“Western Digital did not participate in the gaming drive market last quarter.”,” Benchmark’s analyst wrote.
Other research analysts also recently issued reports about the company. Zacks Investment Research downgraded Seagate Technology from a buy rating to a hold rating in a research report on Tuesday, August 21st. Goldman Sachs Group downgraded Seagate Technology from a neutral rating to a sell rating and dropped their price target for the stock from $50.00 to $44.00 in a research report on Thursday, August 9th. BidaskClub downgraded Seagate Technology from a strong-buy rating to a buy rating in a research report on Wednesday, July 25th. Mizuho reaffirmed a hold rating and issued a $48.00 price target on shares of Seagate Technology in a research report on Monday. Finally, Summit Insights raised Seagate Technology from a sell rating to a hold rating in a research report on Friday, November 2nd. Five investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have issued a buy rating to the stock. Seagate Technology currently has a consensus rating of Hold and a consensus target price of $50.91.
Shares of STX stock opened at $45.33 on Monday. 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 has a twelve month low of $36.69 and a twelve month high of $62.70. The company has a market capitalization of $13.00 billion, a P/E ratio of 8.23, a P/E/G ratio of 0.69 and a beta of 1.71.
Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Friday, November 2nd. The data storage provider reported $1.70 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.55 by $0.15. Seagate Technology had a return on equity of 123.05% and a net margin of 12.57%. The business had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.95 billion. During the same period last year, the business earned $0.96 EPS. The firm’s revenue was up 13.7% compared to the same quarter last year. On average, research analysts forecast that Seagate Technology will post 5.33 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Stockholders of record on Wednesday, December 19th 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 5.56%. The ex-dividend date of this dividend is Tuesday, December 18th. Seagate Technology’s dividend payout ratio is presently 45.74%.
In related news, insider Stephen J. Luczo sold 35,000 shares of the business’s stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $55.40, for a total value of $1,939,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Valueact Capital Master Fund, purchased 2,090,783 shares of the firm’s stock in a transaction that occurred on Monday, August 13th. The stock was bought at an average cost of $50.94 per share, for a total transaction of $106,504,486.02. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 4,055,357 shares of company stock worth $209,385,069 and have sold 46,086 shares worth $2,529,660. Insiders own 1.00% of the company’s stock.
A number of hedge funds have recently made changes to their positions in STX. Skandinaviska Enskilda Banken AB publ acquired a new stake in Seagate Technology in the 3rd quarter valued at $259,905,000. Morgan Stanley boosted its stake in Seagate Technology by 81.0% in the 2nd quarter. Morgan Stanley now owns 2,691,882 shares of the data storage provider’s stock valued at $152,011,000 after buying an additional 1,204,618 shares in the last quarter. Wedge Capital Management L L P NC acquired a new stake in Seagate Technology in the 2nd quarter valued at $62,387,000. ValueAct Holdings L.P. boosted its stake in Seagate Technology by 4.4% in the 2nd quarter. ValueAct Holdings L.P. now owns 22,404,700 shares of the data storage provider’s stock valued at $1,265,194,000 after buying an additional 946,100 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in Seagate Technology in the 2nd quarter valued at $31,747,000. 83.57% of the stock is currently owned by institutional investors and hedge funds.
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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