Maxim Group Raises Seagate Technology PLC (STX) Price Target to $36.00
Seagate Technology PLC (NASDAQ:STX) had its target price increased by stock analysts at Maxim Group from $35.00 to $36.00 in a research note issued to investors on Wednesday. The firm currently has a “hold” rating on the data storage provider’s stock. Maxim Group’s target price would indicate a potential upside of 2.56% from the stock’s current price.
Several other brokerages have also weighed in on STX. Royal Bank Of Canada increased their price objective 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 reiterated a “sector perform” rating and issued a $40.00 target price (up from $34.00) on shares of Seagate Technology PLC in a report on Monday, October 3rd. BTIG Research reiterated a “buy” rating and issued a $45.00 target price (up from $36.00) on shares of Seagate Technology PLC in a report on Thursday, October 6th. Vetr lowered shares of Seagate Technology PLC from a “buy” rating to a “hold” rating and set a $38.84 target price on the stock. in a report on Tuesday, September 27th. Finally, Zacks Investment Research upgraded shares of Seagate Technology PLC from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a report on Wednesday, October 5th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $38.06.
Shares of Seagate Technology PLC (NASDAQ:STX) opened at 35.10 on Wednesday. The company has a market cap of $10.53 billion, a PE ratio of 42.80 and a beta of 2.50. The company’s 50-day moving average price is $35.95 and its 200 day moving average price is $28.99. Seagate Technology PLC has a one year low of $18.42 and a one year 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 earnings per share for the quarter, beating 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 business had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.32 billion. During the same period in the prior year, the business posted $0.77 earnings per share. Seagate Technology PLC’s revenue was down 9.3% compared to the same quarter last year. Equities 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. Shareholders of record on Wednesday, September 21st will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 7.18%. The ex-dividend date of this dividend is Monday, September 19th. Seagate Technology PLC’s dividend payout ratio (DPR) is 307.32%.
In other Seagate Technology PLC news, CFO David H. Morton, Jr. sold 2,773 shares of Seagate Technology PLC stock in a transaction dated Tuesday, September 13th. The shares were sold at an average price of $35.98, for a total value of $99,772.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank Biondi sold 1,251 shares of Seagate Technology PLC stock in a transaction dated Tuesday, August 9th. The stock was 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 of the company’s stock, valued at approximately $208,750.85. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the company. British Columbia Investment Management Corp boosted its stake in shares of Seagate Technology PLC by 37.3% in the third quarter. British Columbia Investment Management Corp now owns 116,581 shares of the data storage provider’s stock valued at $4,494,000 after buying an additional 31,673 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in shares of Seagate Technology PLC by 192.2% in the third quarter. Oregon Public Employees Retirement Fund now owns 154,687 shares of the data storage provider’s stock valued at $5,963,000 after buying an additional 101,750 shares during the period. First Mercantile Trust Co. boosted its position in shares of Seagate Technology PLC by 118.3% in the third quarter. First Mercantile Trust Co. now owns 38,753 shares of the data storage provider’s stock valued at $1,494,000 after buying an additional 21,000 shares during the last quarter. Foundry Partners LLC purchased a new position in shares of Seagate Technology PLC during the third quarter valued at approximately $4,769,000. Finally, BNP Paribas Arbitrage SA boosted its position in shares of Seagate Technology PLC by 7.9% in the third quarter. BNP Paribas Arbitrage SA now owns 378,910 shares of the data storage provider’s stock valued at $14,607,000 after buying an additional 27,813 shares during the last quarter. Institutional investors and hedge funds 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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