Insider Selling: Seagate Technology PLC (STX) CFO Sells 40,263 Shares of Stock
Seagate Technology PLC (NASDAQ:STX) CFO David H. Morton, Jr. sold 40,263 shares of the business’s stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $48.78, for a total transaction of $1,964,029.14. Following the transaction, the chief financial officer now owns 65,824 shares in the company, valued at $3,210,894.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Shares of Seagate Technology PLC (NASDAQ:STX) traded up $0.68 during midday trading on Thursday, hitting $47.07. 3,808,700 shares of the company’s stock traded hands, compared to its average volume of 7,015,986. Seagate Technology PLC has a 12 month low of $30.60 and a 12 month high of $50.96. The stock has a market capitalization of $13,770.00, a P/E ratio of 17.83, a PEG ratio of 0.57 and a beta of 1.68. The company has a quick ratio of 1.55, a current ratio of 1.96 and a debt-to-equity ratio of 4.03.
Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Monday, October 23rd. The data storage provider reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.10. Seagate Technology had a net margin of 7.41% and a return on equity of 84.50%. The company had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the prior year, the firm earned $0.99 earnings per share. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. equities research analysts expect that Seagate Technology PLC will post 4 earnings per share for the current fiscal year.
Several research analysts have weighed in on the stock. TheStreet upgraded shares of Seagate Technology from a “c+” rating to a “b-” rating in a research report on Tuesday. Craig Hallum restated a “buy” rating and set a $56.00 target price (up from $50.00) on shares of Seagate Technology in a research report on Tuesday. Wells Fargo & Co restated a “market perform” rating and set a $45.00 target price (up from $38.00) on shares of Seagate Technology in a research report on Tuesday. Maxim Group restated a “hold” rating and set a $44.00 target price (up from $43.00) on shares of Seagate Technology in a research report on Tuesday. Finally, Royal Bank of Canada upped their target price on shares of Seagate Technology to $48.00 and gave the stock a “sector perform” rating in a research report on Tuesday. Four equities research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $43.15.
Hedge funds and other institutional investors have recently made changes to their positions in the business. WFG Advisors LP lifted its stake in shares of Seagate Technology by 16,536.4% during the second quarter. WFG Advisors LP now owns 3,660 shares of the data storage provider’s stock valued at $142,000 after buying an additional 3,638 shares during the period. Balentine LLC lifted its stake in shares of Seagate Technology by 56.8% during the third quarter. Balentine LLC now owns 4,471 shares of the data storage provider’s stock valued at $148,000 after buying an additional 1,619 shares during the period. Pacer Advisors Inc. purchased a new position in shares of Seagate Technology during the second quarter valued at approximately $150,000. SpiderRock Advisors LLC lifted its stake in shares of Seagate Technology by 2,419.5% during the third quarter. SpiderRock Advisors LLC now owns 5,568 shares of the data storage provider’s stock valued at $184,000 after buying an additional 5,347 shares during the period. Finally, New England Research & Management Inc. purchased a new position in shares of Seagate Technology during the fourth quarter valued at approximately $205,000. 91.32% of the stock is currently owned by institutional investors.
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About Seagate Technology
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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