Seagate Technology Holdings plc (NASDAQ:STX) Receives $118.89 Consensus Target Price from Brokerages

Seagate Technology Holdings plc (NASDAQ:STX) has earned a consensus rating of “Moderate Buy” from the twenty-one brokerages that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and thirteen have given a buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $118.89.

A number of analysts have recently weighed in on STX shares. Citigroup raised their price objective on Seagate Technology from $105.00 to $125.00 and gave the stock a “buy” rating in a research report on Tuesday, May 20th. BNP Paribas upgraded Seagate Technology from a “strong sell” rating to a “hold” rating in a research note on Friday, May 16th. Wells Fargo & Company raised their target price on Seagate Technology from $105.00 to $122.00 and gave the stock an “equal weight” rating in a research note on Friday, May 23rd. Wall Street Zen lowered Seagate Technology from a “buy” rating to a “hold” rating in a research note on Friday, May 30th. Finally, Bank of America raised their target price on Seagate Technology from $125.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, May 23rd.

Seagate Technology Price Performance

Seagate Technology stock opened at $126.97 on Friday. The stock has a market capitalization of $26.95 billion, a price-to-earnings ratio of 23.21 and a beta of 1.40. Seagate Technology has a 1-year low of $63.19 and a 1-year high of $129.96. The business has a fifty day moving average price of $93.33 and a 200-day moving average price of $94.13.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.75 by $0.15. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.14 billion. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The business’s quarterly revenue was up 30.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.33 EPS. On average, equities research analysts anticipate that Seagate Technology will post 6.83 earnings per share for the current fiscal year.

Seagate Technology declared that its board has authorized a share buyback plan on Thursday, May 22nd that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the data storage provider to buy up to 21.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Seagate Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Wednesday, June 25th will be paid a dividend of $0.72 per share. The ex-dividend date is Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.27%. Seagate Technology’s payout ratio is currently 41.62%.

Insider Activity at Seagate Technology

In related news, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $117.01, for a total value of $87,757.50. Following the completion of the transaction, the director now owns 5,055 shares in the company, valued at $591,485.55. The trade was a 12.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $84.56, for a total value of $1,691,200.00. Following the completion of the transaction, the chief executive officer now owns 555,677 shares of the company’s stock, valued at approximately $46,988,047.12. This represents a 3.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 335,251 shares of company stock worth $38,760,472 in the last 90 days. Corporate insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

Several institutional investors have recently bought and sold shares of the company. Ameriflex Group Inc. acquired a new stake in shares of Seagate Technology in the fourth quarter worth approximately $26,000. Elequin Capital LP acquired a new stake in shares of Seagate Technology in the fourth quarter worth approximately $27,000. Fourth Dimension Wealth LLC acquired a new stake in shares of Seagate Technology in the fourth quarter worth approximately $27,000. Wayfinding Financial LLC acquired a new stake in shares of Seagate Technology in the first quarter worth approximately $31,000. Finally, Golden State Wealth Management LLC boosted its stake in shares of Seagate Technology by 2,200.0% in the first quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider’s stock worth $39,000 after acquiring an additional 440 shares during the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

About Seagate Technology

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.