Brean Capital Increases Seagate Technology PLC (STX) Price Target to $50.00
Seagate Technology PLC (NASDAQ:STX) had its price objective upped by equities researchers at Brean Capital from $42.00 to $50.00 in a research report issued on Wednesday. The brokerage presently has a “buy” rating on the data storage provider’s stock. Brean Capital’s price target would indicate a potential upside of 41.92% from the company’s previous close.
The analysts wrote, “Preliminary Sep Q OpEx was $470 million, 6 percent lower Y/Y but was 6 percent higher Q/Q. We believe STX Sep Q OpEx included ~$40 million in variable comps associated with higher revenue and better-aligned business model. Going forward, we believe STX OpEx run-rate should be flat Y/Y for the rest of FY17 ending June but should decline entering H2 ’17.”
A number of other brokerages also recently commented on STX. Vetr downgraded shares of Seagate Technology PLC from a “sell” rating to a “strong sell” rating and set a $28.00 price target for the company. in a report on Monday, August 15th. Craig Hallum boosted their target price on shares of Seagate Technology PLC from $37.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, September 7th. JPMorgan Chase & Co. upgraded shares of Seagate Technology PLC from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $20.00 to $38.00 in a report on Tuesday. BMO Capital Markets restated a “market perform” rating on shares of Seagate Technology PLC in a report on Wednesday, June 22nd. Finally, Jefferies Group boosted their target price on shares of Seagate Technology PLC from $32.00 to $38.00 and gave the company a “buy” rating in a report on Tuesday, September 6th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. Seagate Technology PLC currently has an average rating of “Hold” and an average target price of $38.35.
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Seagate Technology PLC (NASDAQ:STX) opened at 33.98 on Wednesday. The stock has a 50 day moving average of $36.04 and a 200 day moving average of $29.03. Seagate Technology PLC has a one year low of $18.42 and a one year high of $44.16. The firm has a market capitalization of $10.20 billion, a price-to-earnings ratio of 41.44 and a beta of 2.50.
Seagate Technology PLC (NASDAQ:STX) last announced its earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.09. The company earned $2.65 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was down 9.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.77 earnings per share. Analysts forecast that Seagate Technology PLC will post $3.04 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, October 15th. Shareholders 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 yield of 7.15%. The ex-dividend date of this dividend is Monday, September 19th. Seagate Technology PLC’s payout ratio is 307.32%.
In other Seagate Technology PLC news, CFO David H. Morton, Jr. sold 1,716 shares of the company’s stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $36.16, for a total transaction of $62,050.56. Following the completion of the sale, the chief financial officer now directly owns 20,782 shares of the company’s stock, valued at $751,477.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Mark Re sold 3,082 shares of the company’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $32.50, for a total transaction of $100,165.00. Following the sale, the senior vice president now directly owns 56,623 shares of the company’s stock, valued at $1,840,247.50. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by company insiders.
Hedge funds have recently bought and sold shares of the stock. Pzena Investment Management LLC increased its position 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. ValueAct Holdings L.P. purchased a new position in Seagate Technology PLC during the second quarter worth approximately $73,080,000. Prudential Financial Inc. increased its position in Seagate Technology PLC by 438.4% in the second quarter. Prudential Financial Inc. now owns 2,364,558 shares of the data storage provider’s stock worth $57,601,000 after buying an additional 1,925,388 shares in the last quarter. Vanguard Group Inc. increased its position 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. Finally, PGGM Investments increased its position in Seagate Technology PLC by 96.4% in the second quarter. PGGM Investments now owns 1,423,321 shares of the data storage provider’s stock worth $34,672,000 after buying an additional 698,632 shares in the last quarter. 83.86% of the stock is owned by institutional investors.
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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