Bank of America Raises Seagate Technology (NASDAQ:STX) Price Target to $71.00

Seagate Technology (NASDAQ:STX – Get Rating) had its price target increased by Bank of America from $65.00 to $71.00 in a research report report published on Tuesday, The Fly reports.

Several other equities research analysts also recently weighed in on STX. Credit Suisse Group cut their price target on Seagate Technology from $69.00 to $54.00 and set a neutral rating on the stock in a research report on Friday, April 21st. UBS Group dropped their target price on Seagate Technology from $65.00 to $60.00 and set a neutral rating on the stock in a research report on Friday, April 21st. Morgan Stanley cut Seagate Technology from an overweight rating to an equal weight rating and dropped their target price for the company from $72.00 to $60.00 in a research report on Friday, April 21st. StockNews.com began coverage on Seagate Technology in a research report on Thursday, May 18th. They set a sell rating on the stock. Finally, Susquehanna dropped their target price on Seagate Technology from $35.00 to $32.00 and set a negative rating on the stock in a research report on Friday, April 21st. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Seagate Technology currently has an average rating of Hold and a consensus price target of $66.00.

Seagate Technology Price Performance

Shares of STX stock opened at $60.11 on Tuesday. The firm has a market capitalization of $12.41 billion, a price-to-earnings ratio of -71.56 and a beta of 1.09. The business has a fifty day moving average of $61.07 and a 200 day moving average of $59.85. Seagate Technology has a 1 year low of $47.47 and a 1 year high of $88.25.

Seagate Technology (NASDAQ:STX – Get Rating) last announced its quarterly earnings results on Thursday, April 20th. The data storage provider reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.49). The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.98 billion. Seagate Technology had a negative return on equity of 69.08% and a negative net margin of 1.91%. Seagate Technology’s revenue for the quarter was down 33.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.65 earnings per share. As a group, equities research analysts expect that Seagate Technology will post -0.34 earnings per share for the current year.

Seagate Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 5th. Stockholders of record on Wednesday, June 21st will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 4.66%. The ex-dividend date is Tuesday, June 20th. Seagate Technology’s payout ratio is presently -333.33%.

Institutional Trading of Seagate Technology

Several institutional investors have recently made changes to their positions in STX. Corrado Advisors LLC purchased a new stake in shares of Seagate Technology during the 4th quarter valued at approximately $26,000. Financial Management Professionals Inc. purchased a new stake in shares of Seagate Technology during the 1st quarter valued at approximately $26,000. CI Investments Inc. increased its holdings in Seagate Technology by 102.2% in the 4th quarter. CI Investments Inc. now owns 540 shares of the data storage provider’s stock valued at $28,000 after purchasing an additional 273 shares during the last quarter. Compagnie Lombard Odier SCmA acquired a new stake in Seagate Technology in the 4th quarter valued at approximately $28,000. Finally, State of Wyoming acquired a new stake in Seagate Technology in the 4th quarter valued at approximately $36,000. Hedge funds and other institutional investors own 82.69% of the company’s stock.

Seagate Technology Company Profile

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Seagate Technology Holdings Plc operates as holding company that is engaged in the development, production, and distribution of data storage products and electronic data storage solutions. Its products include hard disk drives, solid state hybrid drives, solid state drives, peripheral component interconnect express cards, serial advanced technology attachment controllers, storage subsystems and computing solutions.