Wells Fargo & Co Lowers Seagate Technology (NASDAQ:STX) Price Target to $50.00

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Seagate Technology (NASDAQ:STX) had its target price cut by Wells Fargo & Co from $55.00 to $50.00 in a research report report published on Wednesday morning, The Fly reports. They currently have an equal weight rating on the data storage provider’s stock.

Several other analysts have also issued reports on STX. Rosenblatt Securities lowered their price target on shares of Seagate Technology from $65.00 to $63.00 and set a buy rating on the stock in a research report on Wednesday. Goldman Sachs Group started coverage on shares of Seagate Technology in a research report on Monday, April 13th. They issued a sell rating and a $41.00 price target on the stock. Zacks Investment Research lowered shares of Seagate Technology from a hold rating to a sell rating and set a $53.00 target price on the stock. in a report on Friday, July 24th. Cfra decreased their target price on shares of Seagate Technology from $58.00 to $54.00 and set a hold rating on the stock in a report on Thursday, April 23rd. Finally, Susquehanna Bancshares reaffirmed a sell rating and set a $36.00 target price on shares of Seagate Technology in a report on Wednesday, April 22nd. Seven equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $53.00.

NASDAQ STX opened at $45.22 on Wednesday. The company’s 50 day moving average is $48.53 and its 200-day moving average is $50.95. Seagate Technology has a 12-month low of $39.02 and a 12-month high of $64.17. The company has a quick ratio of 1.08, a current ratio of 1.51 and a debt-to-equity ratio of 2.33. The firm has a market cap of $11.60 billion, a P/E ratio of 11.90, a price-to-earnings-growth ratio of 6.91 and a beta of 1.03.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, July 28th. The data storage provider reported $1.20 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.20. Seagate Technology had a net margin of 9.55% and a return on equity of 68.62%. The company had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.62 billion. During the same quarter in the previous year, the firm posted $0.86 earnings per share. The company’s quarterly revenue was up 6.2% compared to the same quarter last year. Equities analysts expect that Seagate Technology will post 5.31 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Shareholders of record on Wednesday, September 23rd will be paid a dividend of $0.65 per share. The ex-dividend date of this dividend is Tuesday, September 22nd. This represents a $2.60 dividend on an annualized basis and a yield of 5.75%. Seagate Technology’s dividend payout ratio is currently 56.89%.

In other news, Director Stephen J. Luczo sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $51.74, for a total transaction of $362,180.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Ban Seng Teh sold 498 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $52.80, for a total transaction of $26,294.40. Following the sale, the senior vice president now directly owns 11,197 shares in the company, valued at approximately $591,201.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,493 shares of company stock valued at $1,059,254. 1.12% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in STX. Balentine LLC purchased a new stake in shares of Seagate Technology during the 1st quarter valued at about $25,000. Quadrant Capital Group LLC boosted its holdings in shares of Seagate Technology by 346.3% during the 4th quarter. Quadrant Capital Group LLC now owns 540 shares of the data storage provider’s stock valued at $28,000 after acquiring an additional 419 shares during the last quarter. Paragon Capital Management LLC purchased a new stake in shares of Seagate Technology during the 1st quarter valued at about $28,000. First Horizon Advisors Inc. boosted its holdings in shares of Seagate Technology by 145.6% during the 1st quarter. First Horizon Advisors Inc. now owns 587 shares of the data storage provider’s stock valued at $29,000 after acquiring an additional 348 shares during the last quarter. Finally, WASHINGTON TRUST Co purchased a new stake in shares of Seagate Technology during the 1st quarter valued at about $29,000. 83.55% of the stock is currently owned by hedge funds and other institutional investors.

Seagate Technology Company Profile

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.

Further Reading: Price to Earnings Ratio (PE)

The Fly

Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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