Seagate Technology PLC (STX) Price Target Increased to $50.00 by Analysts at Brean Capital
Seagate Technology PLC (NASDAQ:STX) had its target price hoisted by Brean Capital from $42.00 to $50.00 in a report issued on Wednesday morning. Brean Capital currently has a buy rating on the data storage provider’s stock.
“Preliminary Sep Q OpEx was $470 million, 6 percent lower Y/Y but was 6 percent higher Q/Q. We believe STX Sep Q OpEx included ~$40 million in variable comps associated with higher revenue and better-aligned business model. Going forward, we believe STX OpEx run-rate should be flat Y/Y for the rest of FY17 ending June but should decline entering H2 ’17.,” the firm’s analyst wrote.
A number of other equities analysts have also recently weighed in on the stock. Morgan Stanley reissued an equal weight rating and issued a $36.00 price objective (up from $30.00) on shares of Seagate Technology PLC in a research report on Wednesday. RBC Capital Markets reissued a sector perform rating and issued a $31.00 price objective (up from $27.00) on shares of Seagate Technology PLC in a research report on Tuesday, August 2nd. Vetr cut shares of Seagate Technology PLC from a strong-buy rating to a hold rating and set a $23.50 price objective for the company. in a research report on Tuesday, June 14th. Mizuho upped their price objective on shares of Seagate Technology PLC from $23.00 to $31.00 and gave the company a neutral rating in a research report on Tuesday, August 2nd. Finally, Argus reissued a hold rating on shares of Seagate Technology PLC in a research report on Tuesday, August 16th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. Seagate Technology PLC has an average rating of Hold and an average price target of $38.35.
Seagate Technology PLC (NASDAQ:STX) traded down 1.56% during trading on Wednesday, hitting $34.68. The company had a trading volume of 2,015,691 shares. The company has a market cap of $10.41 billion, a PE ratio of 42.29 and a beta of 2.50. The company’s 50 day moving average price is $36.04 and its 200-day moving average price is $29.03. Seagate Technology PLC has a 12 month low of $18.42 and a 12 month high of $44.16.
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, topping analysts’ consensus estimates 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 earned $2.65 billion during the quarter, compared to analysts’ expectations of $2.32 billion. During the same period in the prior year, the company earned $0.77 EPS. The firm’s revenue was down 9.3% on a year-over-year basis. Equities analysts expect that Seagate Technology PLC will post $3.04 earnings per share for the current year.
The company also recently declared 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 annualized dividend and a dividend yield of 7.15%. Seagate Technology PLC’s dividend payout ratio (DPR) is presently 307.32%.
In related news, CFO David H. Morton, Jr. sold 1,716 shares of the company’s stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $36.16, for a total value of $62,050.56. Following the completion of the sale, the chief financial officer now owns 20,782 shares in the company, valued at approximately $751,477.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Frank Biondi sold 1,251 shares of the stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $32.45, for a total transaction of $40,594.95. Following the completion of the sale, the director now owns 6,433 shares of the company’s stock, valued at approximately $208,750.85. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the company. Cowen Prime Services LLC bought a new stake in Seagate Technology PLC during the second quarter worth about $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 worth $113,000 after buying an additional 1,079 shares during 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 worth $136,000 after buying an additional 1,300 shares during the last quarter. Tredje AP fonden bought a new stake in Seagate Technology PLC during the second quarter worth about $146,000. Finally, RidgeWorth Capital Management LLC increased its stake 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 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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