Seagate Technology PLC (NASDAQ:STX) was upgraded by equities researchers at Vetr from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm currently has a $38.84 price target on the data storage provider’s stock. Vetr‘s price objective points to a potential upside of 9.32% from the stock’s previous close.
A number of other brokerages have also recently commented on STX. Maxim Group increased their target price on shares of Seagate Technology PLC from $25.00 to $35.00 and gave the company a “hold” rating in a research report on Tuesday, July 12th. Jefferies Group raised their price objective on shares of Seagate Technology PLC from $32.00 to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, September 6th. RBC Capital Markets restated a “sector perform” rating and set a $31.00 price objective (up from $27.00) on shares of Seagate Technology PLC in a research report on Tuesday, August 2nd. Susquehanna restated a “neutral” rating and set a $32.00 price objective (up from $30.00) on shares of Seagate Technology PLC in a research report on Friday, August 19th. Finally, Brean Capital restated a “buy” rating on shares of Seagate Technology PLC in a research report on Wednesday, June 15th. Two research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $34.23.
Shares of Seagate Technology PLC (NASDAQ:STX) opened at 35.53 on Wednesday. Seagate Technology PLC has a 12-month low of $18.42 and a 12-month high of $49.50. The stock has a 50 day moving average of $33.48 and a 200 day moving average of $28.68. The company has a market cap of $10.66 billion, a price-to-earnings ratio of 43.33 and a beta of 2.46.
Seagate Technology PLC (NASDAQ:STX) last issued its earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.09. The business earned $2.65 billion during the quarter, compared to analysts’ expectations of $2.32 billion. Seagate Technology PLC had a net margin of 2.22% and a return on equity of 38.98%. The company’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.77 earnings per share. Analysts forecast that Seagate Technology PLC will post $3.03 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Wednesday, September 21st will be issued a $0.63 dividend. The ex-dividend date of this dividend is Monday, September 19th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 7.09%. Seagate Technology PLC’s payout ratio is 307.32%.
In related news, SVP Mark Re sold 12,750 shares of Seagate Technology PLC stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $31.84, for a total value of $405,960.00. Following the transaction, the senior vice president now directly owns 65,520 shares in the company, valued at approximately $2,086,156.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO David H. Morton, Jr. sold 1,716 shares of Seagate Technology PLC stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $36.16, for a total transaction of $62,050.56. Following the completion of the transaction, the chief financial officer now owns 20,782 shares in the company, valued at $751,477.12. The disclosure for this sale can be found here. 1.28% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of the stock. Cowen Prime Services LLC purchased a new position in Seagate Technology PLC during the second quarter worth $105,000. Glenmede Trust Co. NA raised its position 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 period. Advisory Services Network LLC raised its position 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 period. Tredje AP fonden purchased a new position in Seagate Technology PLC during the second quarter worth $146,000. Finally, RidgeWorth Capital Management LLC raised its position 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 period. Hedge funds and other institutional investors own 83.96% of the company’s stock.
About Seagate Technology PLC
Seagate Technology plc (Seagate) is a provider of electronic data storage products. The Company’s products are hard disk drives (HDD). The Company produces a range of electronic data storage products, including solid state hybrid drives (SSHD), solid state drives (SSD), peripheral component interconnect express (PCIe) cards and Serial AT Attachment (SATA) controllers.
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