FBN Securities Downgrades Seagate Technology PLC (STX) to Sector Perform

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.

Analyst Recommendations for Seagate Technology PLC (NASDAQ:STX)

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