Seagate Technology (NASDAQ:STX) Price Target Lowered to $90.00 at Citigroup

Seagate Technology (NASDAQ:STX - Free Report) had its target price decreased by Citigroup from $115.00 to $90.00 in a research report report published on Monday,Benzinga reports. Citigroup currently has a buy rating on the data storage provider's stock.

A number of other research analysts have also issued reports on the stock. Cantor Fitzgerald reissued a "neutral" rating and set a $120.00 target price on shares of Seagate Technology in a research note on Wednesday, January 22nd. Susquehanna boosted their price target on Seagate Technology from $65.00 to $68.00 and gave the stock a "negative" rating in a research report on Wednesday, January 22nd. Rosenblatt Securities raised their price target on Seagate Technology from $140.00 to $150.00 and gave the company a "buy" rating in a report on Wednesday, January 22nd. Bank of America decreased their target price on shares of Seagate Technology from $130.00 to $112.00 and set a "buy" rating for the company in a research report on Thursday, March 13th. Finally, Summit Insights raised shares of Seagate Technology from a "hold" rating to a "buy" rating in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $118.78.

Seagate Technology Stock Performance

Shares of Seagate Technology stock traded up $2.98 on Monday, reaching $75.80. 4,588,360 shares of the company were exchanged, compared to its average volume of 2,793,698. Seagate Technology has a 1-year low of $63.19 and a 1-year high of $115.32. The firm has a market cap of $16.05 billion, a price-to-earnings ratio of 13.86 and a beta of 1.21. The company's 50-day moving average is $86.90 and its two-hundred day moving average is $94.73.

Seagate Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 2nd. Investors of record on Wednesday, March 19th were paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 3.80%. The ex-dividend date was Wednesday, March 19th. Seagate Technology's payout ratio is currently 52.65%.

Insiders Place Their Bets

In related news, CEO William D. Mosley sold 20,000 shares of the company's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $84.56, for a total value of $1,691,200.00. Following the completion of the transaction, the chief executive officer now directly owns 555,677 shares in the company, valued at approximately $46,988,047.12. This represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.81% of the company's stock.

Institutional Investors Weigh In On Seagate Technology

Several institutional investors and hedge funds have recently bought and sold shares of STX. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Seagate Technology by 9.5% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 48,834 shares of the data storage provider's stock worth $4,215,000 after purchasing an additional 4,229 shares in the last quarter. Kingswood Wealth Advisors LLC lifted its position in shares of Seagate Technology by 87.9% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 8,578 shares of the data storage provider's stock worth $740,000 after buying an additional 4,014 shares during the period. Norges Bank acquired a new stake in Seagate Technology in the 4th quarter valued at $25,729,000. Asset Management One Co. Ltd. raised its stake in Seagate Technology by 9.9% during the fourth quarter. Asset Management One Co. Ltd. now owns 84,222 shares of the data storage provider's stock worth $7,360,000 after acquiring an additional 7,599 shares in the last quarter. Finally, Rheos Capital Works Inc. lifted its holdings in shares of Seagate Technology by 2.5% during the fourth quarter. Rheos Capital Works Inc. now owns 331,500 shares of the data storage provider's stock valued at $28,612,000 after acquiring an additional 8,000 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.