Seagate Technology PLC (STX) Upgraded to Buy by Vetr Inc.
Seagate Technology PLC (NASDAQ:STX) was upgraded by stock analysts at Vetr from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm presently has a $40.88 price target on the data storage provider’s stock. Vetr‘s price target indicates a potential upside of 7.89% from the company’s previous close.
STX has been the subject of a number of other reports. Craig Hallum increased their price objective on Seagate Technology PLC from $37.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, September 7th. Bank of America Corp. reaffirmed a “sell” rating and set a $28.00 price objective on shares of Seagate Technology PLC in a research report on Tuesday, September 13th. Royal Bank Of Canada increased their price objective on Seagate Technology PLC from $34.00 to $40.00 and gave the stock a “sector perform” rating in a research report on Monday, October 3rd. Brean Capital reaffirmed a “buy” rating and set a $42.00 price objective on shares of Seagate Technology PLC in a research report on Wednesday, September 28th. Finally, Goldman Sachs Group Inc. increased their price objective on Seagate Technology PLC from $29.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, September 12th. Two investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $35.27.
Shares of Seagate Technology PLC (NASDAQ:STX) traded up 0.21% during mid-day trading on Tuesday, hitting $37.89. The stock had a trading volume of 3,340,221 shares. The company has a market cap of $11.37 billion, a PE ratio of 46.21 and a beta of 2.50. The stock has a 50 day moving average price of $35.70 and a 200-day moving average price of $29.01. Seagate Technology PLC has a 52-week low of $18.42 and a 52-week high of $49.43.
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Seagate Technology PLC (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $2.32 billion. During the same period last year, the firm earned $0.77 EPS. The firm’s revenue for the quarter was down 9.3% on a year-over-year basis. On average, equities analysts expect that Seagate Technology PLC will post $3.04 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, October 15th. Shareholders of record on Wednesday, September 21st will be paid a $0.63 dividend. The ex-dividend date is Monday, September 19th. This represents a $2.52 dividend on an annualized basis and a yield of 6.65%. Seagate Technology PLC’s payout ratio is currently 307.32%.
In other news, SVP Mark Re sold 12,750 shares of the business’s stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $31.84, for a total transaction of $405,960.00. Following the completion of the transaction, the senior vice president now directly owns 65,520 shares in the company, valued at $2,086,156.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO David H. Morton, Jr. sold 1,716 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 20,782 shares of the company’s stock, valued at $751,477.12. The disclosure for this sale can be found here. 1.50% of the stock is owned by company insiders.
Several institutional investors have recently modified their holdings of STX. Geode Capital Management LLC increased its position in shares of Seagate Technology PLC by 4.0% in the first quarter. Geode Capital Management LLC now owns 2,429,601 shares of the data storage provider’s stock valued at $83,532,000 after buying an additional 93,659 shares in the last quarter. PGGM Investments increased its position in shares of Seagate Technology PLC by 96.4% in the second quarter. PGGM Investments now owns 1,423,321 shares of the data storage provider’s stock valued at $34,672,000 after buying an additional 698,632 shares in the last quarter. Eagle Asset Management Inc. increased its position in shares of Seagate Technology PLC by 944.4% in the second quarter. Eagle Asset Management Inc. now owns 710,896 shares of the data storage provider’s stock valued at $17,317,000 after buying an additional 642,829 shares in the last quarter. Alps Advisors Inc. increased its position in shares of Seagate Technology PLC by 88.2% in the second quarter. Alps Advisors Inc. now owns 1,136,305 shares of the data storage provider’s stock valued at $27,680,000 after buying an additional 532,405 shares in the last quarter. Finally, Algert Global LLC acquired a new position in shares of Seagate Technology PLC during the first quarter valued at about $452,000. Institutional investors and hedge funds own 83.86% of the company’s stock.
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.
To view Vetr’s full report, visit Vetr’s official website.
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