Seagate Technology PLC (NASDAQ:STX) Downgraded by Longbow Research to “Neutral”
Seagate Technology PLC (NASDAQ:STX) was downgraded by equities research analysts at Longbow Research from a “buy” rating to a “neutral” rating in a report released on Tuesday.
Other research analysts also recently issued reports about the stock. Aegis started coverage on shares of Seagate Technology PLC in a research report on Tuesday, June 13th. They set a “buy” rating and a $50.00 price objective on the stock. Jefferies Group LLC lowered their price objective on shares of Seagate Technology PLC from $55.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, April 28th. BTIG Research reaffirmed a “buy” rating and set a $55.00 price objective on shares of Seagate Technology PLC in a research report on Thursday, April 6th. Loop Capital started coverage on shares of Seagate Technology PLC in a research report on Monday. They set a “buy” rating and a $50.00 price objective on the stock. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $37.00 price objective (down from $40.00) on shares of Seagate Technology PLC in a research report on Thursday, July 13th. Four equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Seagate Technology PLC has a consensus rating of “Hold” and an average price target of $43.56.
Shares of Seagate Technology PLC (STX) traded down 16.50% on Tuesday, hitting $33.20. 35,439,635 shares of the stock were exchanged. The firm’s 50-day moving average is $40.54 and its 200-day moving average is $43.52. The company has a market cap of $9.85 billion, a P/E ratio of 13.66 and a beta of 1.74. Seagate Technology PLC has a one year low of $30.09 and a one year high of $50.96. Seagate Technology PLC also was the target of some unusual options trading activity on Monday. Stock traders purchased 43,801 put options on the company. This represents an increase of approximately 363% compared to the average volume of 9,461 put options.
Seagate Technology PLC (NASDAQ:STX) last released its quarterly earnings results on Wednesday, April 26th. The data storage provider reported $1.10 earnings per share (EPS) for the quarter, beating the Zacks’ 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 analyst estimates of $2.71 billion. During the same quarter in the previous year, the business earned $0.22 earnings per share. The firm’s revenue was up 3.0% compared to the same quarter last year. On average, equities analysts forecast that Seagate Technology PLC will post $4.45 EPS for the current fiscal year.
In other news, CFO David H. Morton, Jr. sold 3,040 shares of the stock in a transaction on Friday, June 9th. The shares were sold at an average price of $43.26, for a total value of $131,510.40. Following the completion of the transaction, the chief financial officer now owns 9,063 shares in the company, valued at approximately $392,065.38. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Mark Re sold 9,607 shares of the stock in a transaction on Monday, May 15th. The shares were sold at an average price of $43.47, for a total transaction of $417,616.29. Following the completion of the transaction, the senior vice president now 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. In the last 90 days, insiders sold 16,456 shares of company stock valued at $715,313. Corporate insiders own 1.50% of the company’s stock.
Large investors have recently made changes to their positions in the company. Beacon Capital Management purchased a new stake in shares of Seagate Technology PLC during the fourth quarter worth about $0. Spirit of America Management Corp NY purchased a new stake in shares of Seagate Technology PLC during the third quarter worth about $104,000. Cowen Prime Services LLC purchased a new stake in shares of Seagate Technology PLC during the second quarter worth about $105,000. Seven Bridges Advisors LLC purchased a new stake in shares of Seagate Technology PLC during the third quarter worth about $107,000. Finally, Ropes Wealth Advisors LLC boosted its stake in shares of Seagate Technology PLC by 448.6% in the third quarter. Ropes Wealth Advisors LLC now owns 2,787 shares of the data storage provider’s stock worth $107,000 after buying an additional 2,279 shares during the period. Institutional investors and hedge funds own 86.75% 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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