Seagate Technology PLC (NASDAQ:STX) Lowered to Buy at Vetr Inc.

Seagate Technology PLC (NASDAQ:STX) was downgraded by stock analysts at Vetr from a “strong-buy” rating to a “buy” rating in a report released on Tuesday, October 31st. They presently have a $41.39 price target on the stock.

Several other equities research analysts also recently issued reports on STX. Zacks Investment Research raised shares of Seagate Technology PLC from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 26th. Robert W. Baird reissued a “neutral” rating and set a $38.00 price objective (down previously from $45.00) on shares of Seagate Technology PLC in a research report on Wednesday, July 26th. Morgan Stanley reissued 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. FBN Securities reissued a “sector perform” rating and set a $40.00 price objective (up previously from $32.00) on shares of Seagate Technology PLC in a research report on Monday, October 23rd. Finally, Citigroup Inc. increased their price objective on shares of Seagate Technology PLC from $34.00 to $41.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 24th. Four investment analysts have rated the stock with a sell rating, twenty-two have given a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of C$41.29.

Shares of Seagate Technology PLC (NASDAQ STX) traded up C$0.58 during trading hours on Tuesday, reaching C$37.99. 3,010,000 shares of the company’s stock traded hands, compared to its average volume of 6,302,307. Seagate Technology PLC has a 1 year low of C$30.60 and a 1 year high of C$50.96. The company has a debt-to-equity ratio of 4.03, a current ratio of 1.96 and a quick ratio of 1.55. The company has a market capitalization of $10,991.23, a P/E ratio of 9.29, a PEG ratio of 0.50 and a beta of 1.68.

Seagate Technology PLC (NASDAQ:STX) last issued its earnings results on Monday, October 23rd. The company reported C$0.96 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of C$0.86 by C$0.10. Seagate Technology PLC had a net margin of 7.41% and a return on equity of 84.50%. The firm had revenue of C$2.63 billion during the quarter, compared to the consensus estimate of C$2.54 billion. During the same quarter in the prior year, the firm earned $0.99 earnings per share. The business’s quarterly revenue was down 5.9% on a year-over-year basis. equities analysts forecast that Seagate Technology PLC will post 3.98 earnings per share for the current year.

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In other news, insider Philip G. Brace sold 5,403 shares of the business’s stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of C$36.79, for a total value of C$198,776.37. Following the transaction, the insider now owns 33,069 shares in the company, valued at approximately C$1,216,608.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO David H. Morton, Jr. sold 7,909 shares of the business’s stock in a transaction on Monday, October 23rd. The shares were sold at an average price of C$40.00, for a total transaction of C$316,360.00. Following the transaction, the chief financial officer now owns 25,561 shares in the company, valued at approximately C$1,022,440. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,527 shares of company stock worth $856,859. Insiders own 0.87% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. WFG Advisors LP lifted its position in shares of Seagate Technology PLC by 16,536.4% during the 2nd quarter. WFG Advisors LP now owns 3,660 shares of the company’s stock valued at $142,000 after acquiring an additional 3,638 shares during the period. Pacer Advisors Inc. acquired a new position in shares of Seagate Technology PLC during the 2nd quarter valued at $150,000. First Quadrant L P CA acquired a new position in shares of Seagate Technology PLC during the 2nd quarter valued at $153,000. SpiderRock Advisors LLC lifted its position in shares of Seagate Technology PLC by 2,419.5% during the 3rd quarter. SpiderRock Advisors LLC now owns 5,568 shares of the company’s stock valued at $184,000 after acquiring an additional 5,347 shares during the period. Finally, Amalgamated Bank acquired a new position in shares of Seagate Technology PLC during the 1st quarter valued at $215,000. Institutional investors own 89.82% 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.

To view Vetr’s full report, visit Vetr’s official website.

Analyst Recommendations for Seagate Technology PLC (NASDAQ:STX)

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