Seagate Technology PLC (STX) Upgraded at Vetr Inc.
Seagate Technology PLC (NASDAQ:STX) was upgraded by Vetr from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage presently has a $38.84 price target on the data storage provider’s stock. Vetr‘s target price indicates a potential upside of 9.32% from the stock’s previous close.
Several other equities analysts have also recently commented on STX. Brean Capital reiterated a “buy” rating and set a $30.00 target price on shares of Seagate Technology PLC in a research note on Thursday, June 30th. Jefferies Group increased their target price on Seagate Technology PLC from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, June 2nd. Zacks Investment Research upgraded Seagate Technology PLC from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research note on Thursday, July 14th. Needham & Company LLC reiterated a “strong-buy” rating and set a $39.00 target price (up from $33.00) on shares of Seagate Technology PLC in a research note on Wednesday, August 3rd. Finally, Barclays PLC increased their target price on Seagate Technology PLC from $25.00 to $34.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 3rd. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $34.23.
Seagate Technology PLC (NASDAQ:STX) opened at 35.53 on Wednesday. Seagate Technology PLC has a 52-week low of $18.42 and a 52-week high of $49.50. The company has a 50-day moving average of $33.48 and a 200-day moving average of $28.68. The stock has a market capitalization of $10.66 billion, a price-to-earnings ratio of 43.33 and a beta of 2.46.
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Seagate Technology PLC (NASDAQ:STX) last released its earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.09. The company earned $2.65 billion during the quarter, compared to analysts’ expectations of $2.32 billion. Seagate Technology PLC had a return on equity of 38.98% and a net margin of 2.22%. The business’s revenue was down 9.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.77 EPS. Equities research analysts expect that Seagate Technology PLC will post $3.03 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, October 15th. Shareholders of record on Wednesday, September 21st will be given a dividend of $0.63 per share. The ex-dividend date is Monday, September 19th. This represents a $2.52 dividend on an annualized basis and a yield of 7.09%. Seagate Technology PLC’s payout ratio is presently 307.32%.
In other news, Director Frank Biondi sold 1,251 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $32.45, for a total transaction of $40,594.95. Following the completion of the sale, the director now directly owns 6,433 shares of the company’s stock, valued at approximately $208,750.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO David H. Morton, Jr. sold 1,716 shares of the firm’s stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $36.16, for a total value of $62,050.56. Following the sale, the chief financial officer now directly owns 20,782 shares of the company’s stock, valued at $751,477.12. The disclosure for this sale can be found here. Company insiders own 1.28% of the company’s stock.
Large investors have recently bought and sold shares of the company. Pzena Investment Management LLC increased its position in shares of Seagate Technology PLC by 58.1% in the second quarter. Pzena Investment Management LLC now owns 15,500,305 shares of the data storage provider’s stock worth $377,587,000 after buying an additional 5,696,037 shares during the last quarter. Norges Bank bought a new position in shares of Seagate Technology PLC during the fourth quarter worth $119,207,000. ValueAct Holdings L.P. bought a new position in shares of Seagate Technology PLC during the second quarter worth $73,080,000. BlackRock Fund Advisors increased its position in shares of Seagate Technology PLC by 47.3% in the first quarter. BlackRock Fund Advisors now owns 8,121,266 shares of the data storage provider’s stock worth $279,778,000 after buying an additional 2,607,145 shares during the last quarter. Finally, Prudential Financial Inc. increased its position in shares of Seagate Technology PLC by 438.4% in the second quarter. Prudential Financial Inc. now owns 2,364,558 shares of the data storage provider’s stock worth $57,601,000 after buying an additional 1,925,388 shares during the last quarter. 83.96% of the stock is owned by institutional investors.
Seagate Technology PLC Company Profile
Seagate Technology plc (Seagate) is a provider of electronic data storage products. The Company’s products are hard disk drives (HDD). The Company produces a range of electronic data storage products, including solid state hybrid drives (SSHD), solid state drives (SSD), peripheral component interconnect express (PCIe) cards and Serial AT Attachment (SATA) controllers.
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