Seagate Technology PLC (STX) Rating Reiterated by BTIG Research
BTIG Research reaffirmed their buy rating on shares of Seagate Technology PLC (NASDAQ:STX) in a research report sent to investors on Thursday. The brokerage currently has a $45.00 price objective on the data storage provider’s stock, up from their previous price objective of $36.00.
Several other equities research analysts also recently issued reports on STX. Brean Capital reaffirmed a buy rating and set a $30.00 price target on shares of Seagate Technology PLC in a report on Thursday, June 30th. Zacks Investment Research raised Seagate Technology PLC from a hold rating to a buy rating and set a $33.00 price target for the company in a report on Thursday, July 14th. Needham & Company LLC reaffirmed a strong-buy rating and set a $39.00 price target (up previously from $33.00) on shares of Seagate Technology PLC in a report on Wednesday, August 3rd. Barclays PLC raised their price target on Seagate Technology PLC from $25.00 to $34.00 and gave the company an equal weight rating in a report on Wednesday, August 3rd. Finally, Vetr downgraded Seagate Technology PLC from a buy rating to a sell rating and set a $28.00 target price for the company. in a report on Tuesday, July 19th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $37.27.
Shares of Seagate Technology PLC (NASDAQ:STX) opened at 35.10 on Thursday. The stock has a 50 day moving average of $35.95 and a 200 day moving average of $28.99. The company has a market cap of $10.53 billion, a price-to-earnings ratio of 42.80 and a beta of 2.50. Seagate Technology PLC has a 12-month low of $18.42 and a 12-month high of $49.26.
Seagate Technology PLC (NASDAQ:STX) last released its earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.09. Seagate Technology PLC had a net margin of 2.22% and a return on equity of 38.98%. The business earned $2.65 billion during the quarter, compared to analysts’ expectations of $2.32 billion. During the same period last year, the business earned $0.77 earnings per share. The firm’s revenue was down 9.3% on a year-over-year basis. On average, equities analysts expect that Seagate Technology PLC will post $3.04 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Wednesday, September 21st will be given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 7.18%. The ex-dividend date is Monday, September 19th. Seagate Technology PLC’s payout ratio is 307.32%.
In related news, SVP Mark Re sold 12,750 shares of the company’s stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $31.84, for a total transaction of $405,960.00. Following the completion of the sale, the senior vice president now owns 65,520 shares in the company, valued at $2,086,156.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO David H. Morton, Jr. sold 2,773 shares of the company’s stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $35.98, for a total value of $99,772.54. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.
A number of large investors have recently made changes to their positions in STX. Pzena Investment Management LLC increased its stake in shares of Seagate Technology PLC by 58.1% in the second quarter. Pzena Investment Management LLC now owns 15,500,305 shares of the data storage provider’s stock valued at $377,587,000 after buying an additional 5,696,037 shares during the period. ValueAct Holdings L.P. bought a new stake in shares of Seagate Technology PLC during the second quarter valued at about $73,080,000. BlackRock Fund Advisors increased its stake in shares of Seagate Technology PLC by 47.3% in the first quarter. BlackRock Fund Advisors now owns 8,121,266 shares of the data storage provider’s stock valued at $279,778,000 after buying an additional 2,607,145 shares during the period. Prudential Financial Inc. increased its stake in shares of Seagate Technology PLC by 438.4% in the second quarter. Prudential Financial Inc. now owns 2,364,558 shares of the data storage provider’s stock valued at $57,601,000 after buying an additional 1,925,388 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of Seagate Technology PLC by 5.3% in the second quarter. Vanguard Group Inc. now owns 27,746,230 shares of the data storage provider’s stock valued at $675,899,000 after buying an additional 1,388,053 shares during the period. Institutional investors and hedge funds own 83.86% 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.
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