Wells Fargo & Co Reaffirms Market Perform Rating for Seagate Technology (STX)

Seagate Technology (NASDAQ:STX)‘s stock had its “market perform” rating restated by investment analysts at Wells Fargo & Co in a research report issued to clients and investors on Tuesday, January 9th, The Fly reports. They currently have a $45.00 target price on the data storage provider’s stock, up from their previous target price of $38.00. Wells Fargo & Co’s target price suggests a potential downside of 12.72% from the stock’s previous close.

A number of other brokerages have also commented on STX. Jefferies Group lowered shares of Seagate Technology from a “buy” rating to a “hold” rating and reduced their target price for the stock from $40.00 to $29.00 in a research report on Monday, September 11th. FBN Securities lowered shares of Seagate Technology from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $40.00 to $32.00 in a report on Monday, September 11th. BidaskClub lowered shares of Seagate Technology from a “strong-buy” rating to a “buy” rating in a report on Tuesday, September 12th. Zacks Investment Research lowered shares of Seagate Technology from a “hold” rating to a “strong sell” rating in a report on Wednesday, September 20th. Finally, Craig Hallum raised shares of Seagate Technology from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Monday, October 2nd. Four analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. Seagate Technology presently has an average rating of “Hold” and a consensus target price of $43.39.

Shares of Seagate Technology (NASDAQ STX) traded up $0.30 during trading hours on Tuesday, hitting $51.56. 3,201,098 shares of the company were exchanged, compared to its average volume of 7,011,700. The company has a current ratio of 1.96, a quick ratio of 1.55 and a debt-to-equity ratio of 4.03. The company has a market cap of $14,980.00, a P/E ratio of 19.53, a price-to-earnings-growth ratio of 0.76 and a beta of 1.68. Seagate Technology has a 1 year low of $30.60 and a 1 year high of $51.88.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Monday, October 23rd. The data storage provider reported $0.96 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.10. The business had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.54 billion. Seagate Technology had a net margin of 7.41% and a return on equity of 84.50%. The firm’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.99 earnings per share. equities research analysts predict that Seagate Technology will post 4.32 earnings per share for the current fiscal year.

In related news, Chairman Stephen J. Luczo sold 100,000 shares of the company’s stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $48.99, for a total transaction of $4,899,000.00. Following the completion of the sale, the chairman now owns 95,420 shares of the company’s stock, valued at approximately $4,674,625.80. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO David H. Morton, Jr. sold 40,263 shares of the company’s stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $48.78, for a total transaction of $1,964,029.14. Following the sale, the chief financial officer now directly owns 65,824 shares of the company’s stock, valued at approximately $3,210,894.72. The disclosure for this sale can be found here. Insiders have sold 194,744 shares of company stock valued at $9,075,320 in the last three months. Corporate insiders own 0.87% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in STX. JPMorgan Chase & Co. boosted its holdings in Seagate Technology by 74.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,650,262 shares of the data storage provider’s stock valued at $63,947,000 after purchasing an additional 703,822 shares during the last quarter. Assetmark Inc. boosted its holdings in Seagate Technology by 43.5% in the 3rd quarter. Assetmark Inc. now owns 145,777 shares of the data storage provider’s stock valued at $4,835,000 after purchasing an additional 44,171 shares during the last quarter. Cetera Investment Advisers acquired a new position in Seagate Technology in the 2nd quarter valued at about $344,000. Iat Reinsurance Co. LTD. acquired a new position in Seagate Technology in the 3rd quarter valued at about $12,455,000. Finally, Cibc World Markets Corp boosted its holdings in Seagate Technology by 1,268.5% in the 2nd quarter. Cibc World Markets Corp now owns 444,022 shares of the data storage provider’s stock valued at $17,206,000 after purchasing an additional 411,575 shares during the last quarter. 91.45% of the stock is owned by 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.

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Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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