Wells Fargo & Company restated their market perform rating on shares of Seagate Technology PLC (NASDAQ:STX) in a research note published on Wednesday. Wells Fargo & Company currently has a $35.00 price objective on the data storage provider’s stock, down from their previous price objective of $42.00.

A number of other equities research analysts have also recently issued reports on STX. Robert W. Baird reiterated a neutral rating and set a $38.00 price objective (down previously from $45.00) on shares of Seagate Technology PLC in a research note on Wednesday. Summit Redstone reissued a sell rating on shares of Seagate Technology PLC in a report on Saturday, July 22nd. Mizuho decreased their target price on Seagate Technology PLC from $41.00 to $36.00 and set a neutral rating on the stock in a report on Tuesday, July 25th. Benchmark Co. lowered Seagate Technology PLC from a buy rating to a hold rating in a report on Tuesday, July 25th. Finally, Stifel Nicolaus reissued a hold rating and set a $45.00 target price on shares of Seagate Technology PLC in a report on Friday, July 14th. Four analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $42.12.

Shares of Seagate Technology PLC (STX) opened at 32.61 on Wednesday. The firm has a market cap of $9.52 billion, a P/E ratio of 12.64 and a beta of 1.73. The stock has a 50 day moving average of $39.26 and a 200 day moving average of $43.32. Seagate Technology PLC has a 52 week low of $30.09 and a 52 week high of $50.96.

Seagate Technology PLC (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, July 25th. The data storage provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $2.56 billion. During the same quarter in the prior year, the company earned $0.69 EPS. The company’s revenue for the quarter was down 9.3% on a year-over-year basis. Equities analysts forecast that Seagate Technology PLC will post $3.70 earnings per share for the current year.

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The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 4th. Shareholders of record on Wednesday, September 20th will be issued a $0.63 dividend. 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 other news, CFO David H. Morton, Jr. sold 3,040 shares of the stock in a transaction 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 sale, the chief financial officer now directly owns 9,063 shares of the company’s stock, valued at approximately $392,065.38. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Chong Sup Park sold 3,809 shares of the stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $43.63, for a total value of $166,186.67. Following the sale, the director now directly owns 11,753 shares in the company, valued at $512,783.39. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,456 shares of company stock worth $715,313. Insiders own 1.50% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in STX. Ledyard National Bank raised its stake in Seagate Technology PLC by 1,318.3% in the first quarter. Ledyard National Bank now owns 4,255 shares of the data storage provider’s stock valued at $195,000 after buying an additional 3,955 shares during the period. Sii Investments Inc. WI raised its stake in Seagate Technology PLC by 4.3% in the first quarter. Sii Investments Inc. WI now owns 6,465 shares of the data storage provider’s stock valued at $295,000 after buying an additional 269 shares during the period. Global X Management Co. LLC raised its stake in Seagate Technology PLC by 29.2% in the first quarter. Global X Management Co. LLC now owns 3,490 shares of the data storage provider’s stock valued at $160,000 after buying an additional 789 shares during the period. Suntrust Banks Inc. raised its stake in Seagate Technology PLC by 124.8% in the first quarter. Suntrust Banks Inc. now owns 55,237 shares of the data storage provider’s stock valued at $2,535,000 after buying an additional 30,668 shares during the period. Finally, Ropes Wealth Advisors LLC raised its stake in Seagate Technology PLC by 104.1% in the first quarter. Ropes Wealth Advisors LLC now owns 6,302 shares of the data storage provider’s stock valued at $289,000 after buying an additional 3,215 shares during the period. 86.75% of the stock is currently owned by institutional investors.

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)

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