Seagate Technology (NASDAQ:STX) Hits New 52-Week High After Analyst Upgrade

Seagate Technology Holdings PLC (NASDAQ:STX) hit a new 52-week high during trading on Friday after Susquehanna upgraded the stock from a negative rating to a neutral rating. Susquehanna now has a $280.00 price target on the stock, up from their previous price target of $150.00. Seagate Technology traded as high as $335.02 and last traded at $322.6020, with a volume of 356895 shares changing hands. The stock had previously closed at $320.32.

Other equities analysts also recently issued reports about the company. UBS Group dropped their target price on Seagate Technology from $235.00 to $230.00 and set a “neutral” rating for the company in a research report on Wednesday, October 29th. Argus upped their target price on shares of Seagate Technology from $170.00 to $300.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 30th. Loop Capital increased their target price on shares of Seagate Technology from $350.00 to $465.00 and gave the stock a “buy” rating in a report on Monday, November 10th. The Goldman Sachs Group boosted their target price on Seagate Technology from $280.00 to $310.00 and gave the stock a “buy” rating in a research note on Friday, January 9th. Finally, Bank of America increased their price target on Seagate Technology from $275.00 to $320.00 and gave the company a “buy” rating in a research report on Thursday, November 20th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Seagate Technology has a consensus rating of “Moderate Buy” and a consensus target price of $320.39.

Insider Activity

In other Seagate Technology news, EVP Kian Fatt Chong sold 7,078 shares of the firm’s stock in a transaction on Thursday, October 30th. The shares were sold at an average price of $272.14, for a total transaction of $1,926,206.92. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Stephanie Tilenius sold 2,046 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $266.41, for a total transaction of $545,074.86. Following the completion of the sale, the director directly owned 12,244 shares of the company’s stock, valued at $3,261,924.04. The trade was a 14.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 132,557 shares of company stock worth $36,847,793 over the last ninety days. 0.79% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Seagate Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Integrated Wealth Concepts LLC grew its stake in Seagate Technology by 168.0% in the 1st quarter. Integrated Wealth Concepts LLC now owns 7,177 shares of the data storage provider’s stock valued at $610,000 after acquiring an additional 4,499 shares during the last quarter. Parallel Advisors LLC increased its stake in shares of Seagate Technology by 39.6% during the 2nd quarter. Parallel Advisors LLC now owns 4,054 shares of the data storage provider’s stock worth $585,000 after purchasing an additional 1,151 shares in the last quarter. Czech National Bank lifted its stake in Seagate Technology by 6.7% in the 2nd quarter. Czech National Bank now owns 51,873 shares of the data storage provider’s stock valued at $7,487,000 after buying an additional 3,248 shares in the last quarter. Pallas Capital Advisors LLC acquired a new stake in Seagate Technology during the 2nd quarter valued at $755,000. Finally, Sivia Capital Partners LLC purchased a new position in Seagate Technology during the second quarter worth $262,000. 92.87% of the stock is owned by institutional investors and hedge funds.

Seagate Technology Price Performance

The firm has a market capitalization of $69.88 billion, a PE ratio of 41.73, a P/E/G ratio of 1.22 and a beta of 1.60. The company has a 50-day moving average price of $282.16 and a 200-day moving average price of $221.57.

Seagate Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 9th. Stockholders of record on Wednesday, December 24th were issued a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.9%. This is a boost from Seagate Technology’s previous quarterly dividend of $0.72. The ex-dividend date was Wednesday, December 24th. Seagate Technology’s payout ratio is presently 38.00%.

About Seagate Technology

Seagate Technology (NASDAQ: STX) is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm’s product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate’s products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.