The Goldman Sachs Group Boosts Seagate Technology (NASDAQ:STX) Price Target to $96.00

Seagate Technology (NASDAQ:STX) had its price objective raised by The Goldman Sachs Group from $84.00 to $96.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have a neutral rating on the data storage provider’s stock.

Other analysts also recently issued reports about the company. Robert W. Baird raised their target price on Seagate Technology from $70.00 to $100.00 and gave the company an outperform rating in a research note on Thursday, January 25th. TD Cowen boosted their price objective on Seagate Technology from $85.00 to $110.00 and gave the company an outperform rating in a report on Thursday, January 25th. Mizuho reaffirmed a buy rating and set a $100.00 target price on shares of Seagate Technology in a research report on Tuesday, April 9th. Barclays reduced their price target on shares of Seagate Technology from $85.00 to $80.00 and set an equal weight rating for the company in a research report on Monday, April 22nd. Finally, Morgan Stanley upgraded shares of Seagate Technology from an equal weight rating to an overweight rating and upped their price objective for the stock from $73.00 to $115.00 in a report on Tuesday, March 26th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Hold and a consensus price target of $94.53.

Seagate Technology Stock Performance

Seagate Technology stock opened at $86.04 on Wednesday. The stock’s 50 day moving average price is $89.25 and its two-hundred day moving average price is $82.92. The stock has a market capitalization of $18.03 billion, a price-to-earnings ratio of -66.70, a PEG ratio of 480.77 and a beta of 1.04. Seagate Technology has a 52-week low of $54.47 and a 52-week high of $101.26.

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

Seagate Technology Announces Dividend

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

Hedge Funds Weigh In On Seagate Technology

Several institutional investors have recently added to or reduced their stakes in the stock. CWM LLC grew its holdings in Seagate Technology by 6.0% during the third quarter. CWM LLC now owns 3,311 shares of the data storage provider’s stock valued at $218,000 after purchasing an additional 187 shares during the period. IFP Advisors Inc increased its holdings in Seagate Technology by 4.9% in the 3rd quarter. IFP Advisors Inc now owns 3,542 shares of the data storage provider’s stock worth $234,000 after acquiring an additional 164 shares during the last quarter. Global Retirement Partners LLC raised its stake in Seagate Technology by 23.4% in the 3rd quarter. Global Retirement Partners LLC now owns 2,212 shares of the data storage provider’s stock valued at $146,000 after acquiring an additional 419 shares during the period. SG Americas Securities LLC lifted its holdings in Seagate Technology by 23.2% during the third quarter. SG Americas Securities LLC now owns 21,613 shares of the data storage provider’s stock valued at $1,425,000 after purchasing an additional 4,075 shares during the last quarter. Finally, Czech National Bank boosted its position in Seagate Technology by 47.8% during the third quarter. Czech National Bank now owns 33,711 shares of the data storage provider’s stock worth $2,223,000 after purchasing an additional 10,910 shares during the period. 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.