Seagate Technology PLC (STX) Lifted to Strong-Buy at Needham & Company LLC
Seagate Technology PLC (NASDAQ:STX) was upgraded by equities research analysts at Needham & Company LLC from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Tuesday, The Fly reports.
A number of other analysts also recently weighed in on the company. Vetr downgraded Seagate Technology PLC from a “sell” rating to a “strong sell” rating and set a $28.00 price objective for the company. in a report on Monday, August 15th. Craig Hallum increased their price objective on Seagate Technology PLC from $37.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, September 7th. BMO Capital Markets restated a “market perform” rating on shares of Seagate Technology PLC in a report on Wednesday, June 22nd. JPMorgan Chase & Co. upgraded Seagate Technology PLC from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $20.00 to $38.00 in a report on Tuesday. Finally, Jefferies Group increased their price objective on Seagate Technology PLC from $32.00 to $38.00 and gave the company a “buy” rating in a report on Tuesday, September 6th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $35.94.
Shares of Seagate Technology PLC (NASDAQ:STX) traded down 5.53% during mid-day trading on Tuesday, hitting $35.87. The stock had a trading volume of 6,968,880 shares. The firm’s 50 day moving average price is $35.86 and its 200 day moving average price is $28.94. Seagate Technology PLC has a 1-year low of $18.42 and a 1-year high of $49.43. The company has a market cap of $10.76 billion, a P/E ratio of 43.74 and a beta of 2.50.
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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, beating the Zacks’ consensus estimate of $0.60 by $0.09. The business earned $2.65 billion during the quarter, compared to the consensus estimate of $2.32 billion. Seagate Technology PLC had a return on equity of 38.98% and a net margin of 2.22%. Seagate Technology PLC’s quarterly revenue was down 9.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.77 earnings per share. Analysts predict that Seagate Technology PLC will post $3.04 earnings per share for the current fiscal year.
The company also recently announced 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 of this dividend is Monday, September 19th. This represents a $2.52 annualized dividend and a dividend yield of 6.64%. Seagate Technology PLC’s dividend payout ratio is currently 307.32%.
In other news, Director Frank Biondi sold 1,251 shares of the firm’s stock in a transaction that occurred on Tuesday, August 9th. The shares were 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 owns 6,433 shares in the company, valued at approximately $208,750.85. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO David H. Morton, Jr. sold 1,716 shares of the firm’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 transaction of $62,050.56. Following the sale, the chief financial officer now owns 20,782 shares of the company’s stock, valued at approximately $751,477.12. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
Several large investors have recently modified their holdings of the company. Beacon Capital Management bought a new stake in shares of Seagate Technology PLC during the fourth quarter valued at about $0. Cowen Prime Services LLC bought a new stake in shares of Seagate Technology PLC during the second quarter valued at about $105,000. Glenmede Trust Co. NA raised its stake in shares of 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 valued at $113,000 after buying an additional 1,079 shares during the last quarter. Advisory Services Network LLC raised its stake in shares of 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 valued at $136,000 after buying an additional 1,300 shares during the last quarter. Finally, Tredje AP fonden bought a new stake in shares of Seagate Technology PLC during the second quarter valued at about $146,000. Institutional investors own 83.86% of the company’s stock.
Seagate Technology PLC Company Profile
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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