Seagate Technology PLC (STX) Receives New Coverage from Analysts at Wells Fargo & Company

Wells Fargo & Company initiated coverage on shares of Seagate Technology PLC (NASDAQ:STX) in a research report report published on Tuesday, Marketbeat Ratings reports. The firm issued a market perform rating and a $38.00 target price on the data storage provider’s stock.

Several other analysts also recently weighed in on the stock. Vetr upgraded shares of Seagate Technology PLC from a buy rating to a strong-buy rating and set a $41.39 target price for the company in a report on Monday, November 6th. BidaskClub downgraded shares of Seagate Technology PLC from a strong-buy rating to a buy rating in a report on Thursday, November 2nd. Zacks Investment Research downgraded shares of Seagate Technology PLC from a buy rating to a hold rating in a report on Tuesday, October 31st. Argus reiterated a hold rating and issued a $40.00 target price on shares of Seagate Technology PLC in a report on Tuesday, October 24th. Finally, Barclays PLC boosted their price target on shares of Seagate Technology PLC from $29.00 to $32.00 and gave the stock an underweight rating in a research note on Tuesday, October 24th. Four research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $41.39.

Seagate Technology PLC (STX) traded up $0.30 during trading on Tuesday, reaching $39.42. 3,137,317 shares of the company traded hands, compared to its average volume of 5,200,074. Seagate Technology PLC has a 12-month low of $30.60 and a 12-month high of $50.96. The company has a debt-to-equity ratio of 4.03, a current ratio of 1.96 and a quick ratio of 1.55. The firm has a market cap of $11,320.00, a P/E ratio of 9.17, a PEG ratio of 0.50 and a beta of 1.68.

Seagate Technology PLC (NASDAQ:STX) last posted its earnings results on Monday, October 23rd. The data storage provider reported $0.96 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.10. Seagate Technology PLC had a net margin of 7.41% and a return on equity of 84.50%. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter last year, the firm earned $0.99 EPS. The firm’s revenue for the quarter was down 5.9% on a year-over-year basis. research analysts predict that Seagate Technology PLC will post 3.98 earnings per share for the current year.

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The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 3rd. Stockholders of record on Wednesday, December 20th will be paid a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, December 19th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 6.39%. Seagate Technology PLC’s dividend payout ratio (DPR) is 95.45%.

In other news, insider Philip G. Brace sold 5,403 shares of the business’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $36.79, for a total transaction of $198,776.37. Following the transaction, the insider now directly owns 33,069 shares in the company, valued at $1,216,608.51. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO David H. Morton, Jr. sold 7,909 shares of the business’s stock in a transaction dated Monday, October 23rd. The stock was sold at an average price of $40.00, for a total transaction of $316,360.00. Following the transaction, the chief financial officer now owns 25,561 shares in the company, valued at $1,022,440. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,527 shares of company stock worth $856,859. Company insiders own 0.87% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of STX. Teachers Advisors LLC grew its position in Seagate Technology PLC by 3.7% during the first quarter. Teachers Advisors LLC now owns 58,527 shares of the data storage provider’s stock worth $2,688,000 after buying an additional 2,099 shares during the period. Amalgamated Bank acquired a new position in Seagate Technology PLC during the first quarter worth about $215,000. Chevy Chase Trust Holdings Inc. grew its position in Seagate Technology PLC by 0.6% during the second quarter. Chevy Chase Trust Holdings Inc. now owns 257,114 shares of the data storage provider’s stock worth $9,963,000 after buying an additional 1,435 shares during the period. Mn Services Vermogensbeheer B.V. grew its position in Seagate Technology PLC by 531.5% during the second quarter. Mn Services Vermogensbeheer B.V. now owns 49,040 shares of the data storage provider’s stock worth $1,900,000 after buying an additional 41,274 shares during the period. Finally, James Investment Research Inc. grew its position in Seagate Technology PLC by 479.9% during the second quarter. James Investment Research Inc. now owns 32,624 shares of the data storage provider’s stock worth $1,264,000 after buying an additional 26,998 shares during the period. Institutional investors own 90.30% 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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