Seagate Technology PLC (STX) Receives Sector Perform Rating from FBN Securities
Seagate Technology PLC (NASDAQ:STX)‘s stock had its “sector perform” rating restated by equities research analysts at FBN Securities in a research report issued on Monday, The Fly reports. They currently have a $40.00 price target on the data storage provider’s stock, up from their previous price target of $32.00. FBN Securities’ target price would indicate a potential upside of 14.48% from the stock’s current price.
Several other equities analysts also recently weighed in on STX. Barclays PLC downgraded Seagate Technology PLC from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $49.00 to $40.00 in a research note on Thursday, July 13th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $37.00 price objective (down from $40.00) on shares of Seagate Technology PLC in a research note on Thursday, July 13th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $45.00 price objective on shares of Seagate Technology PLC in a research note on Friday, July 14th. Citigroup Inc. dropped their price objective on Seagate Technology PLC from $46.00 to $42.00 and set a “neutral” rating for the company in a research note on Tuesday, July 18th. Finally, Summit Redstone reaffirmed a “sell” rating on shares of Seagate Technology PLC in a research note on Saturday, July 22nd. Four research analysts have rated the stock with a sell rating, twenty have given a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $40.99.
Shares of Seagate Technology PLC (NASDAQ STX) traded up 12.48% during mid-day trading on Monday, hitting $39.30. The company had a trading volume of 24,345,851 shares. The firm has a 50-day moving average price of $33.27 and a 200 day moving average price of $38.26. The firm has a market capitalization of $11.31 billion, a P/E ratio of 15.23 and a beta of 1.72. 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 released its quarterly earnings data on Monday, October 23rd. The data storage provider reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.11. Seagate Technology PLC had a return on equity of 81.87% and a net margin of 7.17%. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same period last year, the business posted $0.99 EPS. Seagate Technology PLC’s quarterly revenue was down 5.9% on a year-over-year basis. On average, equities research analysts forecast that Seagate Technology PLC will post $3.63 earnings per share for the current fiscal year.
In related news, insider Philip G. Brace acquired 1,000 shares of Seagate Technology PLC stock in a transaction on 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 completion of the purchase, the insider now directly owns 62,855 shares in the company, valued at approximately $2,095,585.70. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.87% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Global X Management Co. LLC increased its position in shares of Seagate Technology PLC by 29.2% during the first quarter. Global X Management Co. LLC now owns 3,490 shares of the data storage provider’s stock worth $160,000 after acquiring an additional 789 shares during the last quarter. WFG Advisors LP increased its position in shares of Seagate Technology PLC by 16,536.4% during the second quarter. WFG Advisors LP now owns 3,660 shares of the data storage provider’s stock worth $142,000 after acquiring an additional 3,638 shares during the last quarter. Pacer Advisors Inc. purchased a new stake in shares of Seagate Technology PLC during the second quarter worth about $150,000. First Quadrant L P CA purchased a new stake in shares of Seagate Technology PLC during the second quarter worth about $153,000. Finally, Private Advisory Group LLC purchased a new stake in shares of Seagate Technology PLC during the first quarter worth about $206,000. Institutional investors own 90.08% 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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