Seagate Technology PLC (STX) Price Target Raised to $39.00 at Mizuho
Seagate Technology PLC (NASDAQ:STX) had its target price lifted by stock analysts at Mizuho from $36.00 to $39.00 in a research report issued on Monday, Marketbeat Ratings reports. The firm currently has a “neutral” rating on the data storage provider’s stock. Mizuho’s price target would indicate a potential downside of 0.89% from the company’s current price.
Several other analysts have also recently commented on STX. Zacks Investment Research upgraded Seagate Technology PLC from a “sell” rating to a “hold” rating in a report on Tuesday, July 25th. FBN Securities lowered Seagate Technology PLC from an “outperform” rating to a “sector perform” rating and dropped their price target for the company from $40.00 to $32.00 in a research note on Monday, September 11th. Royal Bank Of Canada reissued a “hold” rating and issued a $35.00 price target on shares of Seagate Technology PLC in a research note on Friday, September 1st. Barclays PLC lowered Seagate Technology PLC from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $49.00 to $40.00 in a research note on Thursday, July 13th. Finally, Citigroup Inc. dropped their price target on Seagate Technology PLC from $46.00 to $42.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 18th. Four research analysts have rated the stock with a sell rating, twenty have issued a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $41.10.
Seagate Technology PLC (STX) traded up 12.62% during midday trading on Monday, hitting $39.35. 33,565,855 shares of the stock traded hands. The firm’s 50 day moving average is $33.27 and its 200-day moving average is $38.26. Seagate Technology PLC has a 12-month low of $30.60 and a 12-month high of $50.96. The stock has a market capitalization of $11.33 billion, a PE ratio of 15.25 and a beta of 1.72.
Seagate Technology PLC (NASDAQ:STX) last released its quarterly earnings results on Monday, October 23rd. The data storage provider reported $0.96 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.85 by $0.11. The company had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.54 billion. Seagate Technology PLC had a return on equity of 81.87% and a net margin of 7.17%. The business’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.99 earnings per share. On average, analysts anticipate that Seagate Technology PLC will post $3.63 EPS for the current fiscal year.
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In related news, insider Philip G. Brace bought 1,000 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was acquired at an average price 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 $2,095,585.70. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.87% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of STX. ValueAct Holdings L.P. boosted its stake in Seagate Technology PLC by 44.8% in the 2nd quarter. ValueAct Holdings L.P. now owns 13,815,765 shares of the data storage provider’s stock worth $535,361,000 after purchasing an additional 4,276,275 shares during the period. Janus Henderson Group PLC boosted its stake in Seagate Technology PLC by 7,384.8% in the 2nd quarter. Janus Henderson Group PLC now owns 2,700,947 shares of the data storage provider’s stock worth $104,662,000 after purchasing an additional 2,664,861 shares during the period. Vanguard Group Inc. boosted its stake in Seagate Technology PLC by 7.4% in the 2nd quarter. Vanguard Group Inc. now owns 33,412,003 shares of the data storage provider’s stock worth $1,294,716,000 after purchasing an additional 2,292,075 shares during the period. Schroder Investment Management Group boosted its stake in Seagate Technology PLC by 181.1% in the 2nd quarter. Schroder Investment Management Group now owns 1,772,547 shares of the data storage provider’s stock worth $68,970,000 after purchasing an additional 1,141,917 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Seagate Technology PLC by 74.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,650,262 shares of the data storage provider’s stock worth $63,947,000 after purchasing an additional 703,822 shares during the period. Institutional investors and hedge funds own 90.08% 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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