Wells Fargo & Company cuts Seagate Technology (NASDAQ:STX) target price to $85.00


Seagate Technology (NASDAQ: STX – Get a Review) had its price target lowered by Wells Fargo & Company from $90.00 to $85.00 in a research report released Thursday, Marketbeat Ratings reports. The brokerage currently has an equal weight rating on shares of the data storage provider.

A number of other equity research analysts have also recently published reports on STX. Robert W. Baird lowered his price target on Seagate Technology shares from $120.00 to $100.00 in a Wednesday, March 16 report. Benchmark lowered its price target on Seagate Technology shares from $100.00 to $93.00 and set a buy rating on the stock in a Tuesday, July 5 report. Barclays cut its price target on Seagate Technology shares from $85.00 to $70.00 and set an equal weight rating on the stock in a research report Tuesday, June 21. StockNews.com moved shares of Seagate Technology from a hold rating to a buy rating in a Thursday, April 7 research report. Finally, Susquehanna Bancshares raised its price target on Seagate Technology shares from $65.00 to $67.00 in a Thursday, April 28 research report. Ten research analysts gave the stock a hold rating and ten gave the company a buy rating. According to data from MarketBeat, the stock currently has a Moderate Buy consensus rating and a consensus target price of $95.53.

Seagate technology stock up 2.6%

STX stock opened at $77.58 on Thursday. Seagate Technology has a 12-month low of $67.36 and a 12-month high of $117.67. The company has a market capitalization of $16.67 billion, a PE ratio of 9.53, a PEG ratio of 7.04 and a beta of 1.05. The company has a quick ratio of 0.96, a current ratio of 1.48 and a debt ratio of 13.33. The stock has a 50-day simple moving average of $78.03 and a two-hundred-day simple moving average of $90.55.

Seagate Technology (NASDAQ:STX – Get Rating) last reported quarterly results on Wednesday, April 27. The data storage provider reported earnings per share (EPS) of $1.65 for the quarter, missing analyst consensus estimates of $1.68 per ($0.03). Seagate Technology achieved a return on equity of 339.73% and a net margin of 15.40%. The company posted revenue of $2.80 billion in the quarter, versus $2.81 billion expected by analysts. During the same period a year earlier, the company posted earnings per share of $1.36. The company’s quarterly revenue increased by 2.6% compared to the same quarter last year. On average, stock analysts predict Seagate Technology will post EPS of 7.89 for the current fiscal year.

Seagate Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 7. Shareholders of record on Friday, June 24 received a dividend of $0.70 per share. This represents a dividend of $2.80 on an annualized basis and a dividend yield of 3.61%. The ex-dividend date was Thursday, June 23. Seagate Technology’s dividend payout ratio (DPR) is currently 34.40%.

Seagate Technology Institutional Trade

A number of institutional investors have recently changed their positions in the stock. Sara Bay Financial increased its stake in Seagate Technology by 9.0% in the first quarter. Sara Bay Financial now owns 13,572 shares of the data storage provider worth $1,220,000 after acquiring an additional 1,126 shares during the period. Atria Investments LLC acquired a new stake in Seagate Technology in the fourth quarter worth $1,220,000. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Seagate Technology by 9.0% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 25,563 shares of the data storage provider worth $2,888,000 after acquiring an additional 2,120 shares during the period. The New York State Teachers Retirement System increased its stake in Seagate Technology by 0.6% in the first quarter. The New York State Teachers’ Retirement System now owns 245,646 shares of the data storage provider worth $22,084,000 after acquiring an additional 1,429 shares during the period. Finally, Laurel Wealth Advisors Inc. acquired a new stake in Seagate Technology in the fourth quarter worth $565,000. Hedge funds and other institutional investors own 87.48% of the company’s shares.

About Seagate Technology

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Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands and internationally. It provides large capacity storage products, including enterprise nearline hard disk drives (HDDs), enterprise nearline solid state drives (SSDs), enterprise nearline systems, video hard drives and image storage and network storage drives.

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Richard L. Militello