Seagate Technology PLC (NASDAQ:STX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday.

According to Zacks, “Seagate's fourth-quarter results were disappointing. Both revenues and earnings declined sequentially reflecting intensifying competition in the hard-drive disk (HDD) market. We believe that company's results will continue to suffer due to declining pc shipments as pointed out by market research firms – Gartner and IDC. We note that the company has underperformed the industry on a year-to-date basis. Nevertheless, we believe that new product launches will help Seagate to win enterprise customers on a continuous basis. In this regard, strong demand for hybrid drives also augurs well for the company.”

Other analysts have also issued research reports about the company. Aegis initiated coverage on Seagate Technology PLC in a report on Tuesday, June 13th. They set a “buy” rating and a $50.00 price target for the company. Longbow Research raised Seagate Technology PLC from a “neutral” rating to a “buy” rating and boosted their price target for the company from $18.42 to $55.00 in a report on Tuesday, April 11th. BTIG Research reissued a “buy” rating and set a $55.00 price target on shares of Seagate Technology PLC in a report on Thursday, April 6th. Jefferies Group LLC cut their price target on Seagate Technology PLC from $55.00 to $50.00 and set a “buy” rating for the company in a report on Friday, April 28th. Finally, Loop Capital initiated coverage on Seagate Technology PLC in a report on Monday, July 24th. They set a “buy” rating and a $50.00 price target for the company. Four equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $42.12.

Shares of Seagate Technology PLC (STX) traded down 0.42% on Friday, reaching $33.43. The company’s stock had a trading volume of 6,767,992 shares. Seagate Technology PLC has a 12-month low of $30.09 and a 12-month high of $50.96. The company’s 50-day moving average is $38.76 and its 200 day moving average is $43.35. The company has a market capitalization of $9.76 billion, a price-to-earnings ratio of 12.96 and a beta of 1.69.

Seagate Technology PLC (NASDAQ:STX) last released its quarterly earnings results on Tuesday, July 25th. The data storage provider reported $0.65 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.99 by $0.34. Seagate Technology PLC had a net margin of 7.17% and a return on equity of 81.87%. The company had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same period in the prior year, the firm posted $0.69 EPS. The business’s revenue for the quarter was down 9.3% on a year-over-year basis. Equities analysts anticipate that Seagate Technology PLC will post $3.70 earnings per share for the current fiscal year.

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In other Seagate Technology PLC news, Director Chong Sup Park sold 3,809 shares of the company’s stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $43.63, for a total transaction of $166,186.67. Following the sale, the director now directly owns 11,753 shares in the company, valued at $512,783.39. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Mark Re sold 9,607 shares of the company’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $43.47, for a total value of $417,616.29. Following the sale, the senior vice president now owns 40,470 shares in the company, valued at $1,759,230.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,456 shares of company stock valued at $715,313. 1.50% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of STX. Winslow Evans & Crocker Inc. increased 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 worth $125,000 after buying an additional 300 shares during the period. Visionary Asset Management Inc. increased its stake in shares of Seagate Technology PLC by 1.3% in the first quarter. Visionary Asset Management Inc. now owns 89,162 shares of the data storage provider’s stock worth $4,095,000 after buying an additional 1,137 shares during the period. Bank of Montreal Can increased its stake in shares of Seagate Technology PLC by 4.1% in the first quarter. Bank of Montreal Can now owns 1,609,469 shares of the data storage provider’s stock worth $73,923,000 after buying an additional 63,627 shares during the period. Legacy Private Trust Co. bought a new stake in shares of Seagate Technology PLC during the first quarter worth about $214,000. Finally, Creative Planning increased its stake in shares of Seagate Technology PLC by 8.1% in the first quarter. Creative Planning now owns 46,180 shares of the data storage provider’s stock worth $2,121,000 after buying an additional 3,449 shares during the period. Institutional investors and hedge funds own 86.54% 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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Analyst Recommendations for Seagate Technology PLC (NASDAQ:STX)

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