Maxim Group reissued their hold rating on shares of Seagate Technology PLC (NASDAQ:STX) in a report released on Wednesday morning. They currently have a $38.00 price objective on the data storage provider’s stock, down from their prior price objective of $46.00.

“Jun Q results disappoint as surveillance HDD faces a digestion period; most of gross margin miss due to component pricing in ~$100M/quarter ODM portion of business. Below consensus September quarter guidance may not represent the bottom of current down-cycle as digestion periods often last longer than a quarter.”,” the firm’s analyst commented.

A number of other equities research analysts have also recently commented on the company. Needham & Company LLC raised their target price on Seagate Technology PLC from $55.00 to $57.00 and gave the company a strong-buy rating in a research report on Thursday, April 27th. Jefferies Group LLC dropped their target price on Seagate Technology PLC from $55.00 to $50.00 and set a buy rating on the stock in a research report on Friday, April 28th. Cowen and Company restated a market perform rating and set a $45.00 target price (down from $46.00) on shares of Seagate Technology PLC in a research report on Wednesday, April 26th. Royal Bank Of Canada restated a hold rating and set a $45.00 target price on shares of Seagate Technology PLC in a research report on Friday, June 9th. Finally, Longbow Research upgraded Seagate Technology PLC from a neutral rating to a buy rating and raised their target price for the company from $18.42 to $55.00 in a research report on Tuesday, April 11th. Four analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $42.12.

Shares of Seagate Technology PLC (STX) traded up 0.15% during trading on Wednesday, hitting $32.61. The stock had a trading volume of 7,865,473 shares. The firm has a 50 day moving average price of $39.26 and a 200 day moving average price of $43.32. Seagate Technology PLC has a 12-month low of $30.09 and a 12-month high of $50.96. The firm has a market cap of $9.52 billion, a P/E ratio of 12.64 and a beta of 1.73.

Seagate Technology PLC (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, July 25th. The data storage provider reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.99 by $0.34. Seagate Technology PLC had a return on equity of 81.87% and a net margin of 7.17%. The company had revenue of $2.41 billion for the quarter, compared to analyst estimates of $2.56 billion. During the same period in the prior year, the business posted $0.69 earnings per share. Seagate Technology PLC’s revenue for the quarter was down 9.3% on a year-over-year basis. On average, equities analysts expect that Seagate Technology PLC will post $3.70 earnings per share for the current fiscal year.

COPYRIGHT VIOLATION NOTICE: “Maxim Group Reaffirms “Hold” Rating for Seagate Technology PLC (STX)” was reported by Watch List News and is owned by of Watch List News. If you are viewing this piece of content on another publication, it was stolen and republished in violation of international trademark & copyright legislation. The legal version of this piece of content can be read at https://www.watchlistnews.com/maxim-group-reaffirms-hold-rating-for-seagate-technology-plc-stx/1462856.html.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 20th will be issued a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 7.73%. The ex-dividend date is Tuesday, September 19th. Seagate Technology PLC’s payout ratio is 97.67%.

In other Seagate Technology PLC news, Director Chong Sup Park sold 3,809 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $43.63, for a total value of $166,186.67. Following the transaction, the director now directly owns 11,753 shares of the company’s stock, valued at approximately $512,783.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Mark Re sold 9,607 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $43.47, for a total transaction of $417,616.29. Following the completion of the transaction, the senior vice president now directly owns 40,470 shares in the company, valued at $1,759,230.90. The disclosure for this sale can be found here. Insiders sold a total of 16,456 shares of company stock worth $715,313 over the last three months. Corporate insiders own 1.50% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in STX. BlackRock Inc. raised its position in Seagate Technology PLC by 3,179.5% in the first quarter. BlackRock Inc. now owns 18,336,509 shares of the data storage provider’s stock worth $842,196,000 after buying an additional 17,777,387 shares during the period. Prudential Financial Inc. raised its position in Seagate Technology PLC by 355.8% in the first quarter. Prudential Financial Inc. now owns 2,603,387 shares of the data storage provider’s stock worth $119,573,000 after buying an additional 2,032,271 shares during the period. Renaissance Technologies LLC raised its position in Seagate Technology PLC by 1,387.8% in the first quarter. Renaissance Technologies LLC now owns 1,292,893 shares of the data storage provider’s stock worth $59,383,000 after buying an additional 1,205,993 shares during the period. Vanguard Group Inc. raised its position in Seagate Technology PLC by 3.8% in the first quarter. Vanguard Group Inc. now owns 31,119,928 shares of the data storage provider’s stock worth $1,429,338,000 after buying an additional 1,132,336 shares during the period. Finally, Geode Capital Management LLC raised its position in Seagate Technology PLC by 25.1% in the first quarter. Geode Capital Management LLC now owns 3,206,093 shares of the data storage provider’s stock worth $147,067,000 after buying an additional 642,845 shares during the period. 86.75% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Seagate Technology PLC (NASDAQ:STX)

Receive News & Ratings for Seagate Technology PLC Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Seagate Technology PLC and related companies with Analyst Ratings Network's FREE daily email newsletter.