Seagate Technology PLC (STX) Upgraded to “Strong-Buy” at Needham & Company LLC
Needham & Company LLC upgraded shares of Seagate Technology PLC (NASDAQ:STX) from a buy rating to a strong-buy rating in a research note issued to investors on Tuesday morning. They currently have $43.00 target price on the data storage provider’s stock, up from their previous target price of $39.00.
Several other brokerages have also commented on STX. Craig Hallum raised their price objective on Seagate Technology PLC from $37.00 to $50.00 and gave the company a buy rating in a report on Wednesday, September 7th. Zacks Investment Research raised Seagate Technology PLC from a hold rating to a buy rating and set a $43.00 price objective on the stock in a report on Wednesday, October 5th. Vetr raised Seagate Technology PLC from a strong sell rating to a sell rating and set a $31.33 price objective on the stock in a report on Tuesday, September 6th. Bank of America Corp. reissued a sell rating and issued a $28.00 price objective on shares of Seagate Technology PLC in a report on Tuesday, September 13th. Finally, Royal Bank Of Canada raised their price objective on Seagate Technology PLC from $34.00 to $40.00 and gave the company a sector perform rating in a report on Monday, October 3rd. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $38.06.
Shares of Seagate Technology PLC (NASDAQ:STX) traded up 0.9125% during mid-day trading on Tuesday, hitting $35.4203. 1,751,451 shares of the stock were exchanged. The stock’s 50 day moving average is $35.95 and its 200 day moving average is $28.99. Seagate Technology PLC has a 12 month low of $18.42 and a 12 month high of $49.26. The firm has a market cap of $10.63 billion, a P/E ratio of 43.1955 and a beta of 2.50.
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 consensus estimate of $0.60 by $0.09. The company earned $2.65 billion during the quarter, compared to analysts’ expectations of $2.32 billion. Seagate Technology PLC had a return on equity of 38.98% and a net margin of 2.22%. Seagate Technology PLC’s quarterly revenue was down 9.3% on a year-over-year basis. During the same period last year, the business earned $0.77 earnings per share. Analysts expect that Seagate Technology PLC will post $3.04 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, October 15th. Investors of record on Wednesday, September 21st will be given a $0.63 dividend. The ex-dividend date of this dividend is Monday, September 19th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 7.18%. Seagate Technology PLC’s dividend payout ratio (DPR) is presently 307.32%.
In other Seagate Technology PLC news, SVP Mark Re sold 12,750 shares of the company’s stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $31.84, for a total transaction of $405,960.00. Following the completion of the sale, the senior vice president now directly owns 65,520 shares of the company’s stock, valued at approximately $2,086,156.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Frank Biondi sold 1,251 shares of the company’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 $208,750.85. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the stock. Cowen Prime Services LLC bought a new stake in Seagate Technology PLC during the second quarter valued at approximately $105,000. Glenmede Trust Co. NA increased its stake 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 valued at $113,000 after buying an additional 1,079 shares in the last quarter. Advisory Services Network LLC increased its stake 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 valued at $136,000 after buying an additional 1,300 shares in the last quarter. Tredje AP fonden bought a new stake in Seagate Technology PLC during the second quarter valued at approximately $146,000. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new stake in Seagate Technology PLC during the first quarter valued at approximately $214,000. 83.86% of the stock is owned by hedge funds and other institutional investors.
Seagate Technology PLC Company Profile
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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