Seagate Technology (STX) Downgraded by Goldman Sachs Group to “Sell”

Seagate Technology (NASDAQ:STX) was downgraded by equities researchers at Goldman Sachs Group from a “neutral” rating to a “sell” rating in a report issued on Thursday, The Fly reports. They currently have a $44.00 price objective on the data storage provider’s stock, down from their previous price objective of $50.00. Goldman Sachs Group’s price target would indicate a potential downside of 16.62% from the company’s previous close.

A number of other research firms have also issued reports on STX. Zacks Investment Research lowered shares of Seagate Technology from a “buy” rating to a “hold” rating in a report on Monday, July 16th. ValuEngine lowered shares of Seagate Technology from a “buy” rating to a “hold” rating in a report on Thursday, June 7th. BidaskClub lowered shares of Seagate Technology from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 25th. Cowen set a $55.00 price objective on shares of Seagate Technology and gave the stock a “market perform” rating in a report on Wednesday, May 2nd. Finally, Cfra reiterated a “hold” rating on shares of Seagate Technology in a report on Tuesday, May 1st. Four investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and seven have issued a buy rating to the company. Seagate Technology has an average rating of “Hold” and an average price target of $53.77.

Seagate Technology opened at $52.77 on Thursday, MarketBeat Ratings reports. The stock has a market capitalization of $15.57 billion, a price-to-earnings ratio of 9.58, a PEG ratio of 0.66 and a beta of 1.74. The company has a debt-to-equity ratio of 2.59, a quick ratio of 1.02 and a current ratio of 1.35. Seagate Technology has a 12-month low of $30.60 and a 12-month high of $62.70.

Seagate Technology (NASDAQ:STX) last released its earnings results on Monday, July 30th. The data storage provider reported $1.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.45 by $0.17. The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.80 billion. Seagate Technology had a net margin of 10.57% and a return on equity of 120.71%. The firm’s quarterly revenue was up 17.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.65 EPS. analysts forecast that Seagate Technology will post 6.23 earnings per share for the current year.

In other Seagate Technology news, insider Valueact Capital Master Fund, purchased 946,000 shares of the business’s stock in a transaction that occurred on Thursday, August 2nd. The shares were purchased at an average price of $52.78 per share, for a total transaction of $49,929,880.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Holdings L.P. Valueact acquired 500,000 shares of the stock in a transaction on Tuesday, July 31st. The stock was purchased at an average cost of $52.65 per share, with a total value of $26,325,000.00. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 1,571,000 shares of company stock worth $82,863,630 and sold 107,869 shares worth $6,371,561. Company insiders own 0.87% of the company’s stock.

Large investors have recently modified their holdings of the business. Certified Advisory Corp grew its position in Seagate Technology by 436.8% in the first quarter. Certified Advisory Corp now owns 1,723 shares of the data storage provider’s stock valued at $100,000 after acquiring an additional 1,402 shares in the last quarter. Advisors Preferred LLC acquired a new stake in Seagate Technology in the first quarter valued at approximately $103,000. Quad Cities Investment Group LLC acquired a new stake in Seagate Technology in the second quarter valued at approximately $124,000. Sandy Spring Bank grew its position in Seagate Technology by 1,676.3% in the first quarter. Sandy Spring Bank now owns 3,073 shares of the data storage provider’s stock valued at $180,000 after acquiring an additional 2,900 shares in the last quarter. Finally, Lee Financial Co acquired a new stake in Seagate Technology in the first quarter valued at approximately $181,000. 83.07% of the stock is owned by institutional investors.

About Seagate Technology

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company manufactures and distributes hard disk drives, solid state drives and their related controllers, solid state hybrid drives, and storage subsystems. Its products are used in enterprise servers and storage systems applications; client compute applications, primarily for desktop and mobile computing; and client non-compute applications, including various end user devices, such as portable external storage systems, surveillance systems, network-attached storage, digital video recorders, and gaming consoles.

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