Short Interest in Seagate Technology PLC (STX) Decreases By 7.8%
Seagate Technology PLC (NASDAQ:STX) was the recipient of a significant decrease in short interest in December. As of December 29th, there was short interest totalling 39,125,673 shares, a decrease of 7.8% from the December 15th total of 42,446,808 shares. Based on an average daily volume of 2,864,806 shares, the short-interest ratio is presently 13.7 days. Currently, 13.6% of the shares of the stock are sold short.
Several research analysts recently issued reports on the stock. Zacks Investment Research raised shares of Seagate Technology from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research report on Friday. TheStreet raised shares of Seagate Technology from a “c+” rating to a “b-” rating in a report on Tuesday. Cowen reaffirmed a “market perform” rating and set a $47.00 price objective (up previously from $39.00) on shares of Seagate Technology in a report on Monday, January 8th. Loop Capital reaffirmed a “buy” rating and set a $55.00 price objective on shares of Seagate Technology in a report on Tuesday. They noted that the move was a valuation call. Finally, Royal Bank of Canada raised their price objective on shares of Seagate Technology to $48.00 and gave the stock a “sector perform” rating in a report on Tuesday. Four analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. Seagate Technology has a consensus rating of “Hold” and a consensus price target of $43.39.
In related news, CFO David H. Morton, Jr. sold 7,909 shares of the stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $40.00, for a total value of $316,360.00. Following the completion of the transaction, the chief financial officer now owns 25,561 shares of the company’s stock, valued at $1,022,440. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Philip G. Brace sold 12,000 shares of the stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $46.44, for a total transaction of $557,280.00. Following the completion of the transaction, the insider now directly owns 27,069 shares of the company’s stock, valued at approximately $1,257,084.36. The disclosure for this sale can be found here. Insiders sold 194,744 shares of company stock valued at $9,075,320 in the last three months. Company insiders own 0.87% of the company’s stock.
Shares of Seagate Technology (NASDAQ STX) opened at $51.26 on Friday. Seagate Technology has a 52 week low of $30.60 and a 52 week high of $51.88. The company has a debt-to-equity ratio of 4.03, a quick ratio of 1.55 and a current ratio of 1.96. The company has a market cap of $14,830.00, a P/E ratio of 19.42, a PEG ratio of 0.57 and a beta of 1.68.
Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Monday, October 23rd. The data storage provider reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.10. Seagate Technology had a net margin of 7.41% and a return on equity of 84.50%. The firm had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same period last year, the firm earned $0.99 earnings per share. The business’s revenue for the quarter was down 5.9% on a year-over-year basis. analysts anticipate that Seagate Technology will post 4 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 3rd. Shareholders of record on Wednesday, December 20th were paid a $0.63 dividend. The ex-dividend date was Tuesday, December 19th. This represents a $2.52 dividend on an annualized basis and a yield of 4.92%. Seagate Technology’s payout ratio is presently 95.45%.
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About Seagate Technology
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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