Seagate Technology PLC (NASDAQ:STX) Price Target Cut to $36.00 by Analysts at Mizuho
Seagate Technology PLC (NASDAQ:STX) had its price target trimmed by Mizuho from $41.00 to $36.00 in a research note released on Tuesday morning, Marketbeat Ratings reports. The firm currently has a neutral rating on the data storage provider’s stock.
A number of other brokerages also recently commented on STX. Cowen and Company reissued a market perform rating and issued a $45.00 price objective (down previously from $46.00) on shares of Seagate Technology PLC in a research report on Wednesday, April 26th. Susquehanna Bancshares Inc reissued a neutral rating on shares of Seagate Technology PLC in a research report on Wednesday, April 12th. Longbow Research raised shares of Seagate Technology PLC from a neutral rating to a buy rating and lifted their price objective for the company from $18.42 to $55.00 in a research report on Tuesday, April 11th. BTIG Research reissued a buy rating and issued a $55.00 price objective on shares of Seagate Technology PLC in a research report on Thursday, April 6th. Finally, Royal Bank Of Canada reissued a hold rating and issued a $45.00 price objective on shares of Seagate Technology PLC in a research report on Friday, June 9th. Four investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Seagate Technology PLC presently has a consensus rating of Hold and an average price target of $42.12.
Seagate Technology PLC (STX) traded up 0.15% during midday trading on Tuesday, reaching $32.61. 7,865,473 shares of the company’s stock were exchanged. Seagate Technology PLC has a 52 week low of $30.09 and a 52 week high of $50.96. The company has a market cap of $9.52 billion, a price-to-earnings ratio of 12.64 and a beta of 1.73. 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 (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, July 25th. The data storage provider reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by $0.34. Seagate Technology PLC had a net margin of 7.17% and a return on equity of 81.87%. The firm had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.56 billion. During the same period last year, the business earned $0.69 EPS. The business’s revenue was down 9.3% on a year-over-year basis. Analysts anticipate that Seagate Technology PLC will post $3.70 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 20th will be given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 7.73%. The ex-dividend date is Tuesday, September 19th. Seagate Technology PLC’s dividend payout ratio is 97.67%.
In related news, SVP Mark Re sold 9,607 shares of the company’s stock in a transaction that occurred on Monday, May 15th. The shares were 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 approximately $1,759,230.90. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO David H. Morton, Jr. sold 3,040 shares of the company’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $43.26, for a total transaction of $131,510.40. Following the transaction, the chief financial officer now owns 9,063 shares of the company’s stock, valued at $392,065.38. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,456 shares of company stock valued at $715,313. 1.50% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted 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 in the last quarter. BlackRock Inc. boosted its position in shares of 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 valued at $842,196,000 after buying an additional 17,777,387 shares during the period. State Street Corp boosted its position in shares of Seagate Technology PLC by 3.4% in the first quarter. State Street Corp now owns 11,253,471 shares of the data storage provider’s stock valued at $516,900,000 after buying an additional 374,218 shares during the period. Geode Capital Management LLC boosted its position in shares of 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 valued at $147,067,000 after buying an additional 642,845 shares during the period. Finally, Prudential Financial Inc. boosted its position in shares of 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 valued at $119,573,000 after buying an additional 2,032,271 shares during the period. Institutional investors and hedge funds own 86.75% of the company’s stock.
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.
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