RBC Capital Markets reaffirmed their sector perform rating on shares of Seagate Technology PLC (NASDAQ:STX) in a report released on Monday. RBC Capital Markets currently has a $40.00 price target on the data storage provider’s stock, up from their previous price target of $34.00.

Several other research firms have also issued reports on STX. Maxim Group upped their target price on Seagate Technology PLC from $25.00 to $35.00 and gave the stock a hold rating in a report on Tuesday, July 12th. Jefferies Group upped their target price on Seagate Technology PLC from $32.00 to $38.00 and gave the stock a buy rating in a report on Tuesday, September 6th. Susquehanna restated a neutral rating and issued a $32.00 price objective (up previously from $30.00) on shares of Seagate Technology PLC in a research note on Friday, August 19th. Brean Capital restated a buy rating on shares of Seagate Technology PLC in a research note on Wednesday, June 15th. Finally, Vetr upgraded Seagate Technology PLC from a strong sell rating to a sell rating and set a $33.42 price objective on the stock in a research note on Monday, September 12th. Two research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company. Seagate Technology PLC has an average rating of Hold and an average target price of $34.49.

Analyst Recommendations for Seagate Technology PLC (NASDAQ:STX)

Shares of Seagate Technology PLC (NASDAQ:STX) opened at 38.94 on Monday. Seagate Technology PLC has a one year low of $18.42 and a one year high of $49.50. The stock’s 50 day moving average price is $35.01 and its 200 day moving average price is $28.85. The firm has a market cap of $11.69 billion, a price-to-earnings ratio of 47.49 and a beta of 2.50.

Seagate Technology PLC (NASDAQ:STX) last released its earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.09. Seagate Technology PLC had a return on equity of 38.98% and a net margin of 2.22%. The business had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.32 billion. During the same quarter in the prior year, the company posted $0.77 earnings per share. Seagate Technology PLC’s revenue was down 9.3% on a year-over-year basis. On average, equities analysts anticipate that Seagate Technology PLC will post $3.03 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 15th. Shareholders of record on Wednesday, September 21st will be issued a dividend of $0.63 per share. The ex-dividend date is Monday, September 19th. This represents a $2.52 dividend on an annualized basis and a yield of 6.56%. Seagate Technology PLC’s payout ratio is 307.32%.

In other news, CFO David H. Morton, Jr. sold 1,716 shares of the business’s stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $36.16, for a total transaction of $62,050.56. Following the completion of the transaction, the chief financial officer now directly owns 20,782 shares in the company, valued at approximately $751,477.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frank Biondi sold 1,251 shares of the business’s stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $32.45, for a total transaction of $40,594.95. Following the transaction, the director now owns 6,433 shares of the company’s stock, valued at $208,750.85. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Institutional Trust Company N.A. raised its position in shares of Seagate Technology PLC by 3.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 5,705,526 shares of the data storage provider’s stock valued at $196,555,000 after buying an additional 189,547 shares during the period. BlackRock Fund Advisors raised its position in shares of Seagate Technology PLC by 47.3% in the first quarter. BlackRock Fund Advisors now owns 8,121,266 shares of the data storage provider’s stock valued at $279,778,000 after buying an additional 2,607,145 shares during the period. BlackRock Group LTD raised its position in shares of Seagate Technology PLC by 15.3% in the first quarter. BlackRock Group LTD now owns 2,977,153 shares of the data storage provider’s stock valued at $102,565,000 after buying an additional 395,417 shares during the period. Algert Global LLC bought a new position in shares of Seagate Technology PLC during the first quarter valued at about $452,000. Finally, Prudential Financial Inc. raised its position in shares of Seagate Technology PLC by 23.5% in the first quarter. Prudential Financial Inc. now owns 439,170 shares of the data storage provider’s stock valued at $15,129,000 after buying an additional 83,703 shares during the period. Hedge funds and other institutional investors 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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