Seagate Technology PLC (NASDAQ:STX)‘s stock had its “equal weight” rating restated by equities researchers at Morgan Stanley in a report released on Wednesday. They currently have a $36.00 price target on the data storage provider’s stock, up from their previous price target of $30.00. Morgan Stanley’s price target indicates a potential upside of 2.33% from the company’s current price.
A number of other equities analysts also recently issued reports on the company. Vetr downgraded Seagate Technology PLC from a “sell” rating to a “strong sell” rating and set a $28.00 price objective for the company. in a research report on Monday, August 15th. Craig Hallum raised their price objective on Seagate Technology PLC from $37.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, September 7th. JPMorgan Chase & Co. upgraded Seagate Technology PLC from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $20.00 to $38.00 in a research report on Tuesday. BMO Capital Markets restated a “market perform” rating on shares of Seagate Technology PLC in a research report on Wednesday, June 22nd. Finally, Jefferies Group raised their target price on Seagate Technology PLC from $32.00 to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, September 6th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $38.35.
Shares of Seagate Technology PLC (NASDAQ:STX) opened at 35.18 on Wednesday. Seagate Technology PLC has a 1-year low of $18.42 and a 1-year high of $41.83. The firm has a 50-day moving average price of $36.14 and a 200 day moving average price of $29.07. The company has a market cap of $10.56 billion, a PE ratio of 42.90 and a beta of 2.50.
Seagate Technology PLC (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.09. Seagate Technology PLC had a return on equity of 38.98% and a net margin of 2.22%. The company earned $2.65 billion during the quarter, compared to the consensus estimate of $2.32 billion. During the same period last year, the company earned $0.77 earnings per share. The firm’s revenue was down 9.3% compared to the same quarter last year. On average, equities analysts anticipate that Seagate Technology PLC will post $3.04 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Wednesday, September 21st will be issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 7.16%. The ex-dividend date is Monday, September 19th. Seagate Technology PLC’s payout ratio is currently 307.32%.
In other news, SVP Mark Re sold 3,082 shares of the business’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $32.50, for a total value of $100,165.00. Following the completion of the sale, the senior vice president now owns 56,623 shares of the company’s stock, valued at approximately $1,840,247.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Frank Biondi sold 1,251 shares of the business’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $32.45, for a total value of $40,594.95. Following the completion of the sale, the director now directly owns 6,433 shares of the company’s stock, valued at approximately $208,750.85. The disclosure for this sale can be found here. 1.50% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its stake in Seagate Technology PLC by 4.0% in the first quarter. Geode Capital Management LLC now owns 2,429,601 shares of the data storage provider’s stock worth $83,532,000 after buying an additional 93,659 shares during the period. PGGM Investments raised its stake in Seagate Technology PLC by 96.4% in the second quarter. PGGM Investments now owns 1,423,321 shares of the data storage provider’s stock worth $34,672,000 after buying an additional 698,632 shares during the period. Eagle Asset Management Inc. raised its stake in Seagate Technology PLC by 944.4% in the second quarter. Eagle Asset Management Inc. now owns 710,896 shares of the data storage provider’s stock worth $17,317,000 after buying an additional 642,829 shares during the period. Alps Advisors Inc. raised its stake in Seagate Technology PLC by 88.2% in the second quarter. Alps Advisors Inc. now owns 1,136,305 shares of the data storage provider’s stock worth $27,680,000 after buying an additional 532,405 shares during the period. Finally, LPL Financial LLC raised its stake in Seagate Technology PLC by 80.3% in the first quarter. LPL Financial LLC now owns 153,279 shares of the data storage provider’s stock worth $5,037,000 after buying an additional 68,282 shares during the period. 83.86% of the stock is owned by institutional investors.
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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