Seagate Technology (NASDAQ:STX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The firm currently has a $48.00 price target on the data storage provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 12.57% from the company’s previous close.

According to Zacks, “Seagate is gaining from the increasing adoption of its Nearline hard-disk drives (HDDs). Growth in the 12-terabyte helium nearline product line was also encouraging. Seagate also benefited from strong growth in non-HDD segment revenues. We believe that Nearline’s rapid adoption will boost Seagate’s competitive position against Western Digital. Notably, the company has joined the Bain-led consortium for the acquisition of Toshiba’s flash memory assets. This will also improve its competitive position in the flash memory market. The company’s efforts in the improvement of areal density with the ramping up of its heat assisted magnetic recording (“HAMR”) technology, which is expected be shipped in 2019, is yet another positive. Notably, shares of Seagatehave outperformed the industry in the past six months. However, stiff competition in the disk drive market and customer concentration remains major risk for Seagate.”

A number of other analysts have also issued reports on STX. Vetr lowered Seagate Technology from a “buy” rating to a “hold” rating and set a $44.36 price objective on the stock. in a research note on Wednesday. FBN Securities reiterated a “sector perform” rating and set a $40.00 price objective (up from $32.00) on shares of Seagate Technology in a research note on Monday, October 23rd. Citigroup boosted their price objective on Seagate Technology from $34.00 to $41.00 and gave the company a “neutral” rating in a research note on Tuesday, October 24th. UBS Group boosted their price objective on Seagate Technology from $28.00 to $30.00 and gave the company a “sell” rating in a research note on Tuesday, October 24th. Finally, BidaskClub lowered Seagate Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 2nd. Four analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $41.67.

Shares of Seagate Technology (STX) traded down $0.21 on Friday, hitting $42.64. The company’s stock had a trading volume of 2,823,900 shares, compared to its average volume of 3,052,733. The company has a market capitalization of $12,380.00, a price-to-earnings ratio of 16.15, a PEG ratio of 0.57 and a beta of 1.68. The company has a debt-to-equity ratio of 4.03, a quick ratio of 1.55 and a current ratio of 1.96. Seagate Technology has a 52-week low of $30.60 and a 52-week high of $50.96.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Monday, October 23rd. The data storage provider reported $0.96 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.10. The firm had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.54 billion. Seagate Technology had a return on equity of 84.50% and a net margin of 7.41%. The business’s revenue was down 5.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.99 earnings per share. equities analysts forecast that Seagate Technology will post 4 EPS for the current year.

In other Seagate Technology news, Director Dambisa F. Moyo sold 8,715 shares of the company’s stock in a transaction that occurred on Wednesday, October 25th. The stock was sold at an average price of $39.01, for a total transaction of $339,972.15. Following the completion of the transaction, the director now owns 3,316 shares of the company’s stock, valued at approximately $129,357.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David H. Morton, Jr. sold 7,909 shares of the company’s stock in a transaction that occurred on Monday, October 23rd. The shares were sold at an average price of $40.00, for a total value of $316,360.00. Following the transaction, the chief financial officer now directly owns 25,561 shares of the company’s stock, valued at approximately $1,022,440. The disclosure for this sale can be found here. Insiders have sold a total of 42,481 shares of company stock valued at $1,655,011 over the last 90 days. 0.87% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cacti Asset Management LLC raised its position in shares of Seagate Technology by 0.8% in the 4th quarter. Cacti Asset Management LLC now owns 419,614 shares of the data storage provider’s stock worth $17,557,000 after acquiring an additional 3,225 shares in the last quarter. Parametric Portfolio Associates LLC raised its position in shares of Seagate Technology by 7.5% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 1,504,787 shares of the data storage provider’s stock worth $49,914,000 after acquiring an additional 105,257 shares in the last quarter. Belpointe Asset Management LLC bought a new position in shares of Seagate Technology in the 3rd quarter worth approximately $504,000. Yellowstone Partners LLC bought a new position in shares of Seagate Technology in the 3rd quarter worth approximately $2,166,000. Finally, Balentine LLC raised its position in shares of Seagate Technology by 56.8% in the 3rd quarter. Balentine LLC now owns 4,471 shares of the data storage provider’s stock worth $148,000 after acquiring an additional 1,619 shares in the last quarter. 91.30% of the stock is owned by institutional investors and hedge funds.

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About Seagate Technology

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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