Benchmark Reaffirms “Buy” Rating for Seagate Technology (NASDAQ:STX)

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Seagate Technology (NASDAQ:STX)‘s stock had its “buy” rating reaffirmed by analysts at Benchmark in a research note issued to investors on Monday, Briefing.com Automated Import reports. They currently have a $55.00 target price on the data storage provider’s stock, down from their previous target price of $57.00. Benchmark’s price target points to a potential upside of 24.97% from the company’s current price.

Several other analysts have also commented on STX. ValuEngine raised Seagate Technology from a “sell” rating to a “hold” rating in a report on Thursday, May 2nd. Wedbush initiated coverage on Seagate Technology in a report on Wednesday, June 26th. They issued a “neutral” rating and a $35.00 price objective on the stock. They noted that the move was a valuation call. Argus raised Seagate Technology from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a report on Friday, May 3rd. Cleveland Research initiated coverage on Seagate Technology in a report on Friday, June 7th. They issued a “hold” rating on the stock. Finally, BidaskClub lowered Seagate Technology from a “hold” rating to a “sell” rating in a report on Tuesday, April 30th. Five investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have issued a buy rating to the company. Seagate Technology presently has an average rating of “Hold” and a consensus price target of $45.50.

Seagate Technology stock traded down $0.92 during midday trading on Monday, hitting $44.01. 116,749 shares of the company were exchanged, compared to its average volume of 2,174,803. The company has a market cap of $12.44 billion, a price-to-earnings ratio of 9.14, a PEG ratio of 7.90 and a beta of 1.70. Seagate Technology has a fifty-two week low of $35.38 and a fifty-two week high of $57.20. The stock’s fifty day simple moving average is $46.92. The company has a debt-to-equity ratio of 2.68, a current ratio of 1.62 and a quick ratio of 1.16.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Friday, August 2nd. The data storage provider reported $0.86 EPS for the quarter, topping the consensus estimate of $0.83 by $0.03. Seagate Technology had a return on equity of 90.33% and a net margin of 13.73%. The firm had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.33 billion. During the same period last year, the company earned $1.62 earnings per share. Seagate Technology’s revenue for the quarter was down 16.4% compared to the same quarter last year. Equities research analysts expect that Seagate Technology will post 4.7 earnings per share for the current year.

In other news, Director Stephen J. Luczo sold 5,000 shares of Seagate Technology stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $47.45, for a total value of $237,250.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Stephen J. Luczo sold 10,000 shares of Seagate Technology stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $47.00, for a total value of $470,000.00. The disclosure for this sale can be found here. Insiders sold 25,000 shares of company stock worth $1,180,150 over the last ninety days. Corporate insiders own 1.00% of the company’s stock.

A number of institutional investors have recently made changes to their positions in STX. Front Row Advisors LLC lifted its position in Seagate Technology by 91.0% during the first quarter. Front Row Advisors LLC now owns 573 shares of the data storage provider’s stock worth $28,000 after buying an additional 273 shares in the last quarter. First Interstate Bank purchased a new position in Seagate Technology during the first quarter worth approximately $31,000. CWM LLC lifted its position in Seagate Technology by 61.3% during the second quarter. CWM LLC now owns 789 shares of the data storage provider’s stock worth $37,000 after buying an additional 300 shares in the last quarter. Ibex Wealth Advisors purchased a new position in Seagate Technology during the second quarter worth approximately $61,000. Finally, Meridian Wealth Management LLC purchased a new position in Seagate Technology during the first quarter worth approximately $62,000. Hedge funds and other institutional investors own 85.41% of the company’s stock.

About Seagate Technology

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It manufactures and distributes hard disk drives; solid state drives (SSDs), including serial attached small computer system interface and non-volatile memory express SSDs; solid state hybrid drives; and storage subsystems.

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Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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