Seagate Technology (STX) Rating Lowered to Market Perform at BMO Capital Markets

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Seagate Technology (NASDAQ:STX) was downgraded by BMO Capital Markets to a “market perform” rating in a research report issued on Monday, The Fly reports. They presently have a $45.00 price objective on the data storage provider’s stock. BMO Capital Markets’ price objective suggests a potential downside of 0.92% from the stock’s previous close.

STX has been the subject of a number of other research reports. Summit Insights upgraded Seagate Technology from a “sell” rating to a “hold” rating in a research note on Friday, November 2nd. Summit Redstone upgraded Seagate Technology to a “hold” rating in a research note on Friday, November 2nd. Mizuho reiterated a “hold” rating and issued a $48.00 price objective on shares of Seagate Technology in a research note on Monday. Robert W. Baird reduced their price objective on Seagate Technology from $56.00 to $45.00 and set a “neutral” rating for the company in a research note on Friday, November 2nd. Finally, BidaskClub cut Seagate Technology from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 25th. Five research 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. The stock has a consensus rating of “Hold” and a consensus target price of $51.05.

STX stock opened at $45.42 on Monday. The company has a market cap of $12.75 billion, a P/E ratio of 8.24, a price-to-earnings-growth ratio of 0.58 and a beta of 1.71. Seagate Technology has a fifty-two week low of $36.69 and a fifty-two week high of $62.70. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.42 and a quick ratio of 1.07.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Friday, November 2nd. The data storage provider reported $1.70 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.15. The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.95 billion. Seagate Technology had a return on equity of 123.05% and a net margin of 12.57%. The firm’s revenue was up 13.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.96 earnings per share. As a group, sell-side analysts anticipate that Seagate Technology will post 6.11 earnings per share for the current fiscal year.

In related news, insider Valueact Capital Master Fund, purchased 2,090,783 shares of the business’s stock in a transaction dated Monday, August 13th. The stock was acquired at an average price of $50.94 per share, for a total transaction of $106,504,486.02. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Holdings L.P. Valueact purchased 581,291 shares of the business’s stock in a transaction dated Thursday, August 9th. The shares were bought at an average price of $51.36 per share, with a total value of $29,855,105.76. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 4,636,648 shares of company stock valued at $239,240,175 and have sold 46,086 shares valued at $2,529,660. 1.00% of the stock is owned by corporate insiders.

Hedge funds have recently made changes to their positions in the stock. Quad Cities Investment Group LLC acquired a new position in Seagate Technology during the second quarter worth $124,000. WESPAC Advisors SoCal LLC acquired a new position in Seagate Technology during the third quarter worth $108,000. Partners Capital Investment Group LLP acquired a new position in Seagate Technology during the second quarter worth $136,000. Qube Research & Technologies Ltd acquired a new position in Seagate Technology during the second quarter worth $146,000. Finally, First Hawaiian Bank acquired a new position in Seagate Technology during the third quarter worth $139,000. 83.57% of the stock is currently 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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Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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