Needham & Company LLC upgraded shares of Seagate Technology PLC (NASDAQ:STX) from a buy rating to a strong-buy rating in a research note published on Tuesday. The brokerage currently has $43.00 target price on the data storage provider’s stock, up from their prior target price of $39.00.
Several other equities analysts also recently issued reports on STX. Brean Capital reiterated a buy rating and set a $30.00 price objective on shares of Seagate Technology PLC in a research report on Thursday, June 30th. Zacks Investment Research upgraded Seagate Technology PLC from a hold rating to a buy rating and set a $33.00 price objective for the company in a research report on Thursday, July 14th. Barclays PLC boosted their price objective on Seagate Technology PLC from $25.00 to $34.00 and gave the stock an equal weight rating in a research report on Wednesday, August 3rd. Vetr cut Seagate Technology PLC from a buy rating to a sell rating and set a $28.00 target price on the stock. in a report on Tuesday, July 19th. Finally, RBC Capital Markets reissued a sector perform rating and set a $31.00 target price (up previously from $27.00) on shares of Seagate Technology PLC in a report on Tuesday, August 2nd. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. Seagate Technology PLC currently has an average rating of Hold and an average target price of $38.06.
Seagate Technology PLC (NASDAQ:STX) traded up 0.9125% during mid-day trading on Tuesday, reaching $35.4203. The company’s stock had a trading volume of 1,751,451 shares. The firm has a market capitalization of $10.63 billion, a PE ratio of 43.1955 and a beta of 2.50. The stock’s 50-day moving average is $35.95 and its 200-day moving average is $28.99. Seagate Technology PLC has a 12 month low of $18.42 and a 12 month high of $49.26.
Seagate Technology PLC (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.09. The business earned $2.65 billion during the quarter, compared to the consensus estimate of $2.32 billion. Seagate Technology PLC had a return on equity of 38.98% and a net margin of 2.22%. The business’s revenue was down 9.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.77 earnings per share. On average, equities analysts anticipate that Seagate Technology PLC will post $3.04 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, October 15th. Shareholders of record on Wednesday, September 21st will be given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 7.18%. The ex-dividend date of this dividend is Monday, September 19th. Seagate Technology PLC’s dividend payout ratio is 307.32%.
In other news, SVP Mark Re sold 3,082 shares of the company’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $32.50, for a total transaction of $100,165.00. Following the completion of the transaction, the senior vice president now owns 56,623 shares of the company’s stock, valued at $1,840,247.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO David H. Morton, Jr. sold 1,716 shares of the company’s stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $36.16, for a total transaction of $62,050.56. Following the transaction, the chief financial officer now directly owns 20,782 shares of the company’s stock, valued at approximately $751,477.12. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Cowen Prime Services LLC bought a new position in shares of Seagate Technology PLC during the second quarter worth approximately $105,000. Glenmede Trust Co. NA raised its position in shares of Seagate Technology PLC by 30.2% in the second quarter. Glenmede Trust Co. NA now owns 4,650 shares of the data storage provider’s stock worth $113,000 after buying an additional 1,079 shares in the last quarter. Advisory Services Network LLC raised its position in shares of Seagate Technology PLC by 30.2% in the second quarter. Advisory Services Network LLC now owns 5,603 shares of the data storage provider’s stock worth $136,000 after buying an additional 1,300 shares in the last quarter. Tredje AP fonden bought a new position in shares of Seagate Technology PLC during the second quarter worth approximately $146,000. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new position in shares of Seagate Technology PLC during the first quarter worth approximately $214,000. 83.86% of the stock is owned by institutional investors and hedge funds.
Seagate Technology PLC 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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