The Seagate Technology PLC (STX) PT Raised to $38.00 at FBN Securities

The Seagate Technology PLC (STX) PT Raised to $38.00 at FBN Securities

Seagate Technology PLC (NASDAQ:STX) had its target price boosted by stock analysts at FBN Securities from $33.00 to $38.00 in a report issued on Tuesday. The brokerage presently has a “sector perform” rating on the data storage provider’s stock. FBN Securities’ target price would indicate a potential upside of 7.86% from the stock’s current price.

A number of other research analysts also recently issued reports on STX. Brean Capital reiterated a “buy” rating and set a $30.00 price objective on shares of Seagate Technology PLC in a report on Thursday, June 30th. Zacks Investment Research upgraded Seagate Technology PLC from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a report on Thursday, July 14th. Needham & Company LLC reiterated a “strong-buy” rating and set a $39.00 price objective (up from $33.00) on shares of Seagate Technology PLC in a report on Wednesday, August 3rd. Barclays PLC increased their price objective on Seagate Technology PLC from $25.00 to $34.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 3rd. Finally, Vetr downgraded Seagate Technology PLC from a “buy” rating to a “sell” rating and set a $28.00 price objective for the company. in a report on Tuesday, July 19th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $38.35.

Seagate Technology PLC (NASDAQ:STX) opened at 35.23 on Tuesday. The stock’s 50 day moving average price is $36.04 and its 200-day moving average price is $29.03. The firm has a market capitalization of $10.57 billion, a price-to-earnings ratio of 42.96 and a beta of 2.50. Seagate Technology PLC has a one year low of $18.42 and a one year high of $44.16.

Seagate Technology PLC (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 earnings per share (EPS) for the quarter, topping the 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 in the prior year, the company earned $0.77 earnings per share. The company’s revenue for the quarter was down 9.3% compared to the same quarter last year. On average, equities research analysts expect that Seagate Technology PLC will post $3.04 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, October 15th. Investors of record on Wednesday, September 21st will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Monday, September 19th. This represents a $2.52 dividend on an annualized basis and a yield of 7.15%. Seagate Technology PLC’s dividend payout ratio is currently 307.32%.

In other Seagate Technology PLC news, Director Frank Biondi sold 1,251 shares of Seagate Technology PLC stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $32.45, for a total transaction of $40,594.95. Following the transaction, the director now directly owns 6,433 shares of the company’s stock, valued at approximately $208,750.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Mark Re sold 12,750 shares of Seagate Technology PLC stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $31.84, for a total value of $405,960.00. Following the transaction, the senior vice president now directly owns 65,520 shares in the company, valued at $2,086,156.80. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in STX. Vanguard Group Inc. increased its position in shares of Seagate Technology PLC by 5.3% in the second quarter. Vanguard Group Inc. now owns 27,746,230 shares of the data storage provider’s stock valued at $675,899,000 after buying an additional 1,388,053 shares during the last quarter. Pzena Investment Management LLC increased its position in shares of Seagate Technology PLC by 58.1% in the second quarter. Pzena Investment Management LLC now owns 15,500,305 shares of the data storage provider’s stock valued at $377,587,000 after buying an additional 5,696,037 shares during the last quarter. BlackRock Fund Advisors increased its position in shares of Seagate Technology PLC by 6.2% in the second quarter. BlackRock Fund Advisors now owns 8,622,233 shares of the data storage provider’s stock valued at $210,038,000 after buying an additional 500,967 shares during the last quarter. LSV Asset Management increased its position in shares of Seagate Technology PLC by 2.8% in the second quarter. LSV Asset Management now owns 6,826,898 shares of the data storage provider’s stock valued at $166,303,000 after buying an additional 183,707 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its position in shares of Seagate Technology PLC by 3.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 5,705,526 shares of the data storage provider’s stock valued at $196,555,000 after buying an additional 189,547 shares during the last quarter. 83.86% of the stock is currently owned by hedge funds and other institutional investors.

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