Trading Report: Today, Seaport Global Securities Boosts Seagate Technology PLC (STX) Price Target to $44.00

Today, Seaport Global Securities Boosts Seagate Technology PLC (STX) Price Target to $44.00

Seagate Technology PLC (NASDAQ:STX) had its price objective upped by Seaport Global Securities to $44.00 in a research report sent to investors on Tuesday. The brokerage currently has a neutral rating on the data storage provider’s stock.

Other analysts have also recently issued reports about the company. Brean Capital reiterated a buy rating on shares of Seagate Technology PLC in a research report on Wednesday, July 6th. Needham & Company LLC reiterated a buy rating and issued a $31.00 price target on shares of Seagate Technology PLC in a research report on Thursday, June 30th. BTIG Research reiterated a buy rating and issued a $30.00 price target on shares of Seagate Technology PLC in a research report on Tuesday, July 12th. Jefferies Group reiterated a buy rating and issued a $26.00 price target on shares of Seagate Technology PLC in a research report on Tuesday, July 12th. Finally, Zacks Investment Research upgraded Seagate Technology PLC from a hold rating to a buy rating and set a $33.00 price target on the stock in a research report on Thursday, July 14th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $38.35.

Seagate Technology PLC (NASDAQ:STX) opened at 35.16 on Tuesday. Seagate Technology PLC has a 1-year low of $18.42 and a 1-year high of $41.83. The company has a 50-day moving average price of $36.23 and a 200-day moving average price of $29.09. The company has a market cap of $10.55 billion, a PE ratio of 42.88 and a beta of 2.50.

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 for the quarter, beating 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 analysts’ expectations of $2.32 billion. During the same period in the prior year, the business posted $0.77 earnings per share. The business’s revenue was down 9.3% compared to the same quarter last year. On average, analysts expect that Seagate Technology PLC will post $3.04 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Saturday, October 15th. Shareholders of record on Wednesday, September 21st were paid a $0.63 dividend. The ex-dividend date of this dividend was Monday, September 19th. This represents a $2.52 dividend on an annualized basis and a yield of 7.17%. Seagate Technology PLC’s dividend payout ratio is 307.32%.

In other news, CFO David H. Morton, Jr. sold 1,716 shares of the firm’s stock in a transaction that occurred on Wednesday, September 14th. The stock was 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 directly owns 20,782 shares of the company’s stock, valued at $751,477.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Mark Re sold 3,082 shares of the firm’s stock in a transaction that occurred on Tuesday, August 9th. The shares were 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 directly owns 56,623 shares of the company’s stock, valued at $1,840,247.50. The disclosure for this sale can be found here. 1.50% of the stock is owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. Aperio Group LLC boosted its stake in Seagate Technology PLC by 20.7% in the first quarter. Aperio Group LLC now owns 77,513 shares of the data storage provider’s stock worth $2,670,000 after buying an additional 13,282 shares during the last quarter. Nisa Investment Advisors L.L.C. boosted its stake in Seagate Technology PLC by 6.8% in the first quarter. Nisa Investment Advisors L.L.C. now owns 20,350 shares of the data storage provider’s stock valued at $701,000 after buying an additional 1,300 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Seagate Technology PLC during the first quarter valued at $214,000. TIAA CREF Investment Management LLC boosted its stake in Seagate Technology PLC by 2.1% in the first quarter. TIAA CREF Investment Management LLC now owns 103,276 shares of the data storage provider’s stock valued at $3,558,000 after buying an additional 2,145 shares during the last quarter. Finally, Teachers Advisors Inc. boosted its stake in Seagate Technology PLC by 1.4% in the first quarter. Teachers Advisors Inc. now owns 49,446 shares of the data storage provider’s stock valued at $1,703,000 after buying an additional 694 shares during the last quarter. 83.93% of the stock is owned by institutional investors.

Seagate Technology PLC Company Profile

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