Seagate Technology (NASDAQ:STX) Given Buy Rating at Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Seagate Technology (NASDAQ:STX - Free Report) in a report issued on Wednesday,Benzinga reports. The firm currently has a $130.00 price target on the data storage provider's stock.

STX has been the topic of a number of other reports. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $120.00 target price on shares of Seagate Technology in a research report on Wednesday, January 22nd. The Goldman Sachs Group lowered their target price on Seagate Technology from $112.00 to $99.00 and set a "neutral" rating for the company in a report on Friday, January 10th. Northland Securities restated an "outperform" rating and set a $160.00 price target (up previously from $144.00) on shares of Seagate Technology in a research note on Wednesday, January 22nd. StockNews.com lowered shares of Seagate Technology from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. Finally, Wedbush reissued an "outperform" rating and set a $150.00 target price on shares of Seagate Technology in a research report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $114.89.

Seagate Technology Price Performance

Shares of NASDAQ:STX traded up $1.13 during trading hours on Wednesday, hitting $94.20. 1,032,412 shares of the company's stock traded hands, compared to its average volume of 2,844,788. The firm has a market capitalization of $19.94 billion, a P/E ratio of 17.19 and a beta of 1.31. The business has a fifty day moving average price of $83.26 and a 200-day moving average price of $92.68. Seagate Technology has a 1 year low of $63.19 and a 1 year high of $115.32.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly earnings data 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. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The company had revenue of $2.16 billion during the quarter, compared to analysts' expectations of $2.14 billion. During the same quarter in the previous year, the business earned $0.33 EPS. Seagate Technology's revenue was up 30.5% compared to the same quarter last year. As a group, equities analysts predict that Seagate Technology will post 6.83 earnings per share for the current year.

Seagate Technology Announces Dividend

The firm also recently announced 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 annualized dividend and a yield of 3.06%. Seagate Technology's dividend payout ratio (DPR) is presently 41.62%.

Insider Activity

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the company's stock in a transaction 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 directly owns 555,677 shares in the company, valued at $46,988,047.12. This represents a 3.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.81% of the company's stock.

Institutional Investors Weigh In On Seagate Technology

A number of hedge funds have recently modified their holdings of the company. Ameriflex Group Inc. purchased a new stake in shares of Seagate Technology in the 4th quarter valued at approximately $26,000. Elequin Capital LP acquired a new stake in shares of Seagate Technology during the 4th quarter worth about $27,000. Fourth Dimension Wealth LLC acquired a new position in Seagate Technology in the fourth quarter valued at about $27,000. Wayfinding Financial LLC purchased a new position in Seagate Technology during the first quarter worth about $31,000. Finally, Golden State Wealth Management LLC increased its position in shares of Seagate Technology by 2,200.0% during the first quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider's stock valued at $39,000 after acquiring an additional 440 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company's stock.

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.