Seagate Technology (NASDAQ:STX) was downgraded by investment analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Tuesday. They currently have a $45.46 target price on the data storage provider’s stock. Vetr‘s target price would suggest a potential upside of 7.93% from the company’s current price.
A number of other equities research analysts also recently weighed in on the stock. BidaskClub raised shares of Seagate Technology from a “buy” rating to a “strong-buy” rating in a research note on Friday. ValuEngine raised shares of Seagate Technology from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Wells Fargo & Company began coverage on shares of Seagate Technology in a research note on Tuesday, November 14th. They issued a “market perform” rating and a $38.00 target price on the stock. Zacks Investment Research downgraded shares of Seagate Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, October 31st. Finally, Argus reaffirmed a “hold” rating and issued a $40.00 target price on shares of Seagate Technology in a research note on Tuesday, October 24th. Four research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. Seagate Technology has an average rating of “Hold” and an average target price of $41.53.
Shares of Seagate Technology (NASDAQ:STX) traded up $1.65 on Tuesday, reaching $42.12. 6,354,875 shares of the company were exchanged, compared to its average volume of 5,142,097. The stock has a market capitalization of $11,714.51, a P/E ratio of 9.90, a P/E/G ratio of 0.54 and a beta of 1.67. The company has a debt-to-equity ratio of 4.03, a current ratio of 1.96 and a quick ratio of 1.55. Seagate Technology has a 1-year low of $30.60 and a 1-year high of $50.96.
Seagate Technology (NASDAQ:STX) last announced its earnings results on Monday, October 23rd. The data storage provider reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.10. The business had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.54 billion. Seagate Technology had a net margin of 7.41% and a return on equity of 84.50%. Seagate Technology’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period last year, the firm posted $0.99 earnings per share. research analysts anticipate that Seagate Technology will post 3.99 EPS for the current year.
In other Seagate Technology news, insider Philip G. Brace sold 5,403 shares of the firm’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $36.79, for a total transaction of $198,776.37. Following the completion of the transaction, the insider now owns 33,069 shares of the company’s stock, valued at $1,216,608.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David H. Morton, Jr. sold 7,909 shares of the firm’s stock in a transaction on Monday, October 23rd. The shares were sold at an average price of $40.00, for a total value of $316,360.00. Following the transaction, the chief financial officer now directly owns 25,561 shares of the company’s stock, valued at approximately $1,022,440. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,481 shares of company stock worth $1,655,011. 0.87% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in STX. Vanguard Group Inc. raised its position in shares of Seagate Technology by 7.4% in the 2nd quarter. Vanguard Group Inc. now owns 33,412,003 shares of the data storage provider’s stock worth $1,294,716,000 after purchasing an additional 2,292,075 shares during the last quarter. ValueAct Holdings L.P. raised its position in shares of Seagate Technology by 55.3% in 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 purchasing an additional 7,642,835 shares during the last quarter. BlackRock Inc. raised its position in shares of Seagate Technology by 1.4% in the 2nd quarter. BlackRock Inc. now owns 18,592,514 shares of the data storage provider’s stock worth $720,459,000 after purchasing an additional 256,005 shares during the last quarter. LSV Asset Management raised its position in shares of Seagate Technology by 1.7% in the 2nd quarter. LSV Asset Management now owns 6,521,232 shares of the data storage provider’s stock worth $252,697,000 after purchasing an additional 106,811 shares during the last quarter. Finally, APG Asset Management N.V. raised its position in shares of Seagate Technology by 4.2% in the 3rd quarter. APG Asset Management N.V. now owns 3,392,370 shares of the data storage provider’s stock worth $112,525,000 after purchasing an additional 135,300 shares during the last quarter. 91.76% of the stock is owned by institutional investors and hedge funds.
Seagate Technology 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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