average price of $97.58, for a total value of $1,175,155.94. Following the completion of the sale, the director now directly owns 20,175 shares of the company’s stock, valued at $1,968,676.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 214,322 shares of company stock valued at $19,926,666. Insiders own 0.97% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of STX. JPMorgan Chase & Co. raised its stake in shares of Seagate Technology by 114.8% during the 1st quarter. JPMorgan Chase & Co. now owns 10,754,083 shares of the data storage provider’s stock worth $825,377,000 after buying an additional 5,748,186 shares in the last quarter. Norges Bank purchased a new position in shares of Seagate Technology during the 4th quarter worth approximately $138,077,000. Allianz Asset Management GmbH raised its stake in shares of Seagate Technology by 262.6% during the 1st quarter. Allianz Asset Management GmbH now owns 1,933,961 shares of the data storage provider’s stock worth $148,431,000 after buying an additional 1,400,573 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Seagate Technology by 177.8% during the 1st quarter. SG Americas Securities LLC now owns 411,815 shares of the data storage provider’s stock worth $31,607,000 after buying an additional 940,963 shares in the last quarter. Finally, Barclays PLC raised its stake in shares of Seagate Technology by 274.0% during the 1st quarter. Barclays PLC now owns 531,943 shares of the data storage provider’s stock worth $40,827,000 after buying an additional 837,586 shares in the last quarter. 86.44% 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. The company offers hard disk and solid state drives, including serial advanced technology attachment, serial attached SCSI, and non-volatile memory express products; solid state hybrid drives; and storage subsystems.

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Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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