Seagate Technology PLC (STX) Price Target Cut to $42.00
Seagate Technology PLC (NASDAQ:STX) had its price target reduced by Citigroup Inc. from $46.00 to $42.00 in a research note issued to investors on Tuesday, MarketBeat Ratings reports. They currently have a neutral rating on the data storage provider’s stock.
A number of other research analysts have also recently weighed in on the company. Stifel Nicolaus restated a hold rating and issued a $45.00 price target on shares of Seagate Technology PLC in a research report on Friday, July 14th. Morgan Stanley restated an equal weight rating and issued a $37.00 price target (down previously from $40.00) on shares of Seagate Technology PLC in a research report on Thursday, July 13th. Barclays PLC lowered Seagate Technology PLC from an equal weight rating to an underweight rating and decreased their price objective for the company from $49.00 to $40.00 in a research note on Thursday, July 13th. Evercore ISI began coverage on Seagate Technology PLC in a research note on Friday, June 16th. They set an in-line rating and a $48.00 price objective on the stock. Finally, Aegis began coverage on Seagate Technology PLC in a research note on Tuesday, June 13th. They set a buy rating and a $50.00 price objective on the stock. Four analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $43.48.
Shares of Seagate Technology PLC (STX) traded up 0.41% during midday trading on Tuesday, reaching $39.58. 3,256,610 shares of the company’s stock traded hands. The company has a market capitalization of $11.74 billion, a PE ratio of 16.29 and a beta of 1.73. The stock’s 50 day moving average is $40.54 and its 200-day moving average is $43.52. 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 results on Wednesday, April 26th. The data storage provider reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.04. Seagate Technology PLC had a return on equity of 79.83% and a net margin of 6.61%. The business had revenue of $2.67 billion during the quarter, compared to analysts’ expectations of $2.71 billion. During the same quarter last year, the business posted $0.22 earnings per share. The business’s revenue for the quarter was up 3.0% on a year-over-year basis. On average, analysts forecast that Seagate Technology PLC will post $4.45 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which was paid on Wednesday, July 5th. Investors of record on Wednesday, June 21st were issued a dividend of $0.63 per share. The ex-dividend date was Monday, June 19th. This represents a $2.52 annualized dividend and a dividend yield of 6.37%. Seagate Technology PLC’s payout ratio is currently 103.70%.
In related news, CEO Stephen J. Luczo sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, April 25th. The stock was sold at an average price of $50.00, for a total transaction of $5,000,000.00. Following the sale, the chief executive officer now directly owns 27,188 shares in the company, valued at approximately $1,359,400. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Mark Re sold 9,607 shares of the firm’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $43.47, for a total value of $417,616.29. Following the sale, the senior vice president now owns 40,470 shares in the company, valued at $1,759,230.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 116,456 shares of company stock worth $5,715,313. Company insiders own 1.50% of the company’s stock.
Several large investors have recently made changes to their positions in STX. State Board of Administration of Florida Retirement System increased its stake in Seagate Technology PLC by 4.7% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 21,342 shares of the data storage provider’s stock valued at $815,000 after buying an additional 950 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Seagate Technology PLC by 3.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,122,226 shares of the data storage provider’s stock valued at $42,835,000 after buying an additional 37,835 shares in the last quarter. Allianz Asset Management AG increased its stake in Seagate Technology PLC by 0.6% in the fourth quarter. Allianz Asset Management AG now owns 17,326 shares of the data storage provider’s stock valued at $661,000 after buying an additional 100 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Seagate Technology PLC during the fourth quarter valued at about $3,317,000. Finally, Franklin Resources Inc. increased its stake in Seagate Technology PLC by 4.6% in the fourth quarter. Franklin Resources Inc. now owns 16,984 shares of the data storage provider’s stock valued at $648,000 after buying an additional 743 shares in the last quarter. Institutional investors and hedge funds own 86.60% of the company’s stock.
Seagate Technology PLC Company Profile
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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