Seagate Technology (STX) Lifted to “Hold” at Cross Research
Seagate Technology (NASDAQ:STX) was upgraded by research analysts at Cross Research from a “sell” rating to a “hold” rating in a report released on Tuesday, The Fly reports.
A number of other brokerages also recently weighed in on STX. Mizuho reissued a “hold” rating and issued a $36.00 price objective on shares of Seagate Technology in a research note on Monday, October 9th. Zacks Investment Research raised Seagate Technology from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a research note on Thursday, October 26th. BidaskClub raised Seagate Technology from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 25th. Jefferies Group set a $29.00 price objective on Seagate Technology and gave the company a “hold” rating in a research note on Sunday, October 15th. Finally, Morgan Stanley raised their price objective on Seagate Technology from $32.00 to $37.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 24th. Four research analysts have rated the stock with a sell rating, twenty-three have issued a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $43.39.
Shares of Seagate Technology (STX) opened at $51.26 on Tuesday. Seagate Technology has a one year low of $30.60 and a one year high of $51.88. The company has a debt-to-equity ratio of 4.03, a quick ratio of 1.55 and a current ratio of 1.96. The firm has a market capitalization of $14,830.00, a PE ratio of 19.42, a PEG ratio of 0.76 and a beta of 1.68.
Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Monday, October 23rd. The data storage provider reported $0.96 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.10. Seagate Technology had a return on equity of 84.50% and a net margin of 7.41%. The company 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 earned $0.99 EPS. The business’s quarterly revenue was down 5.9% on a year-over-year basis. equities research analysts anticipate that Seagate Technology will post 4.32 earnings per share for the current fiscal year.
In other news, Director Jay L. Geldmacher sold 5,365 shares of Seagate Technology stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $40.00, for a total transaction of $214,600.00. Following the sale, the director now owns 8,715 shares of the company’s stock, valued at approximately $348,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeffrey D. Nygaard acquired 5,000 shares of the firm’s stock in a transaction dated Friday, October 27th. The shares were purchased at an average cost of $37.38 per share, for a total transaction of $186,900.00. The disclosure for this purchase can be found here. Insiders have sold a total of 194,744 shares of company stock worth $9,075,320 in the last three months. 0.87% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in the company. Assetmark Inc. boosted its stake in Seagate Technology by 43.5% in the 3rd quarter. Assetmark Inc. now owns 145,777 shares of the data storage provider’s stock valued at $4,835,000 after buying an additional 44,171 shares in the last quarter. Cetera Investment Advisers acquired a new stake in Seagate Technology in the 2nd quarter valued at $344,000. Iat Reinsurance Co. LTD. acquired a new stake in Seagate Technology in the 3rd quarter valued at $12,455,000. Cibc World Markets Corp boosted its stake in Seagate Technology by 1,268.5% in the 2nd quarter. Cibc World Markets Corp now owns 444,022 shares of the data storage provider’s stock valued at $17,206,000 after buying an additional 411,575 shares in the last quarter. Finally, SeaBridge Investment Advisors LLC acquired a new stake in Seagate Technology in the 3rd quarter valued at $3,873,000. 91.45% of the stock is currently owned by institutional investors.
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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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