Seagate Technology (NASDAQ:STX) had its price target decreased by Morgan Stanley from $73.00 to $60.00 in a report published on Monday. Morgan Stanley currently has an overweight rating on the data storage provider’s stock.
Other research analysts have also recently issued reports about the stock. Loop Capital decreased their price objective on shares of Seagate Technology to $60.00 and set a buy rating for the company in a report on Monday, October 29th. They noted that the move was a valuation call. Goldman Sachs Group set a $39.00 price objective on shares of Seagate Technology and gave the company a sell rating in a report on Wednesday, September 12th. Royal Bank of Canada reiterated a hold rating and issued a $62.00 price objective on shares of Seagate Technology in a report on Monday, July 30th. Robert W. Baird decreased their price objective on shares of Seagate Technology from $56.00 to $45.00 and set a neutral rating for the company in a report on Friday. Finally, BidaskClub cut shares of Seagate Technology from a buy rating to a hold rating in a report on Friday, September 28th. Five analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have issued a buy rating to the company. Seagate Technology currently has an average rating of Hold and an average target price of $51.05.
Shares of NASDAQ:STX traded down $0.48 during trading hours on Monday, hitting $44.47. The stock had a trading volume of 39,864 shares, compared to its average volume of 4,695,479. Seagate Technology has a 1-year low of $36.07 and a 1-year high of $62.70. The firm has a market capitalization of $12.75 billion, a P/E ratio of 8.08, a PEG ratio of 0.58 and a beta of 1.71. The company has a current ratio of 1.42, a quick ratio of 1.07 and a debt-to-equity ratio of 2.34.
Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Friday, November 2nd. The data storage provider reported $1.70 EPS for the quarter, beating the consensus estimate of $1.55 by $0.15. Seagate Technology had a net margin of 12.57% and a return on equity of 123.05%. The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.95 billion. During the same quarter last year, the business earned $0.96 earnings per share. Seagate Technology’s revenue was up 13.7% compared to the same quarter last year. Analysts predict that Seagate Technology will post 6.11 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 2nd. Investors of record on Wednesday, December 19th will be issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 5.67%. Seagate Technology’s payout ratio is 45.74%.
In related news, insider Stephen J. Luczo sold 35,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $55.40, for a total value of $1,939,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Valueact Capital Master Fund, acquired 2,090,783 shares of the firm’s stock in a transaction that occurred on Monday, August 13th. The stock was purchased at an average cost of $50.94 per share, with a total value of $106,504,486.02. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 4,636,648 shares of company stock valued at $239,240,175 and have sold 46,086 shares valued at $2,529,660. Company insiders own 1.00% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Seagate Technology by 1.4% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 78,944 shares of the data storage provider’s stock valued at $4,458,000 after purchasing an additional 1,072 shares in the last quarter. Acadian Asset Management LLC raised its holdings in Seagate Technology by 25.5% in the 2nd quarter. Acadian Asset Management LLC now owns 5,344 shares of the data storage provider’s stock worth $302,000 after acquiring an additional 1,087 shares during the period. State Treasurer State of Michigan grew its position in Seagate Technology by 1.3% in the 2nd quarter. State Treasurer State of Michigan now owns 84,940 shares of the data storage provider’s stock worth $4,797,000 after purchasing an additional 1,100 shares during the last quarter. Kwmg LLC grew its position in Seagate Technology by 3.2% in the 2nd quarter. Kwmg LLC now owns 45,618 shares of the data storage provider’s stock worth $2,576,000 after purchasing an additional 1,403 shares during the last quarter. Finally, Global Financial Private Capital LLC raised its stake in shares of Seagate Technology by 5.5% in the second quarter. Global Financial Private Capital LLC now owns 29,659 shares of the data storage provider’s stock worth $1,675,000 after acquiring an additional 1,541 shares during the last quarter. 83.57% of the stock is owned by hedge funds and other institutional investors.
Seagate Technology Company Profile
Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It manufactures and distributes hard disk drives; solid state drives (SSDs), including serial attached small computer system interface and non-volatile memory express SSDs; solid state hybrid drives; and storage subsystems.
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