Seagate Technology PLC (NASDAQ:STX) was upgraded by investment analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a research report issued on Tuesday. The firm presently has a $38.00 target price on the data storage provider’s stock, up from their previous target price of $20.00. JPMorgan Chase & Co.’s price target suggests a potential upside of 7.86% from the company’s current price.
Several other analysts also recently issued reports on STX. Brean Capital restated a “buy” rating and set a $30.00 price objective on shares of Seagate Technology PLC in a 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 on the stock in a report on Thursday, July 14th. Needham & Company LLC restated a “strong-buy” rating and set a $39.00 price objective (up previously from $33.00) on shares of Seagate Technology PLC in a report on Wednesday, August 3rd. 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 report on Wednesday, August 3rd. Finally, Vetr downgraded Seagate Technology PLC from a “buy” rating to a “sell” rating and set a $28.00 price objective on the stock. in a report on Tuesday, July 19th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $38.35.
Seagate Technology PLC (NASDAQ:STX) opened at 35.23 on Tuesday. The firm’s 50-day moving average is $36.04 and its 200-day moving average is $29.03. Seagate Technology PLC has a 12 month low of $18.42 and a 12 month high of $44.16. The firm has a market capitalization of $10.57 billion, a PE ratio of 42.96 and a beta of 2.50.
Seagate Technology PLC (NASDAQ:STX) last posted 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 firm had revenue of $2.65 billion for 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 for the quarter was down 9.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.77 EPS. On average, equities research analysts expect that Seagate Technology PLC will post $3.04 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Wednesday, September 21st will be paid a $0.63 dividend. The ex-dividend date is Monday, September 19th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 7.15%. Seagate Technology PLC’s dividend payout ratio (DPR) is presently 307.32%.
In other news, Director Frank Biondi sold 1,251 shares of the firm’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $32.45, for a total value of $40,594.95. Following the completion of the sale, the director now directly owns 6,433 shares in the company, valued at $208,750.85. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Mark Re sold 12,750 shares of the firm’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $31.84, for a total value of $405,960.00. Following the completion of the sale, the senior vice president now owns 65,520 shares of the company’s stock, valued at $2,086,156.80. The disclosure for this sale can be found here. 1.50% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in the stock. Aperio Group LLC raised its stake in shares of Seagate Technology PLC by 20.7% in the first quarter. Aperio Group LLC now owns 77,513 shares of the data storage provider’s stock worth $2,670,000 after buying an additional 13,282 shares during the last quarter. Nisa Investment Advisors L.L.C. raised its stake in shares of Seagate Technology PLC by 6.8% in the first quarter. Nisa Investment Advisors L.L.C. now owns 20,350 shares of the data storage provider’s stock worth $701,000 after buying an additional 1,300 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in shares of Seagate Technology PLC during the first quarter worth approximately $214,000. TIAA CREF Investment Management LLC raised its stake in shares of Seagate Technology PLC by 2.1% in the first quarter. TIAA CREF Investment Management LLC now owns 103,276 shares of the data storage provider’s stock worth $3,558,000 after buying an additional 2,145 shares during the last quarter. Finally, Teachers Advisors Inc. raised its stake in shares of Seagate Technology PLC by 1.4% in the first quarter. Teachers Advisors Inc. now owns 49,446 shares of the data storage provider’s stock worth $1,703,000 after buying an additional 694 shares during the last quarter. Institutional investors own 83.86% of the company’s stock.
About Seagate Technology PLC
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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