Seagate Technology (NASDAQ:STX) Raised to “Overweight” at Morgan Stanley

Morgan Stanley upgraded shares of Seagate Technology (NASDAQ:STX) from an equal weight rating to an overweight rating in a research report report published on Tuesday morning, Marketbeat.com reports. They currently have $115.00 target price on the data storage provider’s stock, up from their previous target price of $73.00.

Several other equities research analysts have also recently weighed in on STX. Cantor Fitzgerald reiterated a neutral rating and issued a $95.00 target price on shares of Seagate Technology in a report on Monday, March 4th. BNP Paribas cut Seagate Technology from a neutral rating to an underperform rating and set a $65.00 price objective for the company. in a research note on Thursday, January 11th. Robert W. Baird upped their price objective on Seagate Technology from $70.00 to $100.00 and gave the stock an outperform rating in a research note on Thursday, January 25th. TD Cowen upped their price objective on Seagate Technology from $85.00 to $110.00 and gave the stock an outperform rating in a research note on Thursday, January 25th. Finally, StockNews.com upgraded Seagate Technology from a sell rating to a hold rating in a research note on Monday, December 4th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Seagate Technology currently has an average rating of Hold and an average target price of $84.17.

Seagate Technology Stock Down 1.6 %

STX opened at $93.05 on Tuesday. The business has a fifty day moving average of $89.50 and a 200 day moving average of $79.73. Seagate Technology has a 52-week low of $54.32 and a 52-week high of $101.26. The stock has a market cap of $19.49 billion, a P/E ratio of -26.59 and a beta of 1.05.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Wednesday, January 24th. The data storage provider reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.19. The business had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.56 billion. Equities analysts anticipate that Seagate Technology will post -0.17 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 4th. Investors of record on Thursday, March 21st will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.01%. The ex-dividend date is Wednesday, March 20th. Seagate Technology’s dividend payout ratio (DPR) is -80.00%.

Institutional Trading of Seagate Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in Seagate Technology during the fourth quarter worth approximately $26,000. CVA Family Office LLC purchased a new position in Seagate Technology during the fourth quarter worth approximately $27,000. Turtle Creek Wealth Advisors LLC purchased a new position in Seagate Technology during the fourth quarter worth approximately $28,000. Parkside Financial Bank & Trust boosted its position in Seagate Technology by 85.4% during the third quarter. Parkside Financial Bank & Trust now owns 445 shares of the data storage provider’s stock worth $29,000 after purchasing an additional 205 shares in the last quarter. Finally, Northwest Financial Advisors purchased a new position in Seagate Technology during the fourth quarter worth approximately $31,000. 92.87% of the stock is owned by institutional investors and hedge funds.

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.