Seagate Technology (STX) Upgraded by ValuEngine to “Buy”

ValuEngine upgraded shares of Seagate Technology (NASDAQ:STX) from a hold rating to a buy rating in a research note released on Friday.

STX has been the topic of a number of other reports. Vetr cut shares of Seagate Technology from a buy rating to a hold rating and set a $41.79 target price on the stock. in a research report on Thursday, November 23rd. BMO Capital Markets reissued a hold rating and set a $40.00 target price on shares of Seagate Technology in a research report on Monday, October 23rd. Guggenheim reissued a hold rating on shares of Seagate Technology in a research report on Monday, October 23rd. BidaskClub raised shares of Seagate Technology from a buy rating to a strong-buy rating in a research report on Wednesday, October 25th. Finally, Argus reissued a hold rating and set a $40.00 target price on shares of Seagate Technology in a research report on Tuesday, October 24th. 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 issued a strong buy rating to the company. The company has an average rating of Hold and a consensus target price of $41.53.

Shares of Seagate Technology (NASDAQ STX) traded up $0.09 during mid-day trading on Friday, reaching $39.20. 4,592,500 shares of the company’s stock were exchanged, compared to its average volume of 5,163,835. The firm has a market capitalization of $11,315.25, a PE ratio of 9.56, a price-to-earnings-growth 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 has a 1 year low of $30.60 and a 1 year high of $50.96.

Seagate Technology (NASDAQ:STX) last announced its quarterly 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 firm had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.54 billion. Seagate Technology had a net margin of 7.41% and a return on equity of 84.50%. Seagate Technology’s revenue was down 5.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.99 earnings per share. research analysts anticipate that Seagate Technology will post 3.99 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 3rd. Shareholders of record on Wednesday, December 20th will be paid a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, December 19th. This represents a $2.52 annualized dividend and a yield of 6.43%. Seagate Technology’s payout ratio is 95.09%.

In other news, Director Edward J. Zander sold 15,089 shares of the company’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $38.79, for a total transaction of $585,302.31. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 transaction of $316,360.00. Following the transaction, the chief financial officer now 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 have sold 44,981 shares of company stock valued at $1,656,761. 0.87% of the stock is owned by insiders.

Several institutional investors have recently added to or reduced their stakes in STX. WFG Advisors LP lifted its holdings in Seagate Technology by 16,536.4% in the second quarter. WFG Advisors LP now owns 3,660 shares of the data storage provider’s stock worth $142,000 after purchasing an additional 3,638 shares during the period. Balentine LLC lifted its holdings in Seagate Technology by 56.8% in the third quarter. Balentine LLC now owns 4,471 shares of the data storage provider’s stock worth $148,000 after purchasing an additional 1,619 shares during the period. Pacer Advisors Inc. acquired a new stake in Seagate Technology in the second quarter worth about $150,000. SpiderRock Advisors LLC lifted its holdings in Seagate Technology by 2,419.5% in the third quarter. SpiderRock Advisors LLC now owns 5,568 shares of the data storage provider’s stock worth $184,000 after purchasing an additional 5,347 shares during the period. Finally, Putnam FL Investment Management Co. acquired a new stake in Seagate Technology in the third quarter worth about $215,000. Institutional investors and hedge funds own 91.76% of the company’s stock.

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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.

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

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