Seagate Technology (NASDAQ:STX) Sets New 52-Week High – What’s Next?

by · The Cerbat Gem

Seagate Technology Holdings PLC (NASDAQ:STX – Get Free Report) reached a new 52-week high on Wednesday . The stock traded as high as $301.47 and last traded at $298.92, with a volume of 3590114 shares changing hands. The stock had previously closed at $282.86.

Analyst Ratings Changes

Several analysts recently commented on the company. Barclays boosted their price target on Seagate Technology from $200.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 29th. Wedbush lifted their target price on shares of Seagate Technology from $260.00 to $290.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 29th. UBS Group reduced their target price on shares of Seagate Technology from $235.00 to $230.00 and set a “neutral” rating for the company in a research report on Wednesday, October 29th. Rosenblatt Securities raised their price target on shares of Seagate Technology from $250.00 to $270.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Finally, TD Cowen upped their price objective on shares of Seagate Technology from $270.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday, November 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Seagate Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $287.17.

Get Our Latest Report on STX

Seagate Technology Stock Performance

The firm’s 50-day moving average price is $254.10 and its two-hundred day moving average price is $193.98. The stock has a market cap of $61.43 billion, a price-to-earnings ratio of 36.92, a PEG ratio of 1.20 and a beta of 1.59.

Seagate Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Stockholders of record on Wednesday, December 24th will be issued a dividend of $0.74 per share. The ex-dividend date is Wednesday, December 24th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 1.0%. This is an increase from Seagate Technology’s previous quarterly dividend of $0.72. Seagate Technology’s payout ratio is 36.97%.

Insider Transactions at Seagate Technology

In related news, CFO Gianluca Romano sold 54,021 shares of the stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $285.16, for a total value of $15,404,628.36. Following the completion of the transaction, the chief financial officer directly owned 56,293 shares in the company, valued at approximately $16,052,511.88. This represents a 48.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Ban Seng Teh sold 6,000 shares of the firm’s stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $270.00, for a total value of $1,620,000.00. Following the sale, the executive vice president directly owned 12,041 shares of the company’s stock, valued at approximately $3,251,070. This trade represents a 33.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 132,932 shares of company stock valued at $36,109,652 in the last ninety days. 0.79% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Allworth Financial LP increased its position in shares of Seagate Technology by 0.5% during the third quarter. Allworth Financial LP now owns 26,720 shares of the data storage provider’s stock valued at $6,308,000 after acquiring an additional 141 shares during the last quarter. IFP Advisors Inc lifted its holdings in shares of Seagate Technology by 102.2% in the 3rd quarter. IFP Advisors Inc now owns 2,014 shares of the data storage provider’s stock worth $475,000 after acquiring an additional 1,018 shares during the last quarter. Groupama Asset Managment purchased a new position in shares of Seagate Technology during the 3rd quarter worth approximately $257,000. Polar Asset Management Partners Inc. acquired a new stake in Seagate Technology in the 3rd quarter valued at approximately $260,000. Finally, Syverson Strege & Co acquired a new stake in Seagate Technology in the 3rd quarter valued at approximately $273,000. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Seagate Technology Company Profile

(Get Free Report)

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.

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