Seagate Technology (NASDAQ:STX) Given New $110.00 Price Target at Mizuho

Seagate Technology (NASDAQ:STX - Free Report) had its price target decreased by Mizuho from $130.00 to $110.00 in a research note issued to investors on Friday morning,Benzinga reports. Mizuho currently has an outperform rating on the data storage provider's stock.

Other research analysts have also recently issued research reports about the company. StockNews.com upgraded Seagate Technology from a "hold" rating to a "buy" rating in a research report on Thursday, October 17th. Benchmark restated a "hold" rating on shares of Seagate Technology in a research report on Wednesday, October 23rd. Evercore ISI upped their price target on shares of Seagate Technology from $125.00 to $135.00 and gave the company an "outperform" rating in a report on Wednesday, October 23rd. Rosenblatt Securities raised their price objective on shares of Seagate Technology from $125.00 to $140.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $125.00 target price on shares of Seagate Technology in a research note on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Seagate Technology currently has an average rating of "Moderate Buy" and a consensus target price of $118.39.

Seagate Technology Stock Performance

NASDAQ:STX traded up $0.18 during mid-day trading on Friday, reaching $88.87. The stock had a trading volume of 2,201,867 shares, compared to its average volume of 2,444,844. The business has a 50 day simple moving average of $95.55 and a 200 day simple moving average of $100.77. Seagate Technology has a twelve month low of $79.39 and a twelve month high of $115.32. The firm has a market capitalization of $18.80 billion, a price-to-earnings ratio of 23.20 and a beta of 1.06.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.30 by $0.28. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The firm had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same quarter in the prior year, the company posted ($0.34) earnings per share. Seagate Technology's quarterly revenue was up 49.1% on a year-over-year basis. As a group, sell-side analysts expect that Seagate Technology will post 7.18 earnings per share for the current year.

Seagate Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Sunday, December 15th were paid a dividend of $0.72 per share. The ex-dividend date of this dividend was Friday, December 13th. This is an increase from Seagate Technology's previous quarterly dividend of $0.70. This represents a $2.88 annualized dividend and a dividend yield of 3.24%. Seagate Technology's dividend payout ratio (DPR) is currently 75.20%.

Insider Buying and Selling

In related news, Director Yolanda Lee Conyers sold 750 shares of the firm's stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $101.82, for a total transaction of $76,365.00. Following the transaction, the director now directly owns 6,555 shares in the company, valued at $667,430.10. This trade represents a 10.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP John Christopher Morris sold 1,131 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $111.90, for a total transaction of $126,558.90. Following the sale, the senior vice president now directly owns 7,191 shares in the company, valued at $804,672.90. This trade represents a 13.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 55,304 shares of company stock worth $5,656,238. 0.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Seagate Technology

Institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. raised its holdings in shares of Seagate Technology by 3.6% during the second quarter. Victory Capital Management Inc. now owns 73,534 shares of the data storage provider's stock valued at $7,594,000 after buying an additional 2,570 shares during the last quarter. Acadian Asset Management LLC raised its stake in Seagate Technology by 24,870.8% during the 2nd quarter. Acadian Asset Management LLC now owns 17,979 shares of the data storage provider's stock valued at $1,853,000 after acquiring an additional 17,907 shares in the last quarter. Choreo LLC boosted its position in Seagate Technology by 15.5% during the 2nd quarter. Choreo LLC now owns 7,342 shares of the data storage provider's stock worth $752,000 after acquiring an additional 985 shares during the period. Royal London Asset Management Ltd. grew its stake in shares of Seagate Technology by 0.8% in the second quarter. Royal London Asset Management Ltd. now owns 78,252 shares of the data storage provider's stock worth $8,081,000 after purchasing an additional 623 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its holdings in shares of Seagate Technology by 19.0% during the second quarter. Daiwa Securities Group Inc. now owns 27,686 shares of the data storage provider's stock valued at $2,859,000 after purchasing an additional 4,419 shares during the period. 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.