The Needham & Company LLC Upgrades Seagate Technology PLC (STX) to “Strong-Buy”

The Needham & Company LLC Upgrades Seagate Technology PLC (STX) to “Strong-Buy”

Seagate Technology PLC (NASDAQ:STX) was upgraded by research analysts at Needham & Company LLC from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $43.00 price target on the data storage provider’s stock, up from their prior price target of $39.00. Needham & Company LLC’s price objective points to a potential upside of 22.06% from the company’s previous close.

Other analysts have also recently issued reports about the company. Vetr cut Seagate Technology PLC from a “strong-buy” rating to a “hold” rating and set a $23.50 price target on the stock. in a research report on Tuesday, June 14th. Brean Capital reissued a “buy” rating on shares of Seagate Technology PLC in a research report on Wednesday, June 15th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $24.00 price target on shares of Seagate Technology PLC in a research report on Friday, June 17th. BMO Capital Markets reissued a “market perform” rating on shares of Seagate Technology PLC in a research report on Wednesday, June 22nd. Finally, Zacks Investment Research raised Seagate Technology PLC from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 29th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $38.35.

Shares of Seagate Technology PLC (NASDAQ:STX) opened at 35.23 on Tuesday. The stock has a market capitalization of $10.57 billion, a P/E ratio of 42.96 and a beta of 2.50. Seagate Technology PLC has a 52-week low of $18.42 and a 52-week high of $44.16. The firm has a 50-day moving average price of $36.04 and a 200-day moving average price of $29.03.

Seagate Technology PLC (NASDAQ:STX) last posted its earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same quarter in the prior year, the business earned $0.77 EPS. The business’s revenue for the quarter was down 9.3% on a year-over-year basis. On average, analysts predict that Seagate Technology PLC will post $3.04 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Saturday, October 15th. Investors 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 7.15%. The ex-dividend date is Monday, September 19th. Seagate Technology PLC’s payout ratio is 307.32%.

In other Seagate Technology PLC news, CFO David H. Morton, Jr. sold 1,716 shares of the firm’s stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $36.16, for a total value of $62,050.56. Following the completion of the sale, the chief financial officer now owns 20,782 shares of the company’s stock, valued at $751,477.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Mark Re sold 3,082 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $32.50, for a total transaction of $100,165.00. Following the completion of the sale, the senior vice president now directly owns 56,623 shares of the company’s stock, valued at approximately $1,840,247.50. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in STX. Cowen Prime Services LLC purchased a new stake in shares of Seagate Technology PLC during the second quarter valued at about $105,000. Glenmede Trust Co. NA increased its stake in shares of Seagate Technology PLC by 30.2% in the second quarter. Glenmede Trust Co. NA now owns 4,650 shares of the data storage provider’s stock valued at $113,000 after buying an additional 1,079 shares during the last quarter. Advisory Services Network LLC increased its stake in shares of Seagate Technology PLC by 30.2% in the second quarter. Advisory Services Network LLC now owns 5,603 shares of the data storage provider’s stock valued at $136,000 after buying an additional 1,300 shares during the last quarter. Tredje AP fonden purchased a new stake in shares of Seagate Technology PLC during the second quarter valued at about $146,000. Finally, RidgeWorth Capital Management LLC increased its stake in shares of Seagate Technology PLC by 14.5% in the second quarter. RidgeWorth Capital Management LLC now owns 6,545 shares of the data storage provider’s stock valued at $157,000 after buying an additional 827 shares during the last quarter. 83.86% of the stock is owned by institutional investors and hedge funds.

Seagate Technology PLC Company Profile

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