Loop Capital Raises Seagate Technology (STX) Price Target to $70.00

Seagate Technology (NASDAQ:STX) had its price objective lifted by Loop Capital from $65.00 to $70.00 in a research report released on Thursday morning. They currently have a buy rating on the data storage provider’s stock.

A number of other brokerages also recently commented on STX. BidaskClub downgraded Seagate Technology from a strong-buy rating to a buy rating in a research report on Saturday, December 2nd. Mizuho boosted their price objective on Seagate Technology from $39.00 to $53.00 and gave the stock a neutral rating in a research report on Tuesday, January 30th. Craig Hallum reissued a buy rating and set a $56.00 price objective (up from $50.00) on shares of Seagate Technology in a research report on Tuesday, January 9th. Cowen reissued a market perform rating and set a $47.00 price objective (up from $39.00) on shares of Seagate Technology in a research report on Monday, January 8th. Finally, Royal Bank of Canada boosted their price objective on Seagate Technology to $48.00 and gave the stock a sector perform rating in a research report on Tuesday, January 9th. Four equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of Hold and an average target price of $50.80.

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Seagate Technology stock opened at $56.28 on Thursday. Seagate Technology has a 52-week low of $30.60 and a 52-week high of $61.19. The company has a market capitalization of $16,030.06, a PE ratio of 25.58, a PEG ratio of 0.74 and a beta of 1.84. The company has a debt-to-equity ratio of 4.07, a quick ratio of 1.25 and a current ratio of 1.58.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Monday, January 29th. The data storage provider reported $1.48 EPS for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.09. Seagate Technology had a return on equity of 93.35% and a net margin of 6.10%. The business had revenue of $2.91 billion during the quarter, compared to the consensus estimate of $2.86 billion. During the same period in the previous year, the company posted $1.38 earnings per share. The business’s revenue for the quarter was up .7% on a year-over-year basis. research analysts predict that Seagate Technology will post 4.87 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 4th. Shareholders of record on Wednesday, March 21st will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 4.48%. The ex-dividend date of this dividend is Tuesday, March 20th. Seagate Technology’s dividend payout ratio is currently 114.55%.

In other Seagate Technology news, insider Philip G. Brace sold 12,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 9th. The stock was sold at an average price of $46.44, for a total value of $557,280.00. Following the completion of the sale, the insider now owns 27,069 shares in the company, valued at $1,257,084.36. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Chong Sup Park sold 4,026 shares of the business’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $54.22, for a total value of $218,289.72. Following the completion of the sale, the director now owns 8,715 shares of the company’s stock, valued at approximately $472,527.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 810,048 shares of company stock valued at $43,459,301. 0.87% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Kwmg LLC lifted its stake in Seagate Technology by 2.7% in the fourth quarter. Kwmg LLC now owns 41,817 shares of the data storage provider’s stock valued at $1,750,000 after buying an additional 1,117 shares during the last quarter. Burney Co. lifted its stake in Seagate Technology by 17.3% in the fourth quarter. Burney Co. now owns 7,771 shares of the data storage provider’s stock valued at $325,000 after buying an additional 1,146 shares during the last quarter. Raymond James Trust N.A. lifted its stake in Seagate Technology by 12.8% in the fourth quarter. Raymond James Trust N.A. now owns 11,021 shares of the data storage provider’s stock valued at $461,000 after buying an additional 1,250 shares during the last quarter. MML Investors Services LLC lifted its stake in Seagate Technology by 9.3% in the fourth quarter. MML Investors Services LLC now owns 15,227 shares of the data storage provider’s stock valued at $637,000 after buying an additional 1,290 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Seagate Technology by 6.1% in the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,408 shares of the data storage provider’s stock valued at $776,000 after buying an additional 1,343 shares during the last quarter. Institutional investors own 88.82% of the company’s stock.

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Seagate Technology 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.

Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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