Seagate Technology PLC (STX) Raised to Strong-Buy at Vetr Inc.

Seagate Technology PLC (NASDAQ:STX) was upgraded by Vetr from a “buy” rating to a “strong-buy” rating in a research note issued on Monday, November 6th. The brokerage presently has a $41.39 target price on the data storage provider’s stock. Vetr‘s price objective suggests a potential upside of 2.73% from the company’s current price.

Several other equities analysts have also issued reports on the company. BidaskClub lowered Seagate Technology from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 2nd. Zacks Investment Research lowered Seagate Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, October 31st. Argus reiterated a “hold” rating and issued a $40.00 price target on shares of Seagate Technology in a research note on Tuesday, October 24th. Barclays PLC lifted their price target on Seagate Technology from $29.00 to $32.00 and gave the company an “underweight” rating in a research note on Tuesday, October 24th. Finally, Morgan Stanley lifted their price target on Seagate Technology from $32.00 to $37.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 24th. Four analysts have rated the stock with a sell rating, twenty-three have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $41.41.

Seagate Technology (NASDAQ:STX) traded down $0.04 during trading on Monday, reaching $40.29. The company’s stock had a trading volume of 1,340,056 shares, compared to its average volume of 3,403,132. Seagate Technology has a 12-month low of $30.60 and a 12-month high of $50.96. The company has a debt-to-equity ratio of 4.03, a quick ratio of 1.55 and a current ratio of 1.96. The company has a market cap of $11,668.22, a price-to-earnings ratio of 9.86, a PEG ratio of 0.53 and a beta of 1.68.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Monday, October 23rd. The data storage provider reported $0.96 EPS for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.10. Seagate Technology had a return on equity of 84.50% and a net margin of 7.41%. The firm had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same quarter last year, the company earned $0.99 EPS. The company’s revenue was down 5.9% on a year-over-year basis. equities analysts expect that Seagate Technology will post 3.99 earnings per share for the current year.

In other Seagate Technology news, insider Philip G. Brace sold 5,403 shares of Seagate Technology stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $36.79, for a total transaction of $198,776.37. Following the transaction, the insider now directly owns 33,069 shares of the company’s stock, valued at approximately $1,216,608.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeffrey D. Nygaard bought 5,000 shares of the business’s stock in a transaction on Friday, October 27th. The shares were bought at an average cost of $37.38 per share, for a total transaction of $186,900.00. The disclosure for this purchase can be found here. Insiders have sold a total of 29,892 shares of company stock worth $1,071,459 over the last ninety days. Company insiders own 0.87% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. Belpointe Asset Management LLC acquired a new position in shares of Seagate Technology in the 3rd quarter valued at about $504,000. Yellowstone Partners LLC acquired a new position in shares of Seagate Technology in the 3rd quarter valued at about $2,166,000. Balentine LLC lifted its stake in shares of Seagate Technology by 56.8% in the 3rd quarter. Balentine LLC now owns 4,471 shares of the data storage provider’s stock valued at $148,000 after purchasing an additional 1,619 shares during the period. ValueAct Holdings L.P. lifted its stake in shares of Seagate Technology by 55.3% in the 3rd quarter. ValueAct Holdings L.P. now owns 21,458,600 shares of the data storage provider’s stock valued at $711,782,000 after purchasing an additional 7,642,835 shares during the period. Finally, Vident Investment Advisory LLC acquired a new position in shares of Seagate Technology in the 3rd quarter valued at about $297,000. 90.10% of the stock is currently owned by hedge funds and other institutional investors.

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Seagate Technology 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.

To view Vetr’s full report, visit Vetr’s official website.

Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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