Seagate Technology (NASDAQ:STX) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of Seagate Technology (NASDAQ:STX) from a hold rating to a buy rating in a research note released on Monday morning.

Several other analysts have also recently weighed in on the stock. Evercore ISI lifted their price objective on shares of Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Cantor Fitzgerald reiterated a “neutral” rating and issued a $120.00 price target on shares of Seagate Technology in a research note on Wednesday, January 22nd. Bank of America raised their price objective on Seagate Technology from $124.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. UBS Group upped their target price on Seagate Technology from $95.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, January 22nd. Finally, Summit Insights upgraded Seagate Technology from a “hold” rating to a “buy” rating in a research report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, Seagate Technology currently has an average rating of “Moderate Buy” and a consensus target price of $122.56.

Seagate Technology Trading Down 4.4 %

STX opened at $103.48 on Monday. The stock’s fifty day simple moving average is $95.00 and its 200 day simple moving average is $100.35. Seagate Technology has a 1-year low of $82.31 and a 1-year high of $115.32. The stock has a market cap of $21.89 billion, a PE ratio of 18.92 and a beta of 1.06.

Seagate Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Stockholders of record on Wednesday, March 19th will be issued a dividend of $0.72 per share. The ex-dividend date of this dividend is Wednesday, March 19th. This represents a $2.88 annualized dividend and a dividend yield of 2.78%. Seagate Technology’s dividend payout ratio is currently 52.65%.

Insider Buying and Selling

In related news, SVP Kian Fatt Chong sold 9,182 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $105.50, for a total transaction of $968,701.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Yolanda Lee Conyers sold 750 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $101.82, for a total value of $76,365.00. Following the transaction, the director now owns 6,555 shares in the company, valued at approximately $667,430.10. This trade represents a 10.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 50,073 shares of company stock valued at $5,106,149. 0.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Sequoia Financial Advisors LLC increased its stake in shares of Seagate Technology by 3.6% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 2,560 shares of the data storage provider’s stock worth $281,000 after purchasing an additional 89 shares during the last quarter. Affinity Capital Advisors LLC increased its position in Seagate Technology by 1.5% in the third quarter. Affinity Capital Advisors LLC now owns 6,620 shares of the data storage provider’s stock worth $725,000 after buying an additional 100 shares during the last quarter. Berkshire Bank lifted its position in shares of Seagate Technology by 2.6% during the 4th quarter. Berkshire Bank now owns 4,118 shares of the data storage provider’s stock valued at $355,000 after buying an additional 103 shares during the last quarter. My Legacy Advisors LLC lifted its position in shares of Seagate Technology by 3.9% during the 4th quarter. My Legacy Advisors LLC now owns 3,113 shares of the data storage provider’s stock valued at $294,000 after buying an additional 118 shares during the last quarter. Finally, Yousif Capital Management LLC increased its holdings in Seagate Technology by 0.4% in the 4th quarter. Yousif Capital Management LLC now owns 27,594 shares of the data storage provider’s stock worth $2,382,000 after acquiring an additional 121 shares during the last quarter. 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.