Seagate Technology PLC (NASDAQ:STX) was downgraded by research analysts at FBN Securities from an “outperform” rating to a “sector perform” rating in a report released on Monday.

STX has been the topic of several other research reports. Evercore ISI assumed coverage on Seagate Technology PLC in a research report on Friday, June 16th. They set an “in-line” rating and a $48.00 target price on the stock. Royal Bank Of Canada reaffirmed a “hold” rating and set a $35.00 target price on shares of Seagate Technology PLC in a research report on Friday, September 1st. Maxim Group reaffirmed a “hold” rating and set a $38.00 target price (down previously from $46.00) on shares of Seagate Technology PLC in a research report on Wednesday, July 26th. Craig Hallum cut Seagate Technology PLC from a “buy” rating to a “hold” rating in a research report on Wednesday, July 26th. Finally, Mizuho cut their target price on Seagate Technology PLC from $41.00 to $36.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 25th. Five research analysts have rated the stock with a sell rating, twenty-three have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $41.53.

Shares of Seagate Technology PLC (NASDAQ:STX) opened at 31.99 on Monday. The company has a market cap of $9.34 billion, a PE ratio of 12.40 and a beta of 1.69. The stock’s 50 day moving average price is $32.70 and its 200-day moving average price is $41.15. Seagate Technology PLC has a 52 week low of $30.60 and a 52 week high of $50.96.

Seagate Technology PLC (NASDAQ:STX) last announced its earnings results on Tuesday, July 25th. The data storage provider reported $0.65 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.99 by $0.34. The company had revenue of $2.41 billion for the quarter, compared to analysts’ expectations of $2.56 billion. Seagate Technology PLC had a net margin of 7.17% and a return on equity of 81.87%. The firm’s quarterly revenue was down 9.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.69 EPS. Analysts expect that Seagate Technology PLC will post $3.69 EPS for the current year.

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In other Seagate Technology PLC news, insider Philip G. Brace bought 1,000 shares of Seagate Technology PLC stock in a transaction that occurred on Tuesday, August 1st. The stock was acquired at an average cost of $33.34 per share, for a total transaction of $33,340.00. Following the completion of the transaction, the insider now directly owns 62,855 shares in the company, valued at $2,095,585.70. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.87% of the stock is owned by insiders.

A number of institutional investors have recently bought and sold shares of STX. BlackRock Inc. grew its position in Seagate Technology PLC by 3,179.5% during the first quarter. BlackRock Inc. now owns 18,336,509 shares of the data storage provider’s stock worth $842,196,000 after buying an additional 17,777,387 shares in the last quarter. ValueAct Holdings L.P. grew its position in Seagate Technology PLC by 44.8% during the second quarter. ValueAct Holdings L.P. now owns 13,815,765 shares of the data storage provider’s stock worth $535,361,000 after buying an additional 4,276,275 shares in the last quarter. Janus Henderson Group PLC grew its position in Seagate Technology PLC by 7,384.8% during the second quarter. Janus Henderson Group PLC now owns 2,700,947 shares of the data storage provider’s stock worth $104,662,000 after buying an additional 2,664,861 shares in the last quarter. Vanguard Group Inc. grew its position in Seagate Technology PLC by 7.4% during the second quarter. Vanguard Group Inc. now owns 33,412,003 shares of the data storage provider’s stock worth $1,294,716,000 after buying an additional 2,292,075 shares in the last quarter. Finally, Prudential Financial Inc. grew its position in Seagate Technology PLC by 355.8% during the first quarter. Prudential Financial Inc. now owns 2,603,387 shares of the data storage provider’s stock worth $119,573,000 after buying an additional 2,032,271 shares in the last quarter. Institutional investors and hedge funds own 89.88% 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.

Analyst Recommendations for Seagate Technology PLC (NASDAQ:STX)

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