Seagate Technology (STX) Lowered to Buy at Vetr

Seagate Technology (NASDAQ:STX) was downgraded by equities research analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. They presently have a $56.12 price objective on the data storage provider’s stock. Vetr‘s target price points to a potential upside of 9.25% from the company’s current price.

A number of other equities analysts also recently commented on STX. FBN Securities restated a “sector perform” rating and issued a $40.00 price objective (up from $32.00) on shares of Seagate Technology in a report on Monday, October 23rd. Mizuho raised their price objective on Seagate Technology from $36.00 to $39.00 and gave the stock a “neutral” rating in a report on Monday, October 23rd. KeyCorp restated a “hold” rating on shares of Seagate Technology in a report on Monday, October 23rd. Guggenheim restated a “hold” rating on shares of Seagate Technology in a report on Monday, October 23rd. Finally, BMO Capital Markets reiterated a “hold” rating and set a $40.00 target price on shares of Seagate Technology in a report on Monday, October 23rd. Four investment analysts have rated the stock with a sell rating, twenty have issued a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $49.76.

Shares of Seagate Technology (NASDAQ STX) traded up $1.74 during trading hours on Wednesday, reaching $51.37. The company’s stock had a trading volume of 3,646,873 shares, compared to its average volume of 5,950,000. The company has a current ratio of 1.58, a quick ratio of 1.25 and a debt-to-equity ratio of 4.07. Seagate Technology has a 12-month low of $30.60 and a 12-month high of $56.45. The firm has a market cap of $14,860.00, a price-to-earnings ratio of 23.46, a price-to-earnings-growth ratio of 0.65 and a beta of 1.88.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Monday, January 29th. The data storage provider reported $1.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.09. Seagate Technology had a return on equity of 93.35% and a net margin of 6.10%. The firm had revenue of $2.91 billion for the quarter, compared to analyst estimates of $2.86 billion. During the same period last year, the company earned $1.38 EPS. The firm’s quarterly revenue was up .7% on a year-over-year basis. equities analysts predict that Seagate Technology will post 4.86 earnings per share for the current year.

In other news, Director Chong Sup Park sold 4,026 shares of Seagate Technology stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $54.22, for a total value of $218,289.72. Following the completion of the transaction, the director now owns 8,715 shares in the company, valued at approximately $472,527.30. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Philip G. Brace sold 12,000 shares of Seagate Technology stock in a transaction that occurred on Tuesday, January 9th. The stock was sold at an average price of $46.44, for a total value of $557,280.00. Following the completion of the transaction, the insider now owns 27,069 shares of the company’s stock, valued at approximately $1,257,084.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 779,394 shares of company stock valued at $41,495,557. 0.87% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of STX. Avestar Capital LLC acquired a new position in shares of Seagate Technology in the 4th quarter worth approximately $100,000. WFG Advisors LP boosted its position in Seagate Technology by 16,536.4% during the 2nd quarter. WFG Advisors LP now owns 3,660 shares of the data storage provider’s stock valued at $142,000 after purchasing an additional 3,638 shares during the period. Balentine LLC boosted its position in Seagate Technology by 56.8% during the 3rd quarter. Balentine LLC now owns 4,471 shares of the data storage provider’s stock valued at $148,000 after purchasing an additional 1,619 shares during the period. SeaCrest Wealth Management LLC acquired a new position in Seagate Technology during the 4th quarter valued at approximately $174,000. Finally, SpiderRock Advisors LLC boosted its position in Seagate Technology by 2,419.5% during the 3rd quarter. SpiderRock Advisors LLC now owns 5,568 shares of the data storage provider’s stock valued at $184,000 after purchasing an additional 5,347 shares during the period. Institutional investors own 91.45% 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.

To view Vetr’s full report, visit Vetr’s official website.

Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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