Seagate Technology (STX) PT Lowered to $34.00

Seagate Technology (NASDAQ:STX) had its target price reduced by UBS Group from $41.00 to $34.00 in a report published on Tuesday morning, www.benzinga.com reports. They currently have a sell rating on the data storage provider’s stock.

STX has been the topic of several other reports. ValuEngine upgraded shares of Seagate Technology from a strong sell rating to a sell rating in a research note on Wednesday, January 2nd. BidaskClub raised shares of Seagate Technology from a hold rating to a buy rating in a report on Thursday, December 27th. Morgan Stanley reduced their target price on shares of Seagate Technology from $73.00 to $60.00 and set an overweight rating for the company in a report on Monday, November 5th. Zacks Investment Research reaffirmed a hold rating on shares of Seagate Technology in a report on Friday, November 16th. Finally, Maxim Group reduced their target price on shares of Seagate Technology from $54.00 to $51.00 and set a hold rating for the company in a report on Wednesday, November 7th. Six investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have given a buy rating to the company. Seagate Technology currently has a consensus rating of Hold and a consensus target price of $50.36.

Shares of STX stock opened at $40.67 on Tuesday. The company has a current ratio of 1.42, a quick ratio of 1.07 and a debt-to-equity ratio of 2.34. Seagate Technology has a 1 year low of $35.38 and a 1 year high of $62.70. The firm has a market capitalization of $11.49 billion, a price-to-earnings ratio of 7.38, a price-to-earnings-growth ratio of 0.61 and a beta of 1.58.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Friday, November 2nd. The data storage provider reported $1.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.15. Seagate Technology had a net margin of 12.57% and a return on equity of 123.05%. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.95 billion. During the same period in the previous year, the business earned $0.96 EPS. The company’s revenue was up 13.7% compared to the same quarter last year. Research analysts expect that Seagate Technology will post 5.32 EPS for the current year.

The firm also recently disclosed a dividend, which was paid on Monday, December 31st. Shareholders of record on Wednesday, December 19th were issued a $0.63 dividend. The ex-dividend date was Tuesday, December 18th. Seagate Technology’s dividend payout ratio is currently 45.74%.

In other news, Director Holdings L.P. Valueact bought 128,869 shares of the company’s stock in a transaction dated Thursday, December 6th. The stock was bought at an average cost of $40.97 per share, for a total transaction of $5,279,762.93. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Valueact Capital Master Fund, bought 400,000 shares of the company’s stock in a transaction dated Friday, December 7th. The stock was purchased at an average price of $40.61 per share, with a total value of $16,244,000.00. The disclosure for this purchase can be found here. Insiders acquired a total of 1,519,295 shares of company stock valued at $62,991,691 in the last three months. Insiders own 1.00% of the company’s stock.

Large investors have recently modified their holdings of the company. ValueAct Holdings L.P. increased its position in Seagate Technology by 4.4% during the 2nd quarter. ValueAct Holdings L.P. now owns 22,404,700 shares of the data storage provider’s stock worth $1,265,194,000 after purchasing an additional 946,100 shares in the last quarter. Old Port Advisors acquired a new position in Seagate Technology in the 2nd quarter valued at approximately $1,861,000. Kepos Capital LP acquired a new position in Seagate Technology in the 3rd quarter valued at approximately $3,872,000. Empowered Funds LLC acquired a new position in Seagate Technology in the 3rd quarter valued at approximately $4,386,000. Finally, Victory Capital Management Inc. increased its position in Seagate Technology by 49.2% in the 3rd quarter. Victory Capital Management Inc. now owns 171,623 shares of the data storage provider’s stock valued at $8,126,000 after acquiring an additional 56,597 shares during the period. Institutional investors own 89.93% of the company’s stock.

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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