Seagate Technology (NASDAQ:STX) Upgraded at Wedbush

Wedbush upgraded shares of Seagate Technology (NASDAQ:STX) from a neutral rating to an outperform rating in a research note released on Wednesday morning, Marketbeat.com reports. The firm currently has $100.00 target price on the data storage provider’s stock. Wedbush also issued estimates for Seagate Technology’s Q4 2024 earnings at $0.65 EPS, FY2024 earnings at $0.49 EPS, Q1 2025 earnings at $1.01 EPS, Q2 2025 earnings at $1.54 EPS, Q3 2025 earnings at $1.74 EPS, Q4 2025 earnings at $1.99 EPS and FY2025 earnings at $6.27 EPS.

Several other brokerages have also recently weighed in on STX. Evercore ISI started coverage on shares of Seagate Technology in a research report on Tuesday, February 27th. They set an outperform rating and a $110.00 price target on the stock. Susquehanna boosted their target price on shares of Seagate Technology from $50.00 to $55.00 and gave the company a negative rating in a report on Wednesday, April 10th. Benchmark restated a hold rating on shares of Seagate Technology in a report on Wednesday, April 24th. Mizuho reaffirmed a buy rating and issued a $100.00 price target on shares of Seagate Technology in a research note on Tuesday, April 9th. Finally, BNP Paribas downgraded Seagate Technology from a neutral rating to an underperform rating and set a $65.00 price objective for the company. in a research report on Thursday, January 11th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $94.53.

Seagate Technology Stock Performance

NASDAQ STX opened at $87.50 on Wednesday. The company has a market cap of $18.37 billion, a P/E ratio of -67.83, a P/E/G ratio of 239.31 and a beta of 1.06. Seagate Technology has a one year low of $54.47 and a one year high of $101.26. The business has a fifty day moving average price of $89.18 and a 200 day moving average price of $83.53.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.29 by $0.04. The company had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.68 billion. Seagate Technology’s revenue for the quarter was down 11.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.43) EPS. As a group, sell-side analysts predict that Seagate Technology will post 0.3 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Thursday, June 20th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.20%. The ex-dividend date is Thursday, June 20th. Seagate Technology’s payout ratio is currently -217.05%.

Institutional Trading of Seagate Technology

A number of large investors have recently modified their holdings of STX. Csenge Advisory Group lifted its stake in Seagate Technology by 1.4% in the first quarter. Csenge Advisory Group now owns 8,473 shares of the data storage provider’s stock worth $788,000 after acquiring an additional 119 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its stake in shares of Seagate Technology by 1.5% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 8,446 shares of the data storage provider’s stock worth $786,000 after purchasing an additional 126 shares in the last quarter. Graypoint LLC grew its stake in shares of Seagate Technology by 4.9% during the first quarter. Graypoint LLC now owns 2,710 shares of the data storage provider’s stock worth $252,000 after purchasing an additional 127 shares in the last quarter. CWM LLC increased its holdings in Seagate Technology by 3.9% in the fourth quarter. CWM LLC now owns 3,441 shares of the data storage provider’s stock valued at $294,000 after buying an additional 130 shares during the last quarter. Finally, Retirement Systems of Alabama raised its stake in Seagate Technology by 0.3% in the first quarter. Retirement Systems of Alabama now owns 43,005 shares of the data storage provider’s stock valued at $4,002,000 after buying an additional 130 shares in 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.