Wells Fargo & Company Initiates Coverage on Seagate Technology PLC (STX)

Equities researchers at Wells Fargo & Company started coverage on shares of Seagate Technology PLC (NASDAQ:STX) in a report released on Tuesday. The brokerage set a “market perform” rating on the data storage provider’s stock.

Other equities analysts have also recently issued research reports about the stock. BMO Capital Markets restated a “market perform” rating and set a $35.00 target price (down previously from $42.00) on shares of Seagate Technology PLC in a research note on Wednesday, July 26th. Craig Hallum lowered shares of Seagate Technology PLC from a “buy” rating to a “hold” rating in a research report on Wednesday, July 26th. Citigroup Inc. upped their price target on shares of Seagate Technology PLC from $34.00 to $41.00 and gave the company a “neutral” rating in a research report on Tuesday, October 24th. Cowen and Company reduced their price target on shares of Seagate Technology PLC from $45.00 to $36.00 and set an “outperform” rating for the company in a research report on Wednesday, July 26th. Finally, Mizuho upped their price target on shares of Seagate Technology PLC from $36.00 to $39.00 and gave the company a “neutral” rating in a research report on Monday, October 23rd. Four equities research analysts have rated the stock with a sell rating, twenty-two have given a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $41.29.

Seagate Technology PLC (NASDAQ:STX) traded down $0.33 on Tuesday, reaching $37.66. 2,305,600 shares of the company’s stock traded hands, compared to its average volume of 5,228,802. The company has a quick ratio of 1.55, a current ratio of 1.96 and a debt-to-equity ratio of 4.03. The company has a market cap of $10,900.00, a PE ratio of 9.29, a P/E/G ratio of 0.50 and a beta of 1.68. Seagate Technology PLC has a 1-year low of $30.60 and a 1-year high of $50.96.

Seagate Technology PLC (NASDAQ:STX) last posted its earnings results on Monday, October 23rd. The data storage provider reported $0.96 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.10. The business had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.54 billion. Seagate Technology PLC had a net margin of 7.41% and a return on equity of 84.50%. The business’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.99 EPS. research analysts forecast that Seagate Technology PLC will post 3.98 earnings per share for the current fiscal year.

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In other Seagate Technology PLC news, insider Jeffrey D. Nygaard bought 5,000 shares of the firm’s stock in a transaction dated Friday, October 27th. The stock was acquired at an average cost of $37.38 per share, for a total transaction of $186,900.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Philip G. Brace sold 5,403 shares of Seagate Technology PLC stock in a transaction on Monday, November 6th. The stock was sold at an average price of $36.79, for a total value of $198,776.37. Following the sale, the insider now owns 33,069 shares of the company’s stock, valued at $1,216,608.51. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,527 shares of company stock valued at $856,859. Corporate insiders own 0.87% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. WFG Advisors LP increased its stake in shares of Seagate Technology PLC by 16,536.4% during the second quarter. WFG Advisors LP now owns 3,660 shares of the data storage provider’s stock valued at $142,000 after buying an additional 3,638 shares during the period. Pacer Advisors Inc. purchased a new position in shares of Seagate Technology PLC during the second quarter valued at $150,000. First Quadrant L P CA purchased a new position in shares of Seagate Technology PLC during the second quarter valued at $153,000. SpiderRock Advisors LLC increased its stake in shares of Seagate Technology PLC by 2,419.5% during the third quarter. SpiderRock Advisors LLC now owns 5,568 shares of the data storage provider’s stock valued at $184,000 after buying an additional 5,347 shares during the period. Finally, Amalgamated Bank purchased a new position in shares of Seagate Technology PLC during the first quarter valued at $215,000. Hedge funds and other institutional investors own 90.30% of the company’s stock.

Seagate Technology PLC 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.

Analyst Recommendations for Seagate Technology PLC (NASDAQ:STX)

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