Summit Redstone Reaffirms “Sell” Rating for Seagate Technology PLC (STX)
Seagate Technology PLC (NASDAQ:STX)‘s stock had its “sell” rating reiterated by Summit Redstone in a research report issued on Saturday, July 22nd.
A number of other equities research analysts have also recently commented on the stock. Citigroup Inc. lowered their price target on shares of Seagate Technology PLC from $46.00 to $42.00 and set a “neutral” rating on the stock in a report on Tuesday, July 18th. Stifel Nicolaus reiterated a “hold” rating and issued a $45.00 price objective on shares of Seagate Technology PLC in a research note on Friday, July 14th. Morgan Stanley reiterated an “equal weight” rating and issued a $37.00 price objective (down from $40.00) on shares of Seagate Technology PLC in a research note on Thursday, July 13th. Barclays PLC lowered shares of Seagate Technology PLC from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $49.00 to $40.00 in a research note on Thursday, July 13th. Finally, Evercore ISI initiated coverage on shares of Seagate Technology PLC in a research note on Friday, June 16th. They issued an “in-line” rating and a $48.00 price objective for the company. Four investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $42.12.
Shares of Seagate Technology PLC (NASDAQ STX) traded down 0.44% on Friday, reaching $31.37. The company’s stock had a trading volume of 2,901,029 shares. The company’s 50 day moving average is $35.51 and its 200-day moving average is $42.62. The stock has a market cap of $9.15 billion, a PE ratio of 12.16 and a beta of 1.69. Seagate Technology PLC has a 1-year low of $31.04 and a 1-year high of $50.96.
Seagate Technology PLC (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, July 25th. The data storage provider reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by $0.34. The company had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.56 billion. Seagate Technology PLC had a return on equity of 81.87% and a net margin of 7.17%. The company’s revenue for the quarter was down 9.3% compared to the same quarter last year. During the same period last year, the firm posted $0.69 EPS. On average, equities analysts predict that Seagate Technology PLC will post $3.69 earnings per share for the current fiscal year.
In other news, CFO David H. Morton, Jr. sold 3,040 shares of the stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $43.26, for a total transaction of $131,510.40. Following the sale, the chief financial officer now owns 9,063 shares in the company, valued at $392,065.38. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Philip G. Brace purchased 1,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were purchased at an average price of $33.34 per share, for a total transaction of $33,340.00. Following the acquisition, the insider now owns 62,855 shares of the company’s stock, valued at $2,095,585.70. The disclosure for this purchase can be found here. 1.50% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. WFG Advisors LP increased its position in shares of Seagate Technology PLC by 16,536.4% in the second quarter. WFG Advisors LP now owns 3,660 shares of the data storage provider’s stock worth $142,000 after buying an additional 3,638 shares during the period. Toronto Dominion Bank increased its position in shares of Seagate Technology PLC by 26.3% in the second quarter. Toronto Dominion Bank now owns 100,590 shares of the data storage provider’s stock worth $3,897,000 after buying an additional 20,940 shares during the period. Oak Associates Ltd. OH increased its position in shares of Seagate Technology PLC by 20.1% in the second quarter. Oak Associates Ltd. OH now owns 325,340 shares of the data storage provider’s stock worth $12,607,000 after buying an additional 54,415 shares during the period. Cetera Investment Advisers bought a new position in shares of Seagate Technology PLC during the second quarter worth $344,000. Finally, Advisory Services Network LLC increased its position in shares of Seagate Technology PLC by 12.1% in the second quarter. Advisory Services Network LLC now owns 29,635 shares of the data storage provider’s stock worth $1,148,000 after buying an additional 3,194 shares during the period. Institutional investors own 87.27% of the company’s stock.
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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