Seagate Technology (NASDAQ:STX) Price Target Cut to $63.00 by Analysts at Stifel Nicolaus

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Seagate Technology (NASDAQ:STX) had its price objective lowered by Stifel Nicolaus from $68.00 to $63.00 in a report released on Wednesday morning, The Fly reports. Stifel Nicolaus currently has a buy rating on the data storage provider’s stock.

STX has been the subject of a number of other reports. Robert W. Baird restated a buy rating and set a $65.00 target price on shares of Seagate Technology in a report on Thursday, April 23rd. BidaskClub cut shares of Seagate Technology from a hold rating to a sell rating in a report on Saturday, June 27th. Morgan Stanley decreased their price objective on shares of Seagate Technology from $56.00 to $55.00 and set an overweight rating for the company in a research note on Wednesday. Rosenblatt Securities decreased their price objective on shares of Seagate Technology from $65.00 to $63.00 and set a buy rating for the company in a research note on Wednesday. Finally, Loop Capital decreased their price objective on shares of Seagate Technology from $70.00 to $60.00 in a research note on Thursday, April 23rd. Seven 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. Seagate Technology has an average rating of Hold and a consensus target price of $53.00.

Seagate Technology stock opened at $45.22 on Wednesday. The firm has a 50 day simple moving average of $48.53 and a 200-day simple moving average of $50.95. The company has a debt-to-equity ratio of 2.33, a current ratio of 1.51 and a quick ratio of 1.08. The stock has a market capitalization of $11.60 billion, a PE ratio of 11.90, a price-to-earnings-growth ratio of 6.91 and a beta of 1.03. Seagate Technology has a 12-month low of $39.02 and a 12-month high of $64.17.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data 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. The business had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.62 billion. Seagate Technology had a net margin of 9.55% and a return on equity of 68.62%. The business’s revenue was up 6.2% on a year-over-year basis. During the same period last year, the firm posted $0.86 earnings per share. On average, analysts forecast that Seagate Technology will post 5.31 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 7th. Stockholders of record on Wednesday, September 23rd will be issued 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 dividend yield of 5.75%. Seagate Technology’s dividend payout ratio is currently 56.89%.

In related news, Director Stephen J. Luczo sold 7,000 shares of Seagate Technology stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $52.35, for a total value of $366,450.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Stephen J. Luczo sold 5,000 shares of Seagate Technology stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $50.91, for a total transaction of $254,550.00. The disclosure for this sale can be found here. Insiders have sold a total of 20,493 shares of company stock worth $1,059,254 in the last 90 days. 1.12% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Balentine LLC bought a new position in Seagate Technology in the 1st quarter worth $25,000. Quadrant Capital Group LLC raised its holdings in Seagate Technology by 346.3% in the 4th quarter. Quadrant Capital Group LLC now owns 540 shares of the data storage provider’s stock worth $28,000 after acquiring an additional 419 shares during the period. Paragon Capital Management LLC bought a new position in Seagate Technology in the 1st quarter worth $28,000. WASHINGTON TRUST Co bought a new position in Seagate Technology in the 1st quarter worth $29,000. Finally, First Horizon Advisors Inc. raised its holdings in Seagate Technology by 145.6% in the 1st quarter. First Horizon Advisors Inc. now owns 587 shares of the data storage provider’s stock worth $29,000 after acquiring an additional 348 shares during the period. Hedge funds and other institutional investors own 83.55% 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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The Fly

Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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