Seagate Technology PLC (STX) Upgraded to “Buy” by Benchmark Co.
Seagate Technology PLC (NASDAQ:STX) was upgraded by Benchmark Co. from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage currently has a $45.00 target price on the data storage provider’s stock, up from their prior target price of $32.00. Benchmark Co.’s price objective points to a potential upside of 18.51% from the company’s previous close.
Several other research firms have also recently commented on STX. Royal Bank Of Canada boosted their price target on shares of Seagate Technology PLC from $34.00 to $40.00 and gave the company a “sector perform” rating in a report on Monday, October 3rd. RBC Capital Markets restated a “sector perform” rating and set a $40.00 price target (up from $34.00) on shares of Seagate Technology PLC in a report on Monday, October 3rd. BTIG Research restated a “buy” rating and set a $45.00 price target (up from $36.00) on shares of Seagate Technology PLC in a report on Thursday, October 6th. Vetr cut shares of Seagate Technology PLC from a “buy” rating to a “hold” rating and set a $38.84 price target on the stock. in a report on Tuesday, September 27th. Finally, Zacks Investment Research raised shares of Seagate Technology PLC from a “hold” rating to a “buy” rating and set a $43.00 price objective for the company in a research note on Wednesday, October 5th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Seagate Technology PLC has a consensus rating of “Hold” and an average target price of $36.42.
Shares of Seagate Technology PLC (NASDAQ:STX) traded down 6.66% during midday trading on Tuesday, reaching $35.44. The company’s stock had a trading volume of 9,383,036 shares. The stock’s 50 day moving average is $35.86 and its 200 day moving average is $28.94. The stock has a market capitalization of $10.64 billion, a PE ratio of 43.22 and a beta of 2.50. Seagate Technology PLC has a 12 month low of $18.42 and a 12 month high of $49.43.
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Seagate Technology PLC (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 EPS for the quarter, beating the 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 business had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.32 billion. During the same period in the previous year, the company posted $0.77 EPS. Seagate Technology PLC’s revenue was down 9.3% on a year-over-year basis. On average, analysts forecast that Seagate Technology PLC will post $3.04 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, October 15th. Investors of record on Wednesday, September 21st will be issued a $0.63 dividend. The ex-dividend date of this dividend is Monday, September 19th. This represents a $2.52 annualized dividend and a yield of 6.64%. Seagate Technology PLC’s dividend payout ratio is currently 307.32%.
In related news, CFO David H. Morton, Jr. sold 1,716 shares of the stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $36.16, for a total value of $62,050.56. Following the transaction, the chief financial officer now directly owns 20,782 shares in the company, valued at $751,477.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO David H. Morton, Jr. sold 2,773 shares of the stock in a transaction that occurred on Tuesday, September 13th. The shares were 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 corporate insiders.
A number of institutional investors have recently made changes to their positions in STX. Cowen Prime Services LLC acquired a new position in shares of Seagate Technology PLC during the second quarter valued at $105,000. Glenmede Trust Co. NA raised 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 valued at $113,000 after buying an additional 1,079 shares during the period. Advisory Services Network LLC raised 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 valued at $136,000 after buying an additional 1,300 shares during the period. Tredje AP fonden purchased a new stake in Seagate Technology PLC during the second quarter valued at $146,000. Finally, RidgeWorth Capital Management LLC raised its stake in Seagate Technology PLC by 14.5% in the second quarter. RidgeWorth Capital Management LLC now owns 6,545 shares of the data storage provider’s stock valued at $157,000 after buying an additional 827 shares during the period. 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.
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