Cowen and Company Boosts Seagate Technology PLC (STX) Price Target to $36.00
Seagate Technology PLC (NASDAQ:STX) had its price target hoisted by stock analysts at Cowen and Company from $32.00 to $36.00 in a research report issued on Tuesday. The firm currently has a “market perform” rating on the data storage provider’s stock. Cowen and Company’s price target suggests a potential downside of 5.19% from the stock’s current price.
Several other equities analysts have also recently weighed in on STX. Vetr cut shares of Seagate Technology PLC from a “strong-buy” rating to a “hold” rating and set a $23.50 price objective on the stock. 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 set a $24.00 target price 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 shares of Seagate Technology PLC from a “strong sell” rating to a “hold” rating in a research note on Wednesday, June 29th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $36.79.
Seagate Technology PLC (NASDAQ:STX) traded down 7.24% during midday trading on Tuesday, reaching $35.22. 10,028,950 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $35.86 and a 200 day moving average price of $28.94. Seagate Technology PLC has a 12-month low of $18.42 and a 12-month high of $49.43. The company has a market cap of $10.57 billion, a price-to-earnings ratio of 42.95 and a beta of 2.50.
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Seagate Technology PLC (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.09. Seagate Technology PLC had a net margin of 2.22% and a return on equity of 38.98%. The firm had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.32 billion. During the same quarter in the prior year, the business earned $0.77 EPS. The business’s quarterly revenue was down 9.3% on a year-over-year basis. On average, analysts expect that Seagate Technology PLC will post $3.04 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Wednesday, September 21st will be issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 6.64%. The ex-dividend date of this dividend is Monday, September 19th. Seagate Technology PLC’s dividend payout ratio is currently 307.32%.
In related news, SVP Mark Re sold 3,082 shares of Seagate Technology PLC stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $32.50, for a total value of $100,165.00. Following the completion of the sale, the senior vice president now directly owns 56,623 shares in the company, valued at approximately $1,840,247.50. 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 2,773 shares of Seagate Technology PLC stock in a transaction that occurred on Tuesday, September 13th. The stock was sold at an average price of $35.98, for a total transaction of $99,772.54. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in STX. Vanguard Group Inc. boosted its stake in Seagate Technology PLC by 5.3% in the second quarter. Vanguard Group Inc. now owns 27,746,230 shares of the data storage provider’s stock worth $675,899,000 after buying an additional 1,388,053 shares during the period. Pzena Investment Management LLC boosted its stake in 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 period. BlackRock Fund Advisors boosted its stake in Seagate Technology PLC by 6.2% in the second quarter. BlackRock Fund Advisors now owns 8,622,233 shares of the data storage provider’s stock worth $210,038,000 after buying an additional 500,967 shares during the period. LSV Asset Management boosted its stake in Seagate Technology PLC by 2.8% in the second quarter. LSV Asset Management now owns 6,826,898 shares of the data storage provider’s stock worth $166,303,000 after buying an additional 183,707 shares during the period. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in Seagate Technology PLC by 3.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 5,705,526 shares of the data storage provider’s stock worth $196,555,000 after buying an additional 189,547 shares during the period. Institutional investors 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.
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