Seagate Technology PLC (STX) Stock Rating Lowered by Cleveland Research
Seagate Technology PLC (NASDAQ:STX) was downgraded by equities researchers at Cleveland Research from a “neutral” rating to an “underperform” rating in a report released on Wednesday, The Fly reports.
Several other brokerages have also commented on STX. BidaskClub lowered Seagate Technology PLC from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Robert W. Baird reiterated a “neutral” rating and issued a $38.00 target price (down previously from $45.00) on shares of Seagate Technology PLC in a research report on Wednesday, July 26th. Morgan Stanley reiterated an “equal weight” rating and issued a $37.00 target price (down previously from $40.00) on shares of Seagate Technology PLC in a research report on Thursday, July 13th. Mizuho decreased their target price on Seagate Technology PLC from $41.00 to $36.00 and set a “neutral” rating for the company in a research report on Tuesday, July 25th. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $45.00 target price on shares of Seagate Technology PLC in a research report on Friday, July 14th. Five analysts have rated the stock with a sell rating, twenty have issued a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $42.12.
Seagate Technology PLC (STX) traded down 3.81% during mid-day trading on Wednesday, hitting $31.06. 3,794,138 shares of the stock were exchanged. The company has a 50 day moving average of $35.30 and a 200 day moving average of $42.48. The firm has a market cap of $9.06 billion, a P/E ratio of 12.04 and a beta of 1.69. Seagate Technology PLC has a 12-month low of $30.60 and a 12-month high of $50.96.
Seagate Technology PLC (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, July 25th. The data storage provider reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by $0.34. Seagate Technology PLC had a return on equity of 81.87% and a net margin of 7.17%. The business had revenue of $2.41 billion for the quarter, compared to analysts’ expectations of $2.56 billion. During the same quarter in the prior year, the firm earned $0.69 earnings per share. Seagate Technology PLC’s revenue for the quarter was down 9.3% compared to the same quarter last year. On average, equities analysts anticipate that Seagate Technology PLC will post $3.69 earnings per share for the current fiscal year.
In other news, CFO David H. Morton, Jr. sold 3,040 shares of the business’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $43.26, for a total value of $131,510.40. Following the sale, the chief financial officer now owns 9,063 shares of the company’s stock, valued at approximately $392,065.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Philip G. Brace acquired 1,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was purchased at an average cost of $33.34 per share, for a total transaction of $33,340.00. Following the purchase, the insider now directly owns 62,855 shares in the company, valued at approximately $2,095,585.70. The disclosure for this purchase can be found here. 1.50% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in the company. IFP Advisors Inc raised its stake in shares of Seagate Technology PLC by 33.1% in the first quarter. IFP Advisors Inc now owns 21,940 shares of the data storage provider’s stock worth $1,008,000 after buying an additional 5,455 shares during the period. Russell Investments Group Ltd. raised its stake in shares of Seagate Technology PLC by 6.5% in the first quarter. Russell Investments Group Ltd. now owns 378,911 shares of the data storage provider’s stock worth $17,406,000 after buying an additional 23,199 shares during the period. ARP Americas LLC bought a new stake in shares of Seagate Technology PLC during the first quarter worth about $656,000. Acadian Asset Management LLC raised its stake in shares of Seagate Technology PLC by 168.7% in the first quarter. Acadian Asset Management LLC now owns 657,974 shares of the data storage provider’s stock worth $30,219,000 after buying an additional 413,095 shares during the period. Finally, Profund Advisors LLC raised its stake in shares of Seagate Technology PLC by 4.2% in the first quarter. Profund Advisors LLC now owns 23,669 shares of the data storage provider’s stock worth $1,087,000 after buying an additional 949 shares during the period. 87.27% of the stock is currently 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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