ValuEngine Upgrades Seagate Technology PLC (STX) to Buy
Seagate Technology PLC (NASDAQ:STX) was upgraded by investment analysts at ValuEngine from a “hold” rating to a “buy” rating in a research report issued on Monday.
STX has been the topic of a number of other research reports. Craig Hallum upgraded Seagate Technology PLC from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Monday. Zacks Investment Research raised Seagate Technology PLC from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 26th. BidaskClub lowered Seagate Technology PLC from a “strong-buy” rating to a “buy” rating in a report on Tuesday, September 12th. FBN Securities cut Seagate Technology PLC from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $40.00 to $32.00 in a research report on Monday, September 11th. Finally, Jefferies Group LLC downgraded Seagate Technology PLC from a “buy” rating to a “hold” rating and dropped their target price for the stock from $40.00 to $29.00 in a report on Monday, September 11th. Four investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. Seagate Technology PLC presently has an average rating of “Hold” and a consensus target price of $40.79.
Seagate Technology PLC (STX) opened at 34.05 on Monday. Seagate Technology PLC has a one year low of $30.60 and a one year high of $50.96. The company has a market cap of $9.80 billion, a P/E ratio of 13.20 and a beta of 1.72. The company has a 50-day moving average of $32.35 and a 200 day moving average of $39.22. Seagate Technology PLC also was the target of some unusual options trading activity on Monday. Stock investors purchased 8,448 call options on the stock. This represents an increase of 142% compared to the typical volume of 3,494 call options.
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 analysts’ consensus estimates of $0.99 by ($0.34). The business had revenue of $2.41 billion for the quarter, compared to analyst estimates of $2.56 billion. Seagate Technology PLC had a return on equity of 81.87% and a net margin of 7.17%. Seagate Technology PLC’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same period last year, the firm earned $0.69 EPS. Equities research analysts predict that Seagate Technology PLC will post $3.66 EPS for the current year.
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In related news, insider Philip G. Brace acquired 1,000 shares of the stock in a transaction dated Tuesday, August 1st. The stock was acquired at an average cost of $33.34 per share, with a total value of $33,340.00. Following the purchase, the insider now directly owns 62,855 shares of the company’s stock, valued at $2,095,585.70. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.87% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased 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 valued at $842,196,000 after acquiring an additional 17,777,387 shares during the last quarter. ValueAct Holdings L.P. lifted its holdings in shares of Seagate Technology PLC by 44.8% in the 2nd quarter. ValueAct Holdings L.P. now owns 13,815,765 shares of the data storage provider’s stock worth $535,361,000 after acquiring an additional 4,276,275 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Seagate Technology PLC by 7,384.8% in the 2nd quarter. Janus Henderson Group PLC now owns 2,700,947 shares of the data storage provider’s stock worth $104,662,000 after acquiring an additional 2,664,861 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Seagate Technology PLC by 7.4% in the 2nd quarter. Vanguard Group Inc. now owns 33,412,003 shares of the data storage provider’s stock worth $1,294,716,000 after acquiring an additional 2,292,075 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Seagate Technology PLC by 1,387.8% in the 1st quarter. Renaissance Technologies LLC now owns 1,292,893 shares of the data storage provider’s stock worth $59,383,000 after acquiring an additional 1,205,993 shares during the last quarter. 90.00% of the stock is currently owned by hedge funds and other institutional investors.
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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