Seagate Technology PLC (STX) Receives “Hold” Rating from KeyCorp
Seagate Technology PLC (NASDAQ:STX)‘s stock had its “hold” rating reissued by equities research analysts at KeyCorp in a report issued on Monday.
Other equities research analysts have also recently issued reports about the company. Loop Capital initiated coverage on Seagate Technology PLC in a report on Monday, July 24th. They set a “buy” rating and a $50.00 price target on the stock. ValuEngine cut Seagate Technology PLC from a “strong-buy” rating to a “buy” rating in a report on Friday, July 28th. BidaskClub lowered Seagate Technology PLC from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Craig Hallum upgraded Seagate Technology PLC from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Monday, October 2nd. Finally, Morgan Stanley restated an “equal weight” rating and set a $37.00 price objective (down previously from $40.00) on shares of Seagate Technology PLC in a research report on Thursday, July 13th. Four analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $41.10.
Seagate Technology PLC (NASDAQ STX) traded up 12.62% during trading on Monday, reaching $39.35. The company had a trading volume of 33,593,785 shares. The firm’s 50-day moving average price is $33.27 and its 200 day moving average price is $38.26. Seagate Technology PLC has a one year low of $30.60 and a one year high of $50.96. The firm has a market capitalization of $11.33 billion, a P/E ratio of 15.25 and a beta of 1.72.
Seagate Technology PLC (NASDAQ:STX) last posted its quarterly earnings results on Monday, October 23rd. The data storage provider reported $0.96 EPS for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.11. The business had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.54 billion. Seagate Technology PLC had a return on equity of 81.87% and a net margin of 7.17%. The business’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period last year, the firm earned $0.99 earnings per share. Equities analysts forecast that Seagate Technology PLC will post $3.63 earnings per share for the current fiscal year.
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In related news, insider Philip G. Brace purchased 1,000 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was purchased at an average price of $33.34 per share, with a total value of $33,340.00. Following the completion of the purchase, the insider now owns 62,855 shares of the company’s stock, valued at approximately $2,095,585.70. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.87% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. raised its stake in Seagate Technology PLC by 74.4% in the second quarter. JPMorgan Chase & Co. now owns 1,650,262 shares of the data storage provider’s stock worth $63,947,000 after buying an additional 703,822 shares in the last quarter. CIBC World Markets Inc. bought a new position in Seagate Technology PLC in the second quarter worth approximately $9,699,000. Aviva PLC raised its stake in Seagate Technology PLC by 2.8% in the second quarter. Aviva PLC now owns 181,216 shares of the data storage provider’s stock worth $7,022,000 after buying an additional 4,950 shares in the last quarter. Meridian Wealth Management LLC raised its stake in Seagate Technology PLC by 7.9% in the second quarter. Meridian Wealth Management LLC now owns 8,284 shares of the data storage provider’s stock worth $321,000 after buying an additional 604 shares in the last quarter. Finally, 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 worth $295,000 after buying an additional 269 shares in the last quarter. 90.08% of the stock is owned by hedge funds and other 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.
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