Seagate Technology’s (STX) “Buy” Rating Reaffirmed at Craig Hallum

Craig Hallum restated their buy rating on shares of Seagate Technology (NASDAQ:STX) in a research note released on Tuesday, The Fly reports. The firm currently has a $56.00 target price on the data storage provider’s stock, up from their previous target price of $50.00.

A number of other equities analysts have also recently weighed in on the company. Wells Fargo & Co restated a market perform rating and issued a $45.00 price target (up previously from $38.00) on shares of Seagate Technology in a report on Tuesday. Maxim Group restated a hold rating and issued a $44.00 price target (up previously from $43.00) on shares of Seagate Technology in a report on Tuesday. Royal Bank of Canada upped their price target on Seagate Technology to $48.00 and gave the stock a sector perform rating in a report on Tuesday. Loop Capital restated a buy rating and issued a $55.00 price target on shares of Seagate Technology in a report on Tuesday. They noted that the move was a valuation call. Finally, Cowen upped their price target on Seagate Technology from $39.00 to $47.00 and gave the stock a market perform rating in a report on Tuesday. Four equities research analysts have rated the stock with a sell rating, twenty-two have given a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. Seagate Technology presently has an average rating of Hold and a consensus target price of $43.39.

Seagate Technology (STX) opened at $51.26 on Tuesday. The firm has a market capitalization of $14,830.00, a P/E ratio of 19.42, a price-to-earnings-growth ratio of 0.57 and a beta of 1.68. Seagate Technology has a fifty-two week low of $30.60 and a fifty-two week high of $51.88. 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 (NASDAQ:STX) last released its quarterly earnings results on Monday, October 23rd. The data storage provider reported $0.96 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.10. The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.54 billion. Seagate Technology had a return on equity of 84.50% and a net margin of 7.41%. Seagate Technology’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.99 EPS. equities analysts forecast that Seagate Technology will post 4 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 3rd. Stockholders of record on Wednesday, December 20th were paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 4.92%. The ex-dividend date was Tuesday, December 19th. Seagate Technology’s dividend payout ratio (DPR) is currently 95.45%.

In related news, Director Dambisa F. Moyo sold 8,715 shares of the firm’s stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $39.01, for a total transaction of $339,972.15. Following the transaction, the director now directly owns 3,316 shares in the company, valued at $129,357.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Stephen J. Luczo sold 100,000 shares of the firm’s stock in a transaction on Monday, January 8th. The stock was sold at an average price of $48.99, for a total value of $4,899,000.00. Following the transaction, the chairman now owns 95,420 shares in the company, valued at $4,674,625.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 194,744 shares of company stock valued at $9,075,320. Company insiders own 0.87% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Seagate Technology by 7.4% during the second 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. lifted its stake in Seagate Technology by 55.3% during the third 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. lifted its stake in Seagate Technology by 1.4% during the second 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. APG Asset Management N.V. lifted its stake in Seagate Technology by 4.2% during the third 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. Finally, First Trust Advisors LP lifted its stake in Seagate Technology by 28.5% during the third quarter. First Trust Advisors LP now owns 3,044,778 shares of the data storage provider’s stock worth $100,995,000 after purchasing an additional 674,442 shares during the last quarter. Hedge funds and other institutional investors own 91.32% of the company’s stock.

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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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