Seagate Technology PLC (NASDAQ:STX) had its price objective lowered by stock analysts at Citigroup Inc. from $46.00 to $42.00 in a note issued to investors on Tuesday. The brokerage presently has a “neutral” rating on the data storage provider’s stock. Citigroup Inc.’s price objective suggests a potential upside of 7.50% from the company’s current price.

Several other research firms have also recently commented on STX. Jefferies Group LLC decreased their price target on shares of Seagate Technology PLC from $55.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday, April 28th. Barclays PLC cut shares of Seagate Technology PLC from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $49.00 to $40.00 in a research note on Thursday, July 13th. Needham & Company LLC raised their price objective on shares of Seagate Technology PLC from $55.00 to $57.00 and gave the company a “strong-buy” rating in a research note on Thursday, April 27th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $45.00 price objective on shares of Seagate Technology PLC in a research note on Friday. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $37.00 price objective (down from $40.00) on shares of Seagate Technology PLC in a research note on Thursday, July 13th. Three analysts have rated the stock with a sell rating, nineteen have given a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $43.48.

Shares of Seagate Technology PLC (STX) traded down 1.36% during midday trading on Tuesday, reaching $38.54. The company had a trading volume of 581,176 shares. Seagate Technology PLC has a 12 month low of $28.30 and a 12 month high of $50.96. The firm’s 50 day moving average price is $42.18 and its 200-day moving average price is $43.56. The company has a market capitalization of $11.43 billion, a P/E ratio of 15.86 and a beta of 1.74.

Seagate Technology PLC (NASDAQ:STX) last released its quarterly earnings results on Wednesday, April 26th. The data storage provider reported $1.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.04. Seagate Technology PLC had a net margin of 6.61% and a return on equity of 79.83%. The business had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.71 billion. During the same period in the prior year, the firm earned $0.22 earnings per share. Seagate Technology PLC’s revenue was up 3.0% compared to the same quarter last year. Analysts anticipate that Seagate Technology PLC will post $4.45 earnings per share for the current fiscal year.

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In related news, CEO Stephen J. Luczo sold 100,000 shares of Seagate Technology PLC stock in a transaction dated Tuesday, April 25th. The shares were sold at an average price of $50.00, for a total transaction of $5,000,000.00. Following the completion of the sale, the chief executive officer now owns 27,188 shares of the company’s stock, valued at approximately $1,359,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Mark Re sold 9,607 shares of Seagate Technology PLC stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $43.47, for a total transaction of $417,616.29. Following the sale, the senior vice president now directly owns 40,470 shares of the company’s stock, valued at approximately $1,759,230.90. The disclosure for this sale can be found here. Insiders have sold a total of 116,456 shares of company stock valued at $5,715,313 in the last ninety days. 1.50% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in STX. Winslow Evans & Crocker Inc. boosted its stake in shares of Seagate Technology PLC by 12.4% in the first quarter. Winslow Evans & Crocker Inc. now owns 2,726 shares of the data storage provider’s stock valued at $125,000 after buying an additional 300 shares during the period. Global X Management Co. LLC boosted its stake in shares of Seagate Technology PLC by 29.2% in the first quarter. Global X Management Co. LLC now owns 3,490 shares of the data storage provider’s stock valued at $160,000 after buying an additional 789 shares during the period. Ledyard National Bank boosted its stake in shares of Seagate Technology PLC by 1,318.3% in the first quarter. Ledyard National Bank now owns 4,255 shares of the data storage provider’s stock valued at $195,000 after buying an additional 3,955 shares during the period. Sigma Investment Counselors Inc. acquired a new stake in shares of Seagate Technology PLC during the first quarter valued at $201,000. Finally, Private Advisory Group LLC acquired a new stake in shares of Seagate Technology PLC during the first quarter valued at $206,000. 86.60% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Seagate Technology PLC (NASDAQ:STX)

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