Seagate Technology (NASDAQ:STX) Stock Rating Reaffirmed by Benchmark

Benchmark reaffirmed their hold rating on shares of Seagate Technology (NASDAQ:STX) in a report published on Wednesday morning, Benzinga reports.

Several other research analysts have also issued reports on the stock. Barclays cut their target price on shares of Seagate Technology from $85.00 to $80.00 and set an equal weight rating on the stock in a research note on Monday, April 22nd. Wells Fargo & Company raised their target price on Seagate Technology from $80.00 to $90.00 and gave the company an equal weight rating in a research note on Thursday, February 1st. Robert W. Baird boosted their target price on Seagate Technology from $70.00 to $100.00 and gave the company an outperform rating in a research report on Thursday, January 25th. Cantor Fitzgerald increased their price target on Seagate Technology from $95.00 to $100.00 and gave the stock a neutral rating in a report on Wednesday. Finally, BNP Paribas downgraded Seagate Technology from a neutral rating to an underperform rating and set a $65.00 price objective for the company. in a report on Thursday, January 11th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company has an average rating of Hold and a consensus target price of $94.53.

Seagate Technology Price Performance

Shares of NASDAQ:STX opened at $86.04 on Wednesday. Seagate Technology has a 1 year low of $54.47 and a 1 year high of $101.26. The business’s 50-day moving average is $89.25 and its 200-day moving average is $82.92. The company has a market capitalization of $18.03 billion, a price-to-earnings ratio of -66.70, a P/E/G ratio of 480.77 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The business had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.68 billion. The company’s revenue for the quarter was down 11.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.43) earnings per share. Analysts anticipate that Seagate Technology will post 0.15 EPS for the current year.

Seagate Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Thursday, June 20th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date of this dividend is Thursday, June 20th. Seagate Technology’s dividend payout ratio is -217.05%.

Institutional Trading of Seagate Technology

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Seagate Technology by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 24,006,681 shares of the data storage provider’s stock valued at $2,049,450,000 after acquiring an additional 425,117 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Seagate Technology by 9.2% in the third quarter. JPMorgan Chase & Co. now owns 17,680,400 shares of the data storage provider’s stock worth $1,166,022,000 after purchasing an additional 1,485,937 shares during the last quarter. Capital Research Global Investors grew its stake in Seagate Technology by 39.3% in the 4th quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock valued at $1,418,413,000 after purchasing an additional 4,685,454 shares during the period. Sanders Capital LLC increased its position in shares of Seagate Technology by 3.0% during the 4th quarter. Sanders Capital LLC now owns 15,486,153 shares of the data storage provider’s stock valued at $1,322,053,000 after purchasing an additional 443,768 shares during the last quarter. Finally, FMR LLC raised its stake in shares of Seagate Technology by 13.1% during the 3rd quarter. FMR LLC now owns 13,929,708 shares of the data storage provider’s stock worth $918,664,000 after purchasing an additional 1,612,264 shares during the period. 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.