Trading Report: The Seagate Technology PLC (STX) Upgraded by Vetr Inc. to “Strong-Buy”

The Seagate Technology PLC (STX) Upgraded by Vetr Inc. to “Strong-Buy”

Vetr upgraded shares of Seagate Technology PLC (NASDAQ:STX) from a buy rating to a strong-buy rating in a report released on Tuesday. Vetr currently has $41.19 price target on the data storage provider’s stock.

Other analysts have also recently issued reports about the stock. Brean Capital reaffirmed a buy rating on shares of Seagate Technology PLC in a report on Wednesday, July 6th. Needham & Company LLC reaffirmed a buy rating and set a $31.00 target price on shares of Seagate Technology PLC in a report on Thursday, June 30th. BTIG Research reaffirmed a buy rating and set a $30.00 target price on shares of Seagate Technology PLC in a report on Tuesday, July 12th. Jefferies Group reissued a buy rating and issued a $26.00 price objective on shares of Seagate Technology PLC in a research note on Tuesday, July 12th. Finally, Zacks Investment Research raised shares of Seagate Technology PLC from a hold rating to a buy rating and set a $33.00 price objective for the company in a research note on Thursday, July 14th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. Seagate Technology PLC presently has an average rating of Hold and an average price target of $37.74.

Seagate Technology PLC (NASDAQ:STX) opened at 35.10 on Tuesday. The company has a 50-day moving average of $35.95 and a 200 day moving average of $28.99. Seagate Technology PLC has a 12-month low of $18.42 and a 12-month high of $49.26. The company has a market capitalization of $10.53 billion, a P/E ratio of 42.80 and a beta of 2.50.

Seagate Technology PLC (NASDAQ:STX) last announced its earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.09. Seagate Technology PLC had a net margin of 2.22% and a return on equity of 38.98%. The business earned $2.65 billion during the quarter, compared to analysts’ expectations of $2.32 billion. During the same period in the prior year, the company earned $0.77 earnings per share. The firm’s revenue was down 9.3% on a year-over-year basis. Equities research analysts forecast that Seagate Technology PLC will post $3.04 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Saturday, October 15th. Investors of record on Wednesday, September 21st will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 7.18%. The ex-dividend date of this dividend is Monday, September 19th. Seagate Technology PLC’s dividend payout ratio is presently 307.32%.

In other Seagate Technology PLC news, SVP Mark Re sold 12,750 shares of the firm’s stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $31.84, for a total transaction of $405,960.00. Following the transaction, the senior vice president now owns 65,520 shares of the company’s stock, valued at approximately $2,086,156.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $62,050.56. Following the transaction, the chief financial officer now directly owns 20,782 shares in the company, valued at approximately $751,477.12. 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 and other institutional investors have recently bought and sold shares of STX. Cowen Prime Services LLC acquired a new position in Seagate Technology PLC during the second quarter worth approximately $105,000. Glenmede Trust Co. NA increased its position in 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 worth $113,000 after buying an additional 1,079 shares during the period. Advisory Services Network LLC increased its position in 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 worth $136,000 after buying an additional 1,300 shares during the period. Tredje AP fonden acquired a new position in Seagate Technology PLC during the second quarter worth approximately $146,000. Finally, RidgeWorth Capital Management LLC increased its position in 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 worth $157,000 after buying an additional 827 shares during the period. 83.86% of the stock is currently owned by institutional investors and hedge funds.

Seagate Technology PLC 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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