The Brean Capital Increases Seagate Technology PLC (STX) Price Target to $50.00

The Brean Capital Increases Seagate Technology PLC (STX) Price Target to $50.00

Seagate Technology PLC (NASDAQ:STX) had its target price raised by research analysts at Brean Capital from $42.00 to $50.00 in a report issued on Wednesday. The brokerage currently has a “buy” rating on the data storage provider’s stock. Brean Capital’s price target points to a potential upside of 42.13% from the stock’s current price.

The analysts wrote, “Preliminary Sep Q OpEx was $470 million, 6 percent lower Y/Y but was 6 percent higher Q/Q. We believe STX Sep Q OpEx included ~$40 million in variable comps associated with higher revenue and better-aligned business model. Going forward, we believe STX OpEx run-rate should be flat Y/Y for the rest of FY17 ending June but should decline entering H2 ’17.”

A number of other equities research analysts also recently issued reports on STX. Jefferies Group reaffirmed a “buy” rating and set a $44.00 price target (up previously from $38.00) on shares of Seagate Technology PLC in a research note on Tuesday. FBN Securities increased their target price on shares of Seagate Technology PLC from $33.00 to $38.00 and gave the company a “sector perform” rating in a research note on Tuesday. Seaport Global Securities increased their target price on shares of Seagate Technology PLC to $44.00 and gave the company a “neutral” rating in a research note on Tuesday. Zacks Investment Research raised shares of Seagate Technology PLC from a “hold” rating to a “buy” rating and set a $33.00 target price on the stock in a research note on Thursday, July 14th. Finally, Needham & Company LLC reissued a “strong-buy” rating and issued a $39.00 target price (up previously from $33.00) on shares of Seagate Technology PLC in a research note on Wednesday, August 3rd. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. Seagate Technology PLC has an average rating of “Hold” and an average price target of $38.35.

Seagate Technology PLC (NASDAQ:STX) opened at 35.18 on Wednesday. Seagate Technology PLC has a 12-month low of $18.42 and a 12-month high of $41.83. The company’s 50 day moving average is $36.14 and its 200 day moving average is $29.07. The company has a market cap of $10.56 billion, a price-to-earnings ratio of 42.90 and a beta of 2.50.

Seagate Technology PLC (NASDAQ:STX) last released its earnings results on Tuesday, August 2nd. The data storage provider reported $0.69 EPS for the quarter, topping the 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 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 previous year, the firm earned $0.77 earnings per share. The company’s quarterly revenue was down 9.3% compared to the same quarter last year. Analysts forecast that Seagate Technology PLC will post $3.04 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 15th. Shareholders of record on Wednesday, September 21st will be paid a dividend of $0.63 per share. The ex-dividend date is Monday, September 19th. This represents a $2.52 annualized dividend and a yield of 7.16%. Seagate Technology PLC’s dividend payout ratio (DPR) is presently 307.32%.

In other news, SVP Mark Re sold 3,082 shares of Seagate Technology PLC stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $32.50, for a total transaction of $100,165.00. Following the transaction, the senior vice president now owns 56,623 shares in the company, valued at approximately $1,840,247.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through 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 transaction of $40,594.95. Following the completion of the sale, the director now owns 6,433 shares in the company, valued at $208,750.85. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. Cowen Prime Services LLC bought a new stake in shares of Seagate Technology PLC during the second quarter valued at about $105,000. Glenmede Trust Co. NA raised 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 period. Advisory Services Network LLC raised 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 period. Tredje AP fonden bought a new stake in shares of Seagate Technology PLC during the second quarter valued at about $146,000. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of Seagate Technology PLC during the first quarter valued at about $214,000. Hedge funds and other institutional investors own 83.86% of the company’s stock.

Seagate Technology PLC Company Profile

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