Seagate Technology PLC (NASDAQ:STX) was downgraded by equities research analysts at Vetr from a “strong-buy” rating to a “buy” rating in a report issued on Tuesday. They presently have a $41.39 target price on the data storage provider’s stock. Vetr‘s price objective indicates a potential upside of 11.96% from the company’s previous close.
Several other research analysts have also recently issued reports on STX. Citigroup Inc. lifted their target price on shares of Seagate Technology PLC from $34.00 to $41.00 and gave the stock a “neutral” rating in a report on Tuesday, October 24th. Maxim Group reaffirmed a “hold” rating and issued a $38.00 target price on shares of Seagate Technology PLC in a report on Tuesday, October 24th. Royal Bank Of Canada lifted their target price on shares of Seagate Technology PLC from $35.00 to $40.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 24th. UBS AG lifted their target price on shares of Seagate Technology PLC from $28.00 to $30.00 and gave the stock a “sell” rating in a report on Tuesday, October 24th. Finally, FBN Securities reaffirmed a “sector perform” rating and issued a $40.00 target price (up from $32.00) on shares of Seagate Technology PLC in a report on Monday, October 23rd. Four analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $41.29.
Seagate Technology PLC (NASDAQ:STX) last issued its earnings results on Monday, October 23rd. The data storage provider reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.10. The business had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.54 billion. Seagate Technology PLC had a net margin of 7.41% and a return on equity of 84.50%. The business’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.99 earnings per share.
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In other news, insider Jeffrey D. Nygaard bought 5,000 shares of Seagate Technology PLC stock in a transaction dated Friday, October 27th. The shares were acquired at an average price of $37.38 per share, with a total value of $186,900.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dambisa F. Moyo sold 8,715 shares of the stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $39.01, for a total transaction of $339,972.15. Following the completion of the sale, the director now directly owns 3,316 shares in the company, valued at approximately $129,357.16. The disclosure for this sale can be found here. 0.87% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. WFG Advisors LP raised its stake in shares of Seagate Technology PLC by 16,536.4% in the second quarter. WFG Advisors LP now owns 3,660 shares of the data storage provider’s stock valued at $142,000 after acquiring an additional 3,638 shares during the period. Pacer Advisors Inc. purchased a new stake in shares of Seagate Technology PLC in the second quarter valued at $150,000. First Quadrant L P CA purchased a new stake in shares of Seagate Technology PLC in the second quarter valued at $153,000. SpiderRock Advisors LLC raised its stake in shares of Seagate Technology PLC by 2,419.5% in the third quarter. SpiderRock Advisors LLC now owns 5,568 shares of the data storage provider’s stock valued at $184,000 after acquiring an additional 5,347 shares during the period. Finally, Amalgamated Bank purchased a new stake in shares of Seagate Technology PLC in the first quarter valued at $215,000. 90.32% of the stock is currently owned by institutional investors and hedge funds.
About Seagate Technology PLC
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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