Seagate Technology (NASDAQ:STX) Price Target Cut to $90.00 by Analysts at Citigroup

Seagate Technology (NASDAQ:STX - Free Report) had its price target cut by Citigroup from $115.00 to $90.00 in a report published on Monday,Benzinga reports. They currently have a buy rating on the data storage provider's stock.

Several other research firms have also recently weighed in on STX. Morgan Stanley decreased their target price on Seagate Technology from $133.00 to $129.00 and set an "overweight" rating for the company in a research note on Tuesday, January 21st. Rosenblatt Securities increased their target price on shares of Seagate Technology from $140.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, January 22nd. Wedbush reissued an "outperform" rating and issued a $150.00 price target on shares of Seagate Technology in a research report on Wednesday, January 22nd. Mizuho dropped their price objective on Seagate Technology from $115.00 to $95.00 and set an "outperform" rating on the stock in a report on Thursday, April 10th. Finally, Susquehanna boosted their target price on Seagate Technology from $65.00 to $68.00 and gave the company a "negative" rating in a report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Seagate Technology currently has a consensus rating of "Moderate Buy" and an average price target of $118.78.

Seagate Technology Price Performance

Shares of Seagate Technology stock traded up $2.98 during trading on Monday, hitting $75.80. 4,588,360 shares of the stock were exchanged, compared to its average volume of 2,793,698. The stock has a market cap of $16.05 billion, a price-to-earnings ratio of 13.86 and a beta of 1.21. The firm's 50-day moving average price is $86.90 and its 200 day moving average price is $94.73. Seagate Technology has a 12-month low of $63.19 and a 12-month high of $115.32.

Seagate Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Stockholders of record on Wednesday, March 19th were paid a dividend of $0.72 per share. The ex-dividend date of this dividend was Wednesday, March 19th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.80%. Seagate Technology's dividend payout ratio (DPR) is presently 52.65%.

Insiders Place Their Bets

In related news, CEO William D. Mosley sold 20,000 shares of the business's 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 sale, the chief executive officer now directly owns 555,677 shares in the company, valued at $46,988,047.12. The trade was a 3.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.81% of the stock is currently owned by company insiders.

Institutional Trading of Seagate Technology

Several large investors have recently modified their holdings of the business. Capital Research Global Investors increased its position in Seagate Technology by 56.5% during the fourth quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider's stock worth $1,348,262,000 after buying an additional 5,640,443 shares in the last quarter. Vanguard Group Inc. raised its stake in Seagate Technology by 6.9% in the 4th quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider's stock valued at $2,414,446,000 after purchasing an additional 1,814,821 shares during the last quarter. Marshall Wace LLP purchased a new position in Seagate Technology in the 4th quarter valued at about $77,341,000. Junto Capital Management LP purchased a new stake in shares of Seagate Technology during the fourth quarter worth about $60,303,000. Finally, Janus Henderson Group PLC raised its position in shares of Seagate Technology by 2,853.4% in the fourth quarter. Janus Henderson Group PLC now owns 670,976 shares of the data storage provider's stock valued at $57,925,000 after buying an additional 648,257 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.