Seagate Technology PLC (STX) Cut to Hold at ValuEngine
Seagate Technology PLC (NASDAQ:STX) was downgraded by analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.
Several other research firms have also commented on STX. Citigroup Inc. lowered their price target on shares of Seagate Technology PLC from $46.00 to $42.00 and set a “neutral” rating for the company in a research report on Tuesday, July 18th. UBS AG restated a “sell” rating and set a $28.00 price target (down previously from $34.00) on shares of Seagate Technology PLC in a research report on Wednesday, July 26th. Barclays PLC lowered shares of Seagate Technology PLC from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $49.00 to $40.00 in a research report on Thursday, July 13th. Longbow Research lowered shares of Seagate Technology PLC from a “buy” rating to a “neutral” rating in a research report on Tuesday, July 25th. Finally, Morgan Stanley restated an “equal weight” rating and set a $32.00 price target (down previously from $37.00) on shares of Seagate Technology PLC in a research report on Wednesday, July 26th. Five research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $41.53.
Shares of Seagate Technology PLC (NASDAQ STX) opened at 31.99 on Friday. The stock has a 50 day moving average of $32.70 and a 200 day moving average of $41.15. Seagate Technology PLC has a 1-year low of $30.60 and a 1-year high of $50.96. The firm has a market cap of $9.34 billion, a PE ratio of 12.40 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 EPS for the quarter, missing the consensus estimate of $0.99 by $0.34. The firm had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.56 billion. Seagate Technology PLC had a return on equity of 81.87% and a net margin of 7.17%. The firm’s revenue was down 9.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.69 EPS. Equities research analysts anticipate that Seagate Technology PLC will post $3.69 earnings per share for the current fiscal year.
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In other Seagate Technology PLC news, insider Philip G. Brace bought 1,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The shares were bought at an average price of $33.34 per share, for a total transaction of $33,340.00. Following the acquisition, the insider now directly owns 62,855 shares of the company’s stock, valued at $2,095,585.70. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.87% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the stock. WFG Advisors LP increased its holdings in Seagate Technology PLC by 16,536.4% in the second quarter. WFG Advisors LP now owns 3,660 shares of the data storage provider’s stock worth $142,000 after buying an additional 3,638 shares during the last quarter. Pacer Advisors Inc. acquired a new position in Seagate Technology PLC in the second quarter worth approximately $150,000. First Quadrant L P CA acquired a new position in Seagate Technology PLC in the second quarter worth approximately $153,000. Global X Management Co. LLC increased its holdings in 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 worth $160,000 after buying an additional 789 shares during the last quarter. Finally, Sigma Investment Counselors Inc. acquired a new position in Seagate Technology PLC in the first quarter worth approximately $201,000. Hedge funds and other institutional investors own 88.65% 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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