Seagate Technology PLC (NASDAQ:STX) Downgraded by Craig Hallum to Hold
Seagate Technology PLC (NASDAQ:STX) was downgraded by Craig Hallum from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
Several other research analysts also recently commented on the stock. Cowen and Company reduced their price target on shares of Seagate Technology PLC from $45.00 to $36.00 and set an “outperform” rating on the stock in a research note on Wednesday. Longbow Research downgraded shares of Seagate Technology PLC from a “buy” rating to a “neutral” rating in a research note on Tuesday. Mizuho reduced their price target on shares of Seagate Technology PLC from $41.00 to $36.00 and set a “neutral” rating on the stock in a research note on Tuesday. Benchmark Co. downgraded shares of Seagate Technology PLC from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Zacks Investment Research raised shares of Seagate Technology PLC from a “sell” rating to a “hold” rating in a research note on Tuesday. Four research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. Seagate Technology PLC presently has an average rating of “Hold” and a consensus price target of $43.26.
Shares of Seagate Technology PLC (STX) opened at 33.20 on Wednesday. The company has a market cap of $9.85 billion, a price-to-earnings ratio of 13.66 and a beta of 1.73. Seagate Technology PLC has a 52 week low of $30.09 and a 52 week high of $50.96. The stock’s 50 day moving average is $40.54 and its 200-day moving average is $43.52. Seagate Technology PLC also saw unusually large options trading activity on Monday. Traders bought 43,801 put options on the stock. This is an increase of approximately 363% compared to the average volume of 9,461 put options.
Seagate Technology PLC (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, July 25th. The data storage provider reported $0.65 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.98 by $0.33. The company had revenue of $2.41 billion during the quarter, compared to analysts’ expectations of $2.56 billion. Seagate Technology PLC had a return on equity of 79.83% and a net margin of 6.61%. The company’s quarterly revenue was down 9.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.69 EPS. On average, equities analysts anticipate that Seagate Technology PLC will post $4.00 earnings per share for the current year.
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In other Seagate Technology PLC news, CFO David H. Morton, Jr. sold 3,040 shares of Seagate Technology PLC stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $43.26, for a total transaction of $131,510.40. Following the completion of the sale, the chief financial officer now directly owns 9,063 shares in the company, valued at approximately $392,065.38. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Mark Re sold 9,607 shares of Seagate Technology PLC stock in a transaction that occurred 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 sale, the senior vice president now owns 40,470 shares of the company’s stock, valued at $1,759,230.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,456 shares of company stock valued at $715,313. Company insiders own 1.50% of the company’s stock.
A number of hedge funds have recently made changes to their positions in STX. State Board of Administration of Florida Retirement System boosted its stake in shares of Seagate Technology PLC by 4.7% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 21,342 shares of the data storage provider’s stock valued at $815,000 after buying an additional 950 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Seagate Technology PLC during the fourth quarter valued at approximately $3,317,000. Quadrature Capital Ltd boosted its stake in shares of Seagate Technology PLC by 100.3% in the fourth quarter. Quadrature Capital Ltd now owns 161,777 shares of the data storage provider’s stock valued at $6,175,000 after buying an additional 81,009 shares during the last quarter. Teachers Advisors LLC boosted its stake in shares of Seagate Technology PLC by 7.5% in the fourth quarter. Teachers Advisors LLC now owns 56,428 shares of the data storage provider’s stock valued at $2,154,000 after buying an additional 3,936 shares during the last quarter. Finally, Kentucky Retirement Systems acquired a new stake in shares of Seagate Technology PLC during the fourth quarter valued at approximately $816,000. 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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