Seagate Technology (STX) Receives Hold Rating from Guggenheim

Seagate Technology (NASDAQ:STX)‘s stock had its “hold” rating reaffirmed by equities research analysts at Guggenheim in a research note issued on Monday.

Several other analysts have also issued reports on STX. FBN Securities upped their target price on Seagate Technology to $60.00 and gave the stock a “sector perform” rating in a report on Monday. Maxim Group reiterated a “hold” rating and set a $44.00 target price (up previously from $43.00) on shares of Seagate Technology in a report on Tuesday, January 9th. Zacks Investment Research lowered Seagate Technology from a “buy” rating to a “hold” rating in a report on Thursday, January 11th. Citigroup upped their target price on Seagate Technology from $34.00 to $41.00 and gave the stock a “neutral” rating in a report on Tuesday, October 24th. Finally, Wells Fargo & Co restated a “market perform” rating and issued a $45.00 price objective (up previously from $38.00) on shares of Seagate Technology in a research note on Tuesday, January 9th. Four research analysts have rated the stock with a sell rating, twenty-one have given a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. Seagate Technology presently has an average rating of “Hold” and a consensus target price of $45.37.

Seagate Technology (NASDAQ:STX) traded up $0.17 during mid-day trading on Monday, hitting $55.11. The stock had a trading volume of 8,940,000 shares, compared to its average volume of 4,840,000. The company has a quick ratio of 1.55, a current ratio of 1.96 and a debt-to-equity ratio of 4.03. The firm has a market capitalization of $15,940.00, a PE ratio of 20.88, a P/E/G ratio of 0.78 and a beta of 1.68. Seagate Technology has a 52 week low of $30.60 and a 52 week high of $55.62.

Seagate Technology (NASDAQ:STX) last released its earnings results on Monday, January 29th. The data storage provider reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.09. Seagate Technology had a return on equity of 84.50% and a net margin of 7.41%. The business had revenue of $2.91 billion for the quarter, compared to analyst estimates of $2.86 billion. During the same quarter in the prior year, the company posted $1.38 earnings per share. Seagate Technology’s revenue was up .7% on a year-over-year basis. sell-side analysts anticipate that Seagate Technology will post 4.54 earnings per share for the current fiscal year.

In other news, Chairman Stephen J. Luczo sold 100,000 shares of the stock in a transaction that occurred on Monday, January 8th. The stock was sold at an average price of $48.99, for a total transaction of $4,899,000.00. Following the transaction, the chairman now owns 95,420 shares in the company, valued at $4,674,625.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Philip G. Brace sold 5,403 shares of the stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $36.79, for a total value of $198,776.37. Following the transaction, 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 quarter, insiders have sold 183,120 shares of company stock worth $8,660,988. 0.87% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. grew its position in Seagate Technology by 3,179.5% during the first quarter. BlackRock Inc. now owns 18,336,509 shares of the data storage provider’s stock worth $842,196,000 after buying an additional 17,777,387 shares in the last quarter. ValueAct Holdings L.P. grew its position in Seagate Technology by 55.3% during the third quarter. ValueAct Holdings L.P. now owns 21,458,600 shares of the data storage provider’s stock worth $711,782,000 after buying an additional 7,642,835 shares in the last quarter. Epoch Investment Partners Inc. grew its position in Seagate Technology by 138.5% during the third quarter. Epoch Investment Partners Inc. now owns 10,777,991 shares of the data storage provider’s stock worth $415,491,000 after buying an additional 6,258,770 shares in the last quarter. Pzena Investment Management LLC grew its position in Seagate Technology by 58.1% during the second quarter. Pzena Investment Management LLC now owns 15,500,305 shares of the data storage provider’s stock worth $377,587,000 after buying an additional 5,696,037 shares in the last quarter. Finally, Norges Bank acquired a new stake in Seagate Technology during the fourth quarter worth approximately $119,207,000. Institutional investors own 91.51% of the company’s stock.

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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.

Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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