BidaskClub Lowers Seagate Technology (STX) to Buy
Seagate Technology (NASDAQ:STX) was downgraded by equities researchers at BidaskClub from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Saturday.
A number of other brokerages have also commented on STX. Cowen reiterated a “hold” rating and issued a $36.00 price objective on shares of Seagate Technology in a report on Friday, October 13th. Jefferies Group set a $29.00 price objective on shares of Seagate Technology and gave the stock a “hold” rating in a report on Sunday, October 15th. Mizuho reiterated a “hold” rating and issued a $36.00 price objective on shares of Seagate Technology in a report on Monday, October 9th. Barclays boosted their price objective on shares of Seagate Technology from $29.00 to $32.00 and gave the stock an “underweight” rating in a report on Tuesday, October 24th. Finally, Vetr upgraded shares of Seagate Technology from a “buy” rating to a “strong-buy” rating and set a $41.39 price objective on the stock in a report on Monday, November 6th. Four research analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $41.41.
Shares of Seagate Technology (NASDAQ STX) traded up $0.55 during mid-day trading on Friday, reaching $39.11. 5,125,029 shares of the company’s stock were exchanged, compared to its average volume of 3,528,329. Seagate Technology has a 52-week low of $30.60 and a 52-week high of $50.96. The company has a debt-to-equity ratio of 4.03, a current ratio of 1.96 and a quick ratio of 1.55. The firm has a market cap of $11,156.13, a price-to-earnings ratio of 9.43, a P/E/G ratio of 0.51 and a beta of 1.67.
In related news, Director Dambisa F. Moyo sold 8,715 shares of the stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $39.01, for a total transaction of $339,972.15. Following the sale, the director now owns 3,316 shares in the company, valued at $129,357.16. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Philip G. Brace sold 5,403 shares of the stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $36.79, for a total transaction of $198,776.37. Following the sale, the insider now owns 33,069 shares in the company, valued at approximately $1,216,608.51. The disclosure for this sale can be found here. In the last 90 days, insiders sold 44,981 shares of company stock worth $1,656,761. Company insiders own 0.87% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in STX. Beacon Capital Management bought a new position in Seagate Technology in the 4th quarter worth about $0. Good Life Advisors LLC grew its position in Seagate Technology by 0.3% in the 2nd quarter. Good Life Advisors LLC now owns 9,883 shares of the data storage provider’s stock worth $379,000 after purchasing an additional 26 shares during the last quarter. Municipal Employees Retirement System of Michigan grew its position in Seagate Technology by 0.5% in the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 9,440 shares of the data storage provider’s stock worth $364,000 after purchasing an additional 50 shares during the last quarter. Cleararc Capital Inc. grew its position in Seagate Technology by 0.7% in the 1st quarter. Cleararc Capital Inc. now owns 7,195 shares of the data storage provider’s stock worth $330,000 after purchasing an additional 51 shares during the last quarter. Finally, Allianz Asset Management AG grew its position in Seagate Technology by 0.6% in the 4th quarter. Allianz Asset Management AG now owns 17,326 shares of the data storage provider’s stock worth $661,000 after purchasing an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 91.74% of the company’s stock.
Seagate Technology 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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