Vetr Inc. Downgrades Seagate Technology PLC (STX) to Buy
Seagate Technology PLC (NASDAQ:STX) was downgraded by stock analysts at Vetr from a “strong-buy” rating to a “buy” rating in a report released on Tuesday. They presently have a $41.39 price objective on the data storage provider’s stock. Vetr‘s price target would suggest a potential upside of 11.96% from the stock’s previous close.
STX has been the subject of several other research reports. BidaskClub cut Seagate Technology PLC from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, September 12th. Zacks Investment Research raised Seagate Technology PLC from a “hold” rating to a “buy” rating and set a $43.00 target price for the company in a research report on Thursday, October 26th. Benchmark Co. cut Seagate Technology PLC from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Guggenheim reaffirmed a “hold” rating on shares of Seagate Technology PLC in a research report on Monday, October 23rd. Finally, Argus reaffirmed a “hold” rating and issued a $40.00 target price on shares of Seagate Technology PLC in a research report on Tuesday, October 24th. Four research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. Seagate Technology PLC presently has an average rating of “Hold” and an average price target of $41.29.
Seagate Technology PLC (NASDAQ:STX) traded up 0.79% during trading on Tuesday, reaching $36.97. The company had a trading volume of 4,432,597 shares. Seagate Technology PLC has a 12 month low of $30.60 and a 12 month high of $50.96. The stock has a 50 day moving average price of $34.36 and a 200 day moving average price of $37.72. The firm has a market capitalization of $10.64 billion, a price-to-earnings ratio of 14.33 and a beta of 1.72.
Seagate Technology PLC (NASDAQ:STX) last issued its earnings results on Monday, October 23rd. The data storage provider reported $0.96 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.10. The business had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.54 billion. Seagate Technology PLC had a return on equity of 84.50% and a net margin of 7.41%. Seagate Technology PLC’s revenue was down 5.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.99 earnings per share. On average, equities research analysts predict that Seagate Technology PLC will post $4.00 earnings per share for the current year.
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In other Seagate Technology PLC news, CFO David H. Morton, Jr. sold 7,909 shares of the firm’s stock in a transaction dated Monday, October 23rd. The stock was sold at an average price of $40.00, for a total transaction of $316,360.00. Following the transaction, the chief financial officer now directly owns 25,561 shares in the company, valued at $1,022,440. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Dambisa F. Moyo sold 8,715 shares of the firm’s stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $39.01, for a total value of $339,972.15. Following the transaction, the director now owns 3,316 shares in the company, valued at $129,357.16. The disclosure for this sale can be found here. 0.87% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of STX. ValueAct Holdings L.P. raised its holdings in Seagate Technology PLC by 44.8% during the second quarter. ValueAct Holdings L.P. now owns 13,815,765 shares of the data storage provider’s stock valued at $535,361,000 after buying an additional 4,276,275 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of Seagate Technology PLC by 7,384.8% in the second 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. increased its stake in shares of Seagate Technology PLC by 7.4% in the second 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 increased its stake in shares of Seagate Technology PLC by 181.1% in the second 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. increased its stake in shares of Seagate Technology PLC by 74.4% in the second 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 own 90.32% 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.
To view Vetr’s full report, visit Vetr’s official website.
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