Seagate Technology PLC (STX) Raised to Buy at Craig Hallum
Seagate Technology PLC (NASDAQ:STX) was upgraded by research analysts at Craig Hallum from a “hold” rating to a “buy” rating in a report issued on Monday.
Several other research analysts have also weighed in on STX. Zacks Investment Research raised Seagate Technology PLC from a “sell” rating to a “hold” rating in a research report on Tuesday, July 25th. FBN Securities cut Seagate Technology PLC from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from $40.00 to $32.00 in a report on Monday, September 11th. Royal Bank Of Canada reissued a “hold” rating and set a $45.00 price target on shares of Seagate Technology PLC in a research report on Friday, June 9th. Barclays PLC downgraded Seagate Technology PLC from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $49.00 to $40.00 in a research report on Thursday, July 13th. Finally, Citigroup Inc. dropped their price target on Seagate Technology PLC from $46.00 to $42.00 and set a “neutral” rating for the company in a research note on Tuesday, July 18th. Four research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. Seagate Technology PLC currently has an average rating of “Hold” and an average price target of $40.48.
Shares of Seagate Technology PLC (NASDAQ:STX) opened at 33.17 on Monday. The stock has a market cap of $9.55 billion, a P/E ratio of 12.86 and a beta of 1.72. The company has a 50 day moving average price of $32.26 and a 200 day moving average price of $40.25. Seagate Technology PLC has a 12-month low of $30.60 and a 12-month high of $50.96.
Seagate Technology PLC (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, July 25th. The data storage provider reported $0.65 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.99 by ($0.34). Seagate Technology PLC had a net margin of 7.17% and a return on equity of 81.87%. The company had revenue of $2.41 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same quarter last year, the business earned $0.69 EPS. The firm’s revenue for the quarter was down 9.3% compared to the same quarter last year. Analysts anticipate that Seagate Technology PLC will post $3.66 earnings per share for the current fiscal year.
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In related news, insider Philip G. Brace bought 1,000 shares of the stock in a transaction dated Tuesday, August 1st. The stock was bought at an average cost of $33.34 per share, with a total value of $33,340.00. Following the completion of the acquisition, the insider now owns 62,855 shares of the company’s stock, valued at $2,095,585.70. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.87% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in STX. WFG Advisors LP raised its holdings in shares of Seagate Technology PLC by 16,536.4% during the second quarter. WFG Advisors LP now owns 3,660 shares of the data storage provider’s stock valued at $142,000 after buying an additional 3,638 shares during the last quarter. Pacer Advisors Inc. acquired a new position in shares of Seagate Technology PLC during the second quarter worth approximately $150,000. First Quadrant L P CA acquired a new position in shares of Seagate Technology PLC during the second quarter worth approximately $153,000. Global X Management Co. LLC boosted its position in shares of Seagate Technology PLC by 29.2% during the first quarter. Global X Management Co. LLC now owns 3,490 shares of the data storage provider’s stock worth $160,000 after buying an additional 789 shares during the period. Finally, Private Advisory Group LLC acquired a new position in shares of Seagate Technology PLC during the first quarter worth approximately $206,000. 90.00% of the stock is owned by 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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