Seagate Technology PLC (NASDAQ:STX) had its price objective raised by investment analysts at Cowen and Company from $32.00 to $36.00 in a research report issued on Tuesday. The firm presently has a “market perform” rating on the data storage provider’s stock. Cowen and Company’s price objective indicates a potential downside of 5.19% from the stock’s current price.

A number of other equities research analysts have also recently commented on the stock. FBN Securities increased their target price on shares of Seagate Technology PLC from $33.00 to $38.00 and gave the company a “sector perform” rating in a research report on Tuesday. Benchmark Co. raised shares of Seagate Technology PLC from a “hold” rating to a “buy” rating and increased their target price for the company from $32.00 to $45.00 in a research report on Tuesday. Needham & Company LLC raised shares of Seagate Technology PLC from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. JPMorgan Chase & Co. raised shares of Seagate Technology PLC from an “underweight” rating to a “neutral” rating and increased their target price for the company from $20.00 to $38.00 in a research report on Tuesday. Finally, BTIG Research reissued a “buy” rating and set a $45.00 target price (up previously from $36.00) on shares of Seagate Technology PLC in a research report on Thursday, October 6th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $36.79.

Analyst Recommendations for Seagate Technology PLC (NASDAQ:STX)

Shares of Seagate Technology PLC (NASDAQ:STX) traded down 6.74% during midday trading on Tuesday, hitting $35.41. 9,857,257 shares of the stock were exchanged. The firm’s 50-day moving average is $35.86 and its 200-day moving average is $28.94. The stock has a market cap of $10.63 billion, a price-to-earnings ratio of 43.18 and a beta of 2.50. Seagate Technology PLC has a 12 month low of $18.42 and a 12 month high of $49.43.

Seagate Technology PLC (NASDAQ:STX) last posted its earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 EPS 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 company earned $2.65 billion during the quarter, compared to analysts’ expectations 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 for the quarter was down 9.3% compared to the same quarter last year. Equities research analysts predict that Seagate Technology PLC will post $3.04 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Wednesday, September 21st will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 6.64%. The ex-dividend date of this dividend is Monday, September 19th. Seagate Technology PLC’s dividend payout ratio (DPR) is 307.32%.

In other news, Director Frank Biondi sold 1,251 shares of the business’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $32.45, for a total value of $40,594.95. Following the sale, the director now directly owns 6,433 shares of the company’s stock, valued at approximately $208,750.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Mark Re sold 3,082 shares of the business’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $32.50, for a total transaction of $100,165.00. Following the completion of the sale, the senior vice president now directly owns 56,623 shares in the company, valued at $1,840,247.50. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by insiders.

Several large investors have recently added to or reduced their stakes in STX. Charter Trust Co. increased its stake in Seagate Technology PLC by 0.7% in the second quarter. Charter Trust Co. now owns 16,813 shares of the data storage provider’s stock worth $410,000 after buying an additional 110 shares during the period. Capstone Asset Management Co. boosted its position in shares of Seagate Technology PLC by 0.7% in the second quarter. Capstone Asset Management Co. now owns 15,845 shares of the data storage provider’s stock worth $386,000 after buying an additional 115 shares during the period. Integrated Wealth Management boosted its position in shares of Seagate Technology PLC by 0.4% in the second quarter. Integrated Wealth Management now owns 30,422 shares of the data storage provider’s stock worth $741,000 after buying an additional 133 shares during the period. Sumitomo Mitsui Asset Management Company LTD boosted its position in shares of Seagate Technology PLC by 0.7% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 22,980 shares of the data storage provider’s stock worth $559,000 after buying an additional 158 shares during the period. Finally, Northeast Financial Consultants Inc boosted its position in shares of Seagate Technology PLC by 0.8% in the second quarter. Northeast Financial Consultants Inc now owns 21,112 shares of the data storage provider’s stock worth $514,000 after buying an additional 171 shares during the period. 83.86% of the stock is currently owned by institutional investors and hedge funds.

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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