Seagate Technology PLC (STX) PT Raised to $36.00 at Cowen and Company
Seagate Technology PLC (NASDAQ:STX) had its price target increased by Cowen and Company from $32.00 to $36.00 in a research report sent to investors on Tuesday. They currently have a market perform rating on the data storage provider’s stock.
A number of other research firms have also recently weighed in on STX. Maxim Group upped their price target on shares of Seagate Technology PLC from $25.00 to $35.00 and gave the stock a hold rating in a research note on Tuesday, July 12th. Jefferies Group increased their price objective on shares of Seagate Technology PLC from $32.00 to $38.00 and gave the company a buy rating in a research note on Tuesday, September 6th. RBC Capital Markets reissued a sector perform rating and issued a $31.00 price objective (up from $27.00) on shares of Seagate Technology PLC in a research note on Tuesday, August 2nd. Susquehanna reissued a neutral rating and issued a $32.00 price objective (up from $30.00) on shares of Seagate Technology PLC in a research note on Friday, August 19th. Finally, Brean Capital reissued a buy rating on shares of Seagate Technology PLC in a research note on Wednesday, June 15th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $38.35.
Seagate Technology PLC (NASDAQ:STX) opened at 35.16 on Tuesday. Seagate Technology PLC has a 52 week low of $18.42 and a 52 week high of $41.83. The firm’s 50-day moving average is $36.23 and its 200-day moving average is $29.09. The stock has a market capitalization of $10.55 billion, a P/E ratio of 42.88 and a beta of 2.50.
Seagate Technology PLC (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share for the quarter, topping the Zacks’ 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 had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.32 billion. During the same period in the prior year, the company posted $0.77 EPS. The business’s revenue for the quarter was down 9.3% on a year-over-year basis. On average, equities research analysts predict that Seagate Technology PLC will post $3.04 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Saturday, October 15th. Shareholders of record on Wednesday, September 21st were paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 7.17%. The ex-dividend date was Monday, September 19th. Seagate Technology PLC’s payout ratio is 307.32%.
In other Seagate Technology PLC news, CFO David H. Morton, Jr. sold 1,716 shares of the firm’s stock in a transaction on Wednesday, September 14th. The stock was sold at an average price of $36.16, for a total value of $62,050.56. Following the sale, the chief financial officer now directly owns 20,782 shares in the company, valued at $751,477.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Mark Re sold 5,800 shares of the firm’s stock in a transaction on Wednesday, August 31st. The shares were sold at an average price of $33.58, for a total value of $194,764.00. Following the completion of the sale, the senior vice president now owns 46,970 shares in the company, valued at $1,577,252.60. The disclosure for this sale can be found here. 1.50% of the stock is owned by company insiders.
Several large investors have recently modified their holdings of STX. Spirit of America Management Corp NY bought a new stake in shares of Seagate Technology PLC during the third quarter worth $104,000. Cowen Prime Services LLC bought a new stake in shares of Seagate Technology PLC during the second quarter worth $105,000. Glenmede Trust Co. NA boosted its stake in shares of 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 in the last quarter. Advisory Services Network LLC boosted its stake in shares of 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 in the last quarter. Finally, Tredje AP fonden bought a new stake in shares of Seagate Technology PLC during the second quarter worth $146,000. Institutional investors and hedge funds own 83.93% 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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