Craig Hallum Reiterates “Buy” Rating for Seagate Technology (STX)

Craig Hallum restated their buy rating on shares of Seagate Technology (NASDAQ:STX) in a report issued on Tuesday, January 9th, The Fly reports. They currently have a $56.00 target price on the data storage provider’s stock, up from their prior target price of $50.00.

A number of other equities analysts have also issued reports on the company. Cowen reaffirmed a market perform rating and issued a $47.00 target price (up from $39.00) on shares of Seagate Technology in a research report on Monday, January 8th. Maxim Group reaffirmed a hold rating and issued a $44.00 target price (up from $43.00) on shares of Seagate Technology in a research report on Tuesday, January 9th. Zacks Investment Research raised Seagate Technology from a strong sell rating to a hold rating in a research report on Tuesday, September 26th. Royal Bank of Canada upped their target price on Seagate Technology to $48.00 and gave the company a sector perform rating in a research report on Tuesday, January 9th. Finally, Wells Fargo & Co reaffirmed a market perform rating and issued a $45.00 target price (up from $38.00) on shares of Seagate Technology in a research report on Tuesday, January 9th. Four investment 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 given a strong buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $43.39.

Seagate Technology (STX) opened at $51.14 on Tuesday. The company has a market capitalization of $14,830.00, a P/E ratio of 19.37, a P/E/G ratio of 0.76 and a beta of 1.68. The company has a current ratio of 1.96, a quick ratio of 1.55 and a debt-to-equity ratio of 4.03. Seagate Technology has a 52-week low of $30.60 and a 52-week high of $51.88.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Monday, October 23rd. The data storage provider reported $0.96 EPS for the quarter, topping the consensus estimate of $0.86 by $0.10. The firm had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.54 billion. Seagate Technology had a return on equity of 84.50% and a net margin of 7.41%. Seagate Technology’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.99 EPS. analysts predict that Seagate Technology will post 4.32 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 3rd. Investors of record on Wednesday, December 20th were paid a dividend of $0.63 per share. The ex-dividend date was Tuesday, December 19th. This represents a $2.52 dividend on an annualized basis and a yield of 4.93%. Seagate Technology’s payout ratio is currently 95.45%.

In other Seagate Technology news, Chairman Stephen J. Luczo sold 100,000 shares of the business’s stock in a transaction on Monday, January 8th. The stock was sold at an average price of $48.99, for a total transaction of $4,899,000.00. Following the completion of the transaction, the chairman now owns 95,420 shares in the company, valued at approximately $4,674,625.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO David H. Morton, Jr. sold 7,909 shares of the business’s stock in a transaction on Monday, October 23rd. The stock was sold at an average price of $40.00, for a total value of $316,360.00. Following the transaction, the chief financial officer now owns 25,561 shares of the company’s stock, valued at approximately $1,022,440. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 194,744 shares of company stock valued at $9,075,320. 0.87% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in STX. WFG Advisors LP boosted its position in Seagate Technology by 16,536.4% during the 2nd quarter. WFG Advisors LP now owns 3,660 shares of the data storage provider’s stock worth $142,000 after acquiring an additional 3,638 shares during the period. Balentine LLC boosted its position in Seagate Technology by 56.8% during the 3rd quarter. Balentine LLC now owns 4,471 shares of the data storage provider’s stock worth $148,000 after acquiring an additional 1,619 shares during the period. Pacer Advisors Inc. acquired a new position in Seagate Technology during the 2nd quarter worth $150,000. SpiderRock Advisors LLC boosted its position in Seagate Technology by 2,419.5% during the 3rd quarter. SpiderRock Advisors LLC now owns 5,568 shares of the data storage provider’s stock worth $184,000 after acquiring an additional 5,347 shares during the period. Finally, New England Research & Management Inc. acquired a new stake in shares of Seagate Technology in the fourth quarter valued at $205,000. Institutional investors own 91.45% of the company’s stock.

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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.

The Fly

Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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