Seagate Technology PLC (STX) Raised to “Strong-Buy” at Vetr Inc.
Seagate Technology PLC (NASDAQ:STX) was upgraded by equities researchers at Vetr from a “buy” rating to a “strong-buy” rating in a report issued on Tuesday. The firm presently has a $41.19 target price on the data storage provider’s stock. Vetr‘s price target suggests a potential upside of 17.35% from the stock’s current price.
STX has been the topic of a number of other research reports. JPMorgan Chase & Co. raised shares of Seagate Technology PLC from an “underweight” rating to a “neutral” rating and upped their target price for the company from $20.00 to $38.00 in a research note on Tuesday. Jefferies Group upped their target price on shares of Seagate Technology PLC from $38.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday. Benchmark Co. raised shares of Seagate Technology PLC from a “hold” rating to a “buy” rating and upped their target price for the company from $32.00 to $45.00 in a research note on Tuesday. FBN Securities upped their target price on shares of Seagate Technology PLC from $33.00 to $38.00 and gave the company a “sector perform” rating in a research note on Tuesday. Finally, Seaport Global Securities upped their target price on shares of Seagate Technology PLC to $44.00 and gave the company a “neutral” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $37.27.
Shares of Seagate Technology PLC (NASDAQ:STX) traded down 7.56% during midday trading on Tuesday, reaching $35.10. The company had a trading volume of 14,457,875 shares. The company has a market capitalization of $10.53 billion, a P/E ratio of 42.80 and a beta of 2.50. The firm’s 50 day moving average price is $35.95 and its 200-day moving average price is $28.99. Seagate Technology PLC has a 12 month low of $18.42 and a 12 month high of $49.26.
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Seagate Technology PLC (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, August 2nd. The data storage provider reported $0.69 EPS 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 analyst estimates of $2.32 billion. Seagate Technology PLC had a net margin of 2.22% and a return on equity of 38.98%. The firm’s revenue for the quarter was down 9.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.77 earnings per share. Analysts anticipate that Seagate Technology PLC will post $3.04 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Wednesday, September 21st will be given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 7.18%. The ex-dividend date of this dividend is Monday, September 19th. Seagate Technology PLC’s dividend payout ratio (DPR) is presently 307.32%.
In other news, CFO David H. Morton, Jr. sold 2,773 shares of the firm’s stock in a transaction dated Tuesday, September 13th. The shares were sold at an average price of $35.98, for a total transaction of $99,772.54. The transaction was disclosed in a legal filing 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 dated 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. 1.50% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of the company. 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 in the last quarter. 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 in the last quarter. 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 in the last quarter. 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 in the last quarter. 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 in the last quarter. 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.
To view Vetr’s full report, visit Vetr’s official website.
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