Seagate Stock Rating Reaffirmed by Zacks (STX)
Seagate (NYSE:STX)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued on Thursday, AnalystRatings.Net reports. They currently have a $48.00 price objective on the stock. Zacks‘ target price would suggest a potential upside of 4.46% from the company’s current price.
Zacks‘ analyst wrote, “The second largest HDD maker Seagate reported mixed fourth-quarter results, with revenues decreasing substantially and EPS exceeding the Zacks Consensus Estimate. The cannibalization of PCs by mobile devices has led to uncertainty in the HDD industry. Seagate has responded by focusing on new products and customers that could help it penetrate new markets. Therefore, despite ongoing cost control measures, the company has seen margin pressure. We expect its product development strategy and growing TAM to improve results going forward. Thus, we reiterate our Neutral recommendation on Seagate and set a price target of $48.00.”
Shares of Seagate (NYSE:STX) traded down 0.13% on Thursday, hitting $45.89. 2,204,243 shares of the company’s stock traded hands. Seagate has a one year low of $24.90 and a one year high of $47.82. The stock’s 50-day moving average is $40.70 and its 200-day moving average is $40.83. The company has a market cap of $16.374 billion and a P/E ratio of 9.55.
Seagate (NYSE:STX) last released its earnings data on Wednesday, July 24th. The company reported $1.20 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.18 by $0.02. The company had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.42 billion. During the same quarter in the previous year, the company posted $2.41 earnings per share. The company’s revenue for the quarter was down 23.6% on a year-over-year basis. On average, analysts predict that Seagate will post $5.31 earnings per share for the current fiscal year.
A number of other firms have also recently commented on STX. Analysts at Pacific Crest upgraded shares of Seagate (NYSE:STX) from a “sector perform” rating to an “outperform” rating in a research note to investors on Wednesday. They now have a $53.00 price target on the stock. Separately, analysts at Cross Research upgraded shares of Seagate (NYSE:STX) from a “hold” rating to a “buy” rating in a research note to investors on Monday, August 19th. They now have a $50.00 price target on the stock. Finally, analysts at BMO Capital Markets cut their price target on shares of Seagate (NYSE:STX) from $49.00 to $48.00 in a research note to investors on Thursday, July 25th. They now have a “market perform” rating on the stock. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the company’s stock. Seagate has an average rating of “Hold” and an average target price of $50.60.
Seagate Technology plc (NYSE:STX) is the provider of electronic data storage products.
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