Seagate Technology (NASDAQ:STX) Price Target Raised to $1,000.00 at Bank of America

Seagate Technology (NASDAQ:STX) had its price target increased by Bank of America from $900.00 to $1,000.00 in a research report sent to investors on Monday,MarketScreener reports.

Other analysts have also recently issued research reports about the stock. Cantor Fitzgerald lifted their target price on shares of Seagate Technology from $700.00 to $1,000.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 29th. Rosenblatt Securities increased their price objective on shares of Seagate Technology from $500.00 to $1,000.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Wells Fargo & Company upped their price target on shares of Seagate Technology from $700.00 to $900.00 and gave the stock an “equal weight” rating in a research report on Monday, June 1st. Morgan Stanley boosted their price objective on Seagate Technology from $582.00 to $767.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 29th. Finally, Evercore increased their target price on Seagate Technology from $750.00 to $1,000.00 and gave the company an “outperform” rating in a research note on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $792.46.

Seagate Technology Stock Performance

Shares of Seagate Technology stock opened at $887.68 on Monday. The business has a 50-day moving average of $671.46 and a 200 day moving average of $459.98. The company has a debt-to-equity ratio of 3.16, a current ratio of 1.33 and a quick ratio of 0.85. Seagate Technology has a 12 month low of $124.63 and a 12 month high of $966.80. The stock has a market capitalization of $199.04 billion, a price-to-earnings ratio of 84.07 and a beta of 2.04.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Tuesday, April 28th. The data storage provider reported $4.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.51 by $0.59. The company had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $2.96 billion. Seagate Technology had a net margin of 21.60% and a return on equity of 1,005.65%. The firm’s quarterly revenue was up 44.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.90 earnings per share. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. As a group, sell-side analysts forecast that Seagate Technology will post 14.1 earnings per share for the current year.

Seagate Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 7th. Investors of record on Wednesday, June 24th will be paid a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Wednesday, June 24th. Seagate Technology’s dividend payout ratio (DPR) is currently 28.08%.

Insiders Place Their Bets

In other Seagate Technology news, CFO Gianluca Romano sold 22,488 shares of the stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $774.22, for a total transaction of $17,410,659.36. Following the transaction, the chief financial officer directly owned 42,847 shares of the company’s stock, valued at $33,173,004.34. This represents a 34.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William D. Mosley sold 30,000 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $751.29, for a total value of $22,538,700.00. Following the transaction, the chief executive officer owned 339,591 shares in the company, valued at approximately $255,131,322.39. This trade represents a 8.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 155,187 shares of company stock worth $108,267,701. 0.79% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in STX. Bridgewater Advisors Inc. grew its position in Seagate Technology by 0.9% during the first quarter. Bridgewater Advisors Inc. now owns 1,477 shares of the data storage provider’s stock worth $579,000 after buying an additional 13 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC lifted its position in shares of Seagate Technology by 23.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 80 shares of the data storage provider’s stock worth $31,000 after acquiring an additional 15 shares during the period. Beaumont Financial Advisors LLC grew its holdings in shares of Seagate Technology by 2.1% during the 1st quarter. Beaumont Financial Advisors LLC now owns 820 shares of the data storage provider’s stock worth $321,000 after purchasing an additional 17 shares in the last quarter. Cornerstone Wealth Group LLC increased its position in shares of Seagate Technology by 0.5% during the first quarter. Cornerstone Wealth Group LLC now owns 3,542 shares of the data storage provider’s stock valued at $1,388,000 after purchasing an additional 19 shares during the period. Finally, WealthCollab LLC increased its position in shares of Seagate Technology by 27.4% during the first quarter. WealthCollab LLC now owns 93 shares of the data storage provider’s stock valued at $36,000 after purchasing an additional 20 shares during the period. 92.87% of the stock is owned by institutional investors.

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.