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

Seagate Technology Holdings plc (NASDAQ:STX - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the twenty-one brokerages that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $118.89.

A number of research analysts have recently issued reports on STX shares. BNP Paribas Exane raised Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 price target on the stock in a report on Friday, May 16th. UBS Group upped their price objective on Seagate Technology from $80.00 to $85.00 and gave the company a "neutral" rating in a research report on Wednesday, April 30th. Mizuho reduced their price objective on Seagate Technology from $115.00 to $95.00 and set an "outperform" rating for the company in a research report on Thursday, April 10th. Rosenblatt Securities reiterated a "buy" rating and set a $130.00 price objective on shares of Seagate Technology in a research report on Friday, May 23rd. Finally, Barclays upped their price objective on Seagate Technology from $80.00 to $90.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 30th.

Insider Activity at Seagate Technology

In other news, CFO Gianluca Romano sold 26,816 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $117.58, for a total value of $3,153,025.28. Following the sale, the chief financial officer now directly owns 38,082 shares in the company, valued at approximately $4,477,681.56. This represents a 41.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William D. Mosley sold 20,000 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $84.56, for a total value of $1,691,200.00. Following the completion of the sale, the chief executive officer now owns 555,677 shares in the company, valued at approximately $46,988,047.12. The trade was a 3.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 162,891 shares of company stock valued at $17,773,863. Insiders own 0.81% of the company's stock.

Institutional Investors Weigh In On Seagate Technology

Several hedge funds and other institutional investors have recently modified their holdings of the business. MBB Public Markets I LLC purchased a new position in shares of Seagate Technology during the first quarter valued at $300,000. United Services Automobile Association bought a new position in Seagate Technology in the first quarter worth about $385,000. Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of Seagate Technology by 6.2% during the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,314 shares of the data storage provider's stock worth $366,000 after acquiring an additional 250 shares during the last quarter. Jones Financial Companies Lllp grew its stake in shares of Seagate Technology by 77.4% during the first quarter. Jones Financial Companies Lllp now owns 17,351 shares of the data storage provider's stock worth $1,474,000 after acquiring an additional 7,569 shares during the last quarter. Finally, Panoramic Capital LLC grew its stake in shares of Seagate Technology by 591.8% during the first quarter. Panoramic Capital LLC now owns 131,433 shares of the data storage provider's stock worth $11,165,000 after acquiring an additional 112,433 shares during the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Seagate Technology Stock Up 1.0%

Shares of NASDAQ STX traded up $1.21 during trading on Friday, reaching $119.15. The company had a trading volume of 3,097,305 shares, compared to its average volume of 2,991,809. Seagate Technology has a 12-month low of $63.19 and a 12-month high of $119.73. The stock has a market cap of $25.29 billion, a PE ratio of 21.78 and a beta of 1.32. The business's 50-day moving average is $89.43 and its 200 day moving average is $93.15.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.75 by $0.15. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The company's quarterly revenue was up 30.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.33 earnings per share. On average, analysts anticipate that Seagate Technology will post 6.83 earnings per share for the current year.

Seagate Technology declared that its Board of Directors has approved a share repurchase plan on Thursday, May 22nd that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the data storage provider to repurchase up to 21.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's management believes its shares are undervalued.

Seagate Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th will be paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date is Wednesday, June 25th. Seagate Technology's payout ratio is presently 41.62%.

Seagate Technology Company Profile

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.