Seagate Technology (NASDAQ:STX) had its price target hoisted by analysts at Benchmark from $55.00 to $60.00 in a note issued to investors on Friday, September 20th, Marketbeat.com reports. The brokerage presently has a “buy” rating on the data storage provider’s stock. Benchmark’s price objective would indicate a potential upside of 11.50% from the stock’s previous close.
STX has been the subject of a number of other reports. Goldman Sachs Group set a $37.00 price target on Seagate Technology and gave the stock a “sell” rating in a report on Sunday, July 21st. Wedbush started coverage on Seagate Technology in a report on Wednesday, June 26th. They set a “neutral” rating and a $35.00 price target for the company. They noted that the move was a valuation call. Wells Fargo & Co increased their price target on Seagate Technology from $45.00 to $48.00 and gave the stock a “market perform” rating in a report on Friday, September 13th. Mizuho raised their target price on Seagate Technology from $46.00 to $50.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Finally, FBN Securities raised their target price on Seagate Technology from $55.00 to $60.00 in a research note on Thursday, September 19th. Six equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $48.10.
Shares of STX traded up $0.91 during trading hours on Friday, reaching $53.81. The stock had a trading volume of 2,161,854 shares, compared to its average volume of 3,294,739. The stock has a market capitalization of $13.78 billion, a PE ratio of 11.16, a PEG ratio of 9.31 and a beta of 1.64. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.52 and a current ratio of 1.95. Seagate Technology has a 12 month low of $35.38 and a 12 month high of $57.20. The company’s 50-day moving average is $52.40 and its two-hundred day moving average is $48.02.
Seagate Technology (NASDAQ:STX) last announced its earnings results on Friday, August 2nd. The data storage provider reported $0.86 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.83 by $0.03. The business had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.33 billion. Seagate Technology had a return on equity of 72.07% and a net margin of 19.36%. Seagate Technology’s revenue for the quarter was down 16.4% compared to the same quarter last year. During the same period last year, the company earned $1.62 EPS. Equities analysts anticipate that Seagate Technology will post 4.63 earnings per share for the current fiscal year.
In related news, Director Stephen J. Luczo sold 5,000 shares of the company’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $47.00, for a total value of $235,000.00. Following the completion of the transaction, the director now directly owns 14,221 shares in the company, valued at $668,387. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William D. Mosley sold 90,000 shares of the business’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $54.31, for a total transaction of $4,887,900.00. The disclosure for this sale can be found here. Insiders sold 137,000 shares of company stock valued at $7,271,160 over the last quarter. 1.12% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. ValueAct Holdings L.P. grew its holdings in Seagate Technology by 6.9% in the second quarter. ValueAct Holdings L.P. now owns 31,554,360 shares of the data storage provider’s stock worth $1,486,841,000 after purchasing an additional 2,034,200 shares during the period. BlackRock Inc. grew its holdings in Seagate Technology by 1.1% in the first quarter. BlackRock Inc. now owns 19,734,970 shares of the data storage provider’s stock worth $945,106,000 after purchasing an additional 221,030 shares during the period. Bank of New York Mellon Corp grew its holdings in Seagate Technology by 3.4% in the second quarter. Bank of New York Mellon Corp now owns 2,857,336 shares of the data storage provider’s stock worth $134,637,000 after purchasing an additional 94,917 shares during the period. Morgan Stanley grew its holdings in Seagate Technology by 40.4% in the second quarter. Morgan Stanley now owns 2,491,729 shares of the data storage provider’s stock worth $117,410,000 after purchasing an additional 717,007 shares during the period. Finally, Invesco Ltd. grew its holdings in Seagate Technology by 5.2% in the second quarter. Invesco Ltd. now owns 2,036,970 shares of the data storage provider’s stock worth $95,982,000 after purchasing an additional 101,002 shares during the period. 85.15% of the stock is owned by institutional investors.
Seagate Technology Company Profile
Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It manufactures and distributes hard disk drives; solid state drives (SSDs), including serial attached small computer system interface and non-volatile memory express SSDs; solid state hybrid drives; and storage subsystems.
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