Seagate Technology PLC (STX) Lifted to Buy at Benchmark Co.
Seagate Technology PLC (NASDAQ:STX) was upgraded by investment analysts at Benchmark Co. from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $45.00 target price on the data storage provider’s stock, up from their previous target price of $32.00. Benchmark Co.’s price target would indicate a potential upside of 18.51% from the stock’s current price.
Other analysts also recently issued reports about the company. Royal Bank Of Canada raised their price objective on Seagate Technology PLC from $34.00 to $40.00 and gave the stock a “sector perform” rating in a research report on Monday, October 3rd. RBC Capital Markets reissued a “sector perform” rating and set a $40.00 price objective (up from $34.00) on shares of Seagate Technology PLC in a research report on Monday, October 3rd. BTIG Research reissued a “buy” rating and set a $45.00 price objective (up from $36.00) on shares of Seagate Technology PLC in a research report on Thursday, October 6th. Vetr downgraded Seagate Technology PLC from a “buy” rating to a “hold” rating and set a $38.84 price objective for the company. in a research report on Tuesday, September 27th. Finally, Zacks Investment Research raised Seagate Technology PLC from a “hold” rating to a “buy” rating and set a $43.00 price objective for the company in a research report on Wednesday, October 5th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $36.42.
Seagate Technology PLC (NASDAQ:STX) traded down 6.69% during mid-day trading on Tuesday, reaching $35.43. 8,990,894 shares of the company were exchanged. Seagate Technology PLC has a 1-year low of $18.42 and a 1-year high of $49.43. The stock has a market capitalization of $10.63 billion, a price-to-earnings ratio of 43.21 and a beta of 2.50. The stock’s 50-day moving average price is $35.86 and its 200-day moving average price is $28.94.
Seagate Technology PLC (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 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 previous year, the firm earned $0.77 EPS. The company’s quarterly revenue was down 9.3% compared to the same quarter last year. On average, equities research analysts anticipate that Seagate Technology PLC will post $3.04 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, October 15th. Investors of record on Wednesday, September 21st will be issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 6.64%. The ex-dividend date is Monday, September 19th. Seagate Technology PLC’s dividend payout ratio is presently 307.32%.
In other Seagate Technology PLC news, CFO David H. Morton, Jr. sold 2,773 shares of the company’s stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $35.98, for a total value of $99,772.54. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Mark Re sold 3,082 shares of the company’s stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $32.50, for a total value 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 approximately $1,840,247.50. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.
A number of hedge funds have recently bought and sold shares of STX. Pzena Investment Management LLC raised its stake in Seagate Technology PLC by 58.1% in the second quarter. Pzena Investment Management LLC now owns 15,500,305 shares of the data storage provider’s stock valued at $377,587,000 after buying an additional 5,696,037 shares during the period. ValueAct Holdings L.P. purchased a new stake in Seagate Technology PLC during the second quarter valued at $73,080,000. BlackRock Fund Advisors raised its stake in 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. Prudential Financial Inc. raised its stake in Seagate Technology PLC by 438.4% in the second quarter. Prudential Financial Inc. now owns 2,364,558 shares of the data storage provider’s stock valued at $57,601,000 after buying an additional 1,925,388 shares during the period. Finally, Vanguard Group Inc. raised its stake in Seagate Technology PLC by 5.3% in the second quarter. Vanguard Group Inc. now owns 27,746,230 shares of the data storage provider’s stock valued at $675,899,000 after buying an additional 1,388,053 shares during the period. 83.86% of the stock is currently owned by institutional investors.
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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