Seagate Technology PLC (STX) Price Target Raised to $40.00 at Royal Bank Of Canada
Seagate Technology PLC (NASDAQ:STX) had its price target boosted by Royal Bank Of Canada from $34.00 to $40.00 in a research note released on Monday morning. Royal Bank Of Canada currently has a sector perform rating on the data storage provider’s stock.
A number of other analysts have also commented on STX. Maxim Group boosted their price objective on shares of Seagate Technology PLC from $25.00 to $35.00 and gave the stock a hold rating in a research report on Tuesday, July 12th. Jefferies Group boosted their price objective on shares of Seagate Technology PLC from $32.00 to $38.00 and gave the stock a buy rating in a research report on Tuesday, September 6th. RBC Capital Markets reissued a sector perform rating and issued a $31.00 price objective (up previously from $27.00) on shares of Seagate Technology PLC in a research report on Tuesday, August 2nd. Susquehanna reissued a neutral rating and issued a $32.00 price objective (up previously from $30.00) on shares of Seagate Technology PLC in a research report on Friday, August 19th. Finally, Brean Capital reissued a buy rating on shares of Seagate Technology PLC in a research report on Wednesday, June 15th. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $34.49.
Seagate Technology PLC (NASDAQ:STX) traded up 0.47% during mid-day trading on Monday, reaching $38.59. 1,052,181 shares of the company’s stock traded hands. The firm has a market cap of $11.58 billion, a PE ratio of 47.06 and a beta of 2.50. Seagate Technology PLC has a 1-year low of $18.42 and a 1-year high of $49.50. The firm has a 50 day moving average of $35.01 and a 200 day moving average of $28.85.
Seagate Technology PLC (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.09. Seagate Technology PLC had a net margin of 2.22% and a return on equity of 38.98%. The firm had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.32 billion. During the same quarter in the previous year, the firm posted $0.77 earnings per share. The business’s revenue was down 9.3% on a year-over-year basis. Analysts forecast that Seagate Technology PLC will post $3.03 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Wednesday, September 21st will be paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 6.56%. The ex-dividend date is Monday, September 19th. Seagate Technology PLC’s payout ratio is 307.32%.
In related news, CFO David H. Morton, Jr. sold 1,716 shares of the business’s stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $36.16, for a total value of $62,050.56. Following the sale, the chief financial officer now directly owns 20,782 shares in the company, valued at approximately $751,477.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Mark Re sold 5,800 shares of the business’s stock in a transaction dated Wednesday, August 31st. The shares were sold at an average price of $33.58, for a total value of $194,764.00. Following the completion of the sale, the senior vice president now owns 46,970 shares in the company, valued at $1,577,252.60. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Cowen Prime Services LLC purchased a new stake in shares of Seagate Technology PLC during the second quarter worth about $105,000. Glenmede Trust Co. NA raised its position in Seagate Technology PLC by 30.2% in the second quarter. Glenmede Trust Co. NA now owns 4,650 shares of the data storage provider’s stock worth $113,000 after buying an additional 1,079 shares during the last quarter. Advisory Services Network LLC raised its position in Seagate Technology PLC by 30.2% in the second quarter. Advisory Services Network LLC now owns 5,603 shares of the data storage provider’s stock worth $136,000 after buying an additional 1,300 shares during the last quarter. Tredje AP fonden bought a new position in Seagate Technology PLC during the second quarter worth $146,000. Finally, RidgeWorth Capital Management LLC raised its position in Seagate Technology PLC by 14.5% in the second quarter. RidgeWorth Capital Management LLC now owns 6,545 shares of the data storage provider’s stock worth $157,000 after buying an additional 827 shares during the last quarter. Institutional investors and hedge funds own 83.86% of the company’s stock.
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.
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