Seagate Technology PLC’s (STX) “Buy” Rating Reaffirmed at BTIG Research
Seagate Technology PLC (NASDAQ:STX)‘s stock had its “buy” rating reissued by investment analysts at BTIG Research in a research report issued to clients and investors on Thursday. They presently have a $45.00 price objective on the data storage provider’s stock, up from their previous price objective of $36.00. BTIG Research’s price target points to a potential upside of 18.76% from the company’s previous close.
Several other analysts also recently issued reports on STX. Vetr downgraded Seagate Technology PLC from a “strong-buy” rating to a “hold” rating and set a $23.50 price target for the company. in a research note on Tuesday, June 14th. Brean Capital restated a “buy” rating on shares of Seagate Technology PLC in a research note on Wednesday, June 15th. Royal Bank Of Canada restated a “sector perform” rating and issued a $24.00 price target on shares of Seagate Technology PLC in a research note on Friday, June 17th. BMO Capital Markets restated a “market perform” rating on shares of Seagate Technology PLC in a research note on Wednesday, June 22nd. Finally, Zacks Investment Research upgraded Seagate Technology PLC from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 29th. Two equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $35.27.
Shares of Seagate Technology PLC (NASDAQ:STX) opened at 37.89 on Thursday. Seagate Technology PLC has a 52 week low of $18.42 and a 52 week high of $49.43. The stock has a 50 day moving average price of $35.70 and a 200-day moving average price of $29.01. The firm has a market capitalization of $11.37 billion, a price-to-earnings ratio of 46.21 and a beta of 2.50.
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Seagate Technology PLC (NASDAQ:STX) last issued its earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.09. Seagate Technology PLC had a return on equity of 38.98% and a net margin of 2.22%. The company earned $2.65 billion during the quarter, compared to the consensus estimate of $2.32 billion. During the same period in the previous year, the company posted $0.77 EPS. The firm’s revenue for the quarter was down 9.3% compared to the same quarter last year. On average, equities research analysts forecast that Seagate Technology PLC will post $3.04 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, October 15th. Investors of record on Wednesday, September 21st will be given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 6.65%. The ex-dividend date of this dividend is Monday, September 19th. Seagate Technology PLC’s payout ratio is 307.32%.
In other Seagate Technology PLC news, SVP Mark Re sold 5,800 shares of the firm’s stock in a transaction on Wednesday, August 31st. The stock was sold at an average price of $33.58, for a total value of $194,764.00. Following the completion of the sale, the senior vice president now directly owns 46,970 shares of the company’s stock, valued at $1,577,252.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David H. Morton, Jr. sold 1,716 shares of the firm’s stock in a transaction on Wednesday, September 14th. The stock was sold at an average price of $36.16, for a total value of $62,050.56. Following the completion of 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. Corporate insiders own 1.50% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the company. Cowen Prime Services LLC purchased a new stake in Seagate Technology PLC during the second quarter worth about $105,000. Glenmede Trust Co. NA increased its stake in Seagate Technology PLC by 30.2% in the second quarter. Glenmede Trust Co. NA now owns 4,650 shares of the data storage provider’s stock worth $113,000 after buying an additional 1,079 shares in the last quarter. Advisory Services Network LLC increased its stake in Seagate Technology PLC by 30.2% in the second quarter. Advisory Services Network LLC now owns 5,603 shares of the data storage provider’s stock worth $136,000 after buying an additional 1,300 shares in the last quarter. Tredje AP fonden purchased a new stake in Seagate Technology PLC during the second quarter worth about $146,000. Finally, Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Seagate Technology PLC during the first quarter worth about $214,000. 83.86% of the stock is owned by institutional investors and hedge funds.
About Seagate Technology PLC
Seagate Technology public limited company is a provider of electronic data storage technology and solutions. The Company’s principal products are hard disk drives (HDDs). In addition to HDDs, it produces a range of electronic data storage products, including solid state hybrid drives, solid state drives, peripheral component interconnect express (PCIe) cards and serial advanced technology architecture (SATA) controllers.
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