Seagate Technology PLC (NASDAQ:STX) was downgraded by equities researchers at FBN Securities from an “outperform” rating to a “sector perform” rating in a research report issued to clients and investors on Monday. They currently have a $32.00 target price on the data storage provider’s stock, down from their previous target price of $40.00. FBN Securities’ target price points to a potential upside of 0.34% from the company’s current price.
Several other brokerages have also issued reports on STX. Susquehanna Bancshares Inc reissued a “neutral” rating and issued a $44.00 target price (up previously from $43.00) on shares of Seagate Technology PLC in a research report on Thursday, June 1st. Royal Bank Of Canada reissued a “hold” rating and issued a $45.00 target price on shares of Seagate Technology PLC in a research report on Friday, June 9th. Aegis began coverage on Seagate Technology PLC in a research report on Tuesday, June 13th. They issued a “buy” rating and a $50.00 target price for the company. Evercore ISI began coverage on Seagate Technology PLC in a research report on Friday, June 16th. They issued an “in-line” rating and a $48.00 target price for the company. Finally, Loop Capital began coverage on Seagate Technology PLC in a research report on Monday, July 24th. They issued a “buy” rating and a $50.00 target price for the company. Five analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $40.06.
Shares of Seagate Technology PLC (NASDAQ:STX) opened at 31.89 on Monday. Seagate Technology PLC has a 52 week low of $30.60 and a 52 week high of $50.96. The firm has a 50-day moving average price of $32.46 and a 200-day moving average price of $40.94. The firm has a market cap of $9.31 billion, a PE ratio of 12.36 and a beta of 1.69.
Seagate Technology PLC (NASDAQ:STX) last released its quarterly earnings results on Tuesday, July 25th. The data storage provider reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.34). The business had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.56 billion. Seagate Technology PLC had a net margin of 7.17% and a return on equity of 81.87%. The company’s revenue for the quarter was down 9.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.69 EPS. On average, equities research analysts predict that Seagate Technology PLC will post $3.69 earnings per share for the current year.
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In other Seagate Technology PLC news, insider Philip G. Brace purchased 1,000 shares of the firm’s stock in a transaction on Tuesday, August 1st. The shares were acquired at an average cost of $33.34 per share, with a total value of $33,340.00. Following the completion of the acquisition, the insider now directly owns 62,855 shares in the company, valued at $2,095,585.70. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.87% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the company. Global X Management Co. LLC increased its holdings in shares of Seagate Technology PLC by 29.2% in the first quarter. Global X Management Co. LLC now owns 3,490 shares of the data storage provider’s stock worth $160,000 after purchasing an additional 789 shares during the last quarter. WFG Advisors LP increased its holdings in shares of Seagate Technology PLC by 16,536.4% in the second quarter. WFG Advisors LP now owns 3,660 shares of the data storage provider’s stock worth $142,000 after purchasing an additional 3,638 shares during the last quarter. Pacer Advisors Inc. bought a new stake in shares of Seagate Technology PLC in the second quarter worth about $150,000. First Quadrant L P CA bought a new stake in shares of Seagate Technology PLC in the second quarter worth about $153,000. Finally, Sigma Investment Counselors Inc. bought a new stake in shares of Seagate Technology PLC in the first quarter worth about $201,000. 89.88% of the stock is currently owned by hedge funds and other institutional investors.
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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