Seagate Technology (NASDAQ:STX) Sets New 12-Month High at $107.41

Shares of Seagate Technology Holdings plc (NASDAQ:STX) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $107.41 and last traded at $107.35, with a volume of 44964 shares traded. The stock had previously closed at $105.98.

Analyst Upgrades and Downgrades

STX has been the subject of several research reports. Citigroup initiated coverage on shares of Seagate Technology in a research report on Tuesday, May 14th. They set a “buy” rating and a $110.00 price objective for the company. The Goldman Sachs Group increased their price objective on shares of Seagate Technology from $84.00 to $96.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 24th. Cantor Fitzgerald raised their target price on shares of Seagate Technology from $95.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, April 24th. Bank of America reaffirmed a “buy” rating and issued a $110.00 target price on shares of Seagate Technology in a research report on Wednesday, June 5th. Finally, Wedbush raised shares of Seagate Technology from a “neutral” rating to an “outperform” rating and set a $100.00 target price for the company in a research report on Wednesday, May 1st. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Seagate Technology has an average rating of “Hold” and a consensus target price of $98.29.

Seagate Technology Price Performance

The business’s 50-day moving average price is $92.79 and its 200 day moving average price is $89.06.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The company had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.68 billion. The business’s quarterly revenue was down 11.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.43) EPS. On average, sell-side analysts expect that Seagate Technology Holdings plc will post 0.44 earnings per share for the current year.

Seagate Technology Announces Dividend

The business 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 2.64%. The ex-dividend date of this dividend is Thursday, June 20th. Seagate Technology’s dividend payout ratio is presently -217.05%.

Insider Transactions at Seagate Technology

In other news, EVP Ban Seng Teh sold 10,742 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $100.00, for a total transaction of $1,074,200.00. Following the completion of the sale, the executive vice president now owns 5,042 shares in the company, valued at approximately $504,200. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Seagate Technology news, EVP Ban Seng Teh sold 10,742 shares of Seagate Technology stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $100.00, for a total value of $1,074,200.00. Following the completion of the sale, the executive vice president now owns 5,042 shares in the company, valued at approximately $504,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John Christopher Morris sold 5,928 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $99.99, for a total transaction of $592,740.72. Following the completion of the transaction, the senior vice president now directly owns 12,185 shares in the company, valued at $1,218,378.15. The disclosure for this sale can be found here. In the last 90 days, insiders sold 37,531 shares of company stock worth $3,592,946. 0.89% of the stock is owned by insiders.

Institutional Investors Weigh In On Seagate Technology

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in shares of Seagate Technology during the 4th quarter valued at approximately $26,000. CVA Family Office LLC bought a new stake in shares of Seagate Technology during the 4th quarter valued at approximately $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Seagate Technology during the 4th quarter valued at approximately $28,000. Northwest Financial Advisors bought a new stake in shares of Seagate Technology during the 4th quarter valued at approximately $31,000. Finally, Parkside Financial Bank & Trust grew its holdings in shares of Seagate Technology by 85.4% during the 3rd quarter. Parkside Financial Bank & Trust now owns 445 shares of the data storage provider’s stock valued at $29,000 after purchasing an additional 205 shares during the last quarter. 92.87% of the stock is owned by institutional investors.

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.