Vetr Upgrades Seagate Technology (STX) to “Strong-Buy”
Seagate Technology (NASDAQ:STX) was upgraded by equities research analysts at Vetr from a “buy” rating to a “strong-buy” rating in a report released on Monday. The firm presently has a $45.50 price objective on the data storage provider’s stock. Vetr‘s target price would indicate a potential upside of 16.07% from the stock’s previous close.
Several other equities analysts have also commented on STX. BidaskClub lowered Seagate Technology from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 22nd. Cleveland Research lowered Seagate Technology from a “neutral” rating to an “underperform” rating in a research note on Wednesday, August 23rd. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $35.00 price target on shares of Seagate Technology in a research note on Friday, September 1st. ValuEngine lowered Seagate Technology from a “buy” rating to a “hold” rating in a research note on Friday, September 8th. Finally, Jefferies Group downgraded Seagate Technology from a “buy” rating to a “hold” rating and cut their price objective for the company from $40.00 to $29.00 in a report on Monday, September 11th. 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 given a strong buy rating to the stock. Seagate Technology currently has an average rating of “Hold” and an average target price of $41.53.
Shares of Seagate Technology (NASDAQ:STX) traded up $0.09 during trading on Monday, hitting $39.20. The stock had a trading volume of 4,592,360 shares, compared to its average volume of 5,163,834. Seagate Technology has a twelve month low of $30.60 and a twelve month high of $50.96. The firm has a market cap of $11,340.00, a price-to-earnings ratio of 9.56, a PEG ratio of 0.52 and a beta of 1.67. The company has a current ratio of 1.96, a quick ratio of 1.55 and a debt-to-equity ratio of 4.03.
Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Monday, October 23rd. The data storage provider reported $0.96 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.10. Seagate Technology had a return on equity of 84.50% and a net margin of 7.41%. The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same quarter in the prior year, the company posted $0.99 EPS. The company’s quarterly revenue was down 5.9% on a year-over-year basis. research analysts expect that Seagate Technology will post 3.99 earnings per share for the current year.
In other Seagate Technology news, Director Dambisa F. Moyo sold 8,715 shares of the company’s stock in a transaction dated Wednesday, October 25th. The stock was sold at an average price of $39.01, for a total transaction of $339,972.15. Following the sale, the director now owns 3,316 shares in the company, valued at approximately $129,357.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO David H. Morton, Jr. sold 7,909 shares of the company’s stock in a transaction dated Monday, October 23rd. The stock was sold at an average price of $40.00, for a total value of $316,360.00. Following the sale, the chief financial officer now owns 25,561 shares in the company, valued at approximately $1,022,440. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,981 shares of company stock worth $1,656,761. 0.87% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of STX. Belpointe Asset Management LLC acquired a new position in shares of Seagate Technology during the 3rd quarter worth about $504,000. Yellowstone Partners LLC acquired a new position in shares of Seagate Technology during the 3rd quarter worth about $2,166,000. Balentine LLC boosted its position in shares of Seagate Technology by 56.8% during the 3rd quarter. Balentine LLC now owns 4,471 shares of the data storage provider’s stock worth $148,000 after acquiring an additional 1,619 shares in the last quarter. ValueAct Holdings L.P. boosted its position in shares of Seagate Technology by 55.3% during the 3rd quarter. ValueAct Holdings L.P. now owns 21,458,600 shares of the data storage provider’s stock worth $711,782,000 after acquiring an additional 7,642,835 shares in the last quarter. Finally, Vident Investment Advisory LLC acquired a new position in shares of Seagate Technology during the 3rd quarter worth about $297,000. Institutional investors own 91.76% of the company’s stock.
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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