Seagate Technology (NASDAQ:STX) Hits New 1-Year High – What’s Next?

Seagate Technology Holdings PLC (NASDAQ:STX) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $301.47 and last traded at $298.92, with a volume of 3590114 shares. The stock had previously closed at $282.86.

Analysts Set New Price Targets

A number of research firms have recently commented on STX. Morgan Stanley increased their price target on shares of Seagate Technology from $265.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, October 29th. Robert W. Baird increased their target price on Seagate Technology from $188.00 to $270.00 and gave the company an “outperform” rating in a research note on Wednesday, October 29th. Cantor Fitzgerald lifted their target price on Seagate Technology from $280.00 to $400.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Benchmark boosted their price target on Seagate Technology from $250.00 to $255.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Finally, Fox Advisors increased their price objective on Seagate Technology from $245.00 to $270.00 in a research report on Wednesday, October 29th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $287.17.

Seagate Technology Stock Up 5.7%

The company has a market cap of $63.84 billion, a P/E ratio of 38.37, a price-to-earnings-growth ratio of 1.12 and a beta of 1.59. The company has a fifty day moving average of $251.50 and a 200 day moving average of $191.20.

Seagate Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 9th. Shareholders of record on Wednesday, December 24th will be issued a dividend of $0.74 per share. This is an increase from Seagate Technology’s previous quarterly dividend of $0.72. This represents a $2.96 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, December 24th. Seagate Technology’s dividend payout ratio is currently 36.97%.

Insider Transactions at Seagate Technology

In other Seagate Technology news, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $272.91, for a total transaction of $204,682.50. Following the transaction, the director owned 5,601 shares of the company’s stock, valued at $1,528,568.91. The trade was a 11.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William D. Mosley sold 20,000 shares of the stock in a transaction on Monday, December 1st. The stock was sold at an average price of $271.03, for a total transaction of $5,420,600.00. Following the completion of the sale, the chief executive officer directly owned 445,668 shares of the company’s stock, valued at approximately $120,789,398.04. This trade represents a 4.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 152,011 shares of company stock worth $39,835,990 over the last three months. 0.79% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of STX. Harbor Asset Planning Inc. purchased a new stake in Seagate Technology in the 2nd quarter worth $27,000. Rakuten Securities Inc. boosted its stake in shares of Seagate Technology by 884.2% in the second quarter. Rakuten Securities Inc. now owns 187 shares of the data storage provider’s stock worth $27,000 after acquiring an additional 168 shares during the period. MTM Investment Management LLC bought a new position in shares of Seagate Technology in the second quarter worth about $29,000. First Horizon Corp purchased a new stake in shares of Seagate Technology during the third quarter worth about $33,000. Finally, Raiffeisen Bank International AG bought a new stake in Seagate Technology during the 3rd quarter valued at approximately $33,000. Hedge funds and other institutional investors own 92.87% of the company’s stock.

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.