Vetr Lowers Seagate Technology (STX) to Buy

Vetr lowered shares of Seagate Technology (NASDAQ:STX) from a strong-buy rating to a buy rating in a research report report published on Tuesday. The firm currently has $45.46 target price on the data storage provider’s stock.

A number of other analysts also recently commented on STX. BidaskClub downgraded Seagate Technology from a strong-buy rating to a buy rating in a research report on Tuesday, August 22nd. Cleveland Research downgraded Seagate Technology from a neutral rating to an underperform rating in a research report on Wednesday, August 23rd. Royal Bank of Canada reiterated a hold rating and issued a $35.00 price objective on shares of Seagate Technology in a research report on Friday, September 1st. ValuEngine downgraded Seagate Technology from a buy rating to a hold rating in a research report on Friday, September 8th. Finally, Jefferies Group downgraded Seagate Technology from a buy rating to a hold rating and reduced their price objective for the stock from $40.00 to $29.00 in a research report on Monday, September 11th. Four investment analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. Seagate Technology has a consensus rating of Hold and a consensus target price of $41.53.

Shares of Seagate Technology (NASDAQ STX) traded down $0.14 during trading hours on Tuesday, reaching $41.94. The company had a trading volume of 3,301,500 shares, compared to its average volume of 5,131,834. Seagate Technology has a 1 year low of $30.60 and a 1 year high of $50.96. The company has a market cap of $12,174.53, a P/E ratio of 10.29, a price-to-earnings-growth ratio of 0.56 and a beta of 1.67. The company has a debt-to-equity ratio of 4.03, a quick ratio of 1.55 and a current ratio of 1.96.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Monday, October 23rd. The data storage provider reported $0.96 earnings per share for the quarter, beating the 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 during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the prior year, the company earned $0.99 EPS. The firm’s revenue for the quarter was down 5.9% compared to the same quarter last year. research analysts predict that Seagate Technology will post 3.99 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 3rd. Investors of record on Wednesday, December 20th will be issued a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, December 19th. This represents a $2.52 dividend on an annualized basis and a yield of 6.01%. Seagate Technology’s dividend payout ratio is 95.09%.

In other news, insider Jeffrey D. Nygaard bought 5,000 shares of the stock in a transaction dated Friday, October 27th. The stock was bought at an average cost of $37.38 per share, with a total value of $186,900.00. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Philip G. Brace sold 5,403 shares of Seagate Technology stock in a transaction on Monday, November 6th. The shares were sold at an average price of $36.79, for a total value of $198,776.37. Following the completion of the sale, the insider now directly owns 33,069 shares of the company’s stock, valued at $1,216,608.51. The disclosure for this sale can be found here. Insiders have sold a total of 42,481 shares of company stock valued at $1,655,011 over the last ninety days. Insiders own 0.87% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ValueAct Holdings L.P. lifted its holdings in Seagate Technology by 55.3% during the third quarter. ValueAct Holdings L.P. now owns 21,458,600 shares of the data storage provider’s stock worth $711,782,000 after acquiring an additional 7,642,835 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in Seagate Technology by 7,384.8% during the second quarter. Janus Henderson Group PLC now owns 2,700,947 shares of the data storage provider’s stock worth $104,662,000 after acquiring an additional 2,664,861 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Seagate Technology by 7.4% during the second quarter. Vanguard Group Inc. now owns 33,412,003 shares of the data storage provider’s stock worth $1,294,716,000 after acquiring an additional 2,292,075 shares in the last quarter. Schroder Investment Management Group lifted its holdings in Seagate Technology by 181.1% during the second quarter. Schroder Investment Management Group now owns 1,772,547 shares of the data storage provider’s stock worth $68,970,000 after acquiring an additional 1,141,917 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Seagate Technology by 39.4% during the third quarter. Bank of New York Mellon Corp now owns 2,896,118 shares of the data storage provider’s stock worth $96,064,000 after acquiring an additional 817,861 shares in the last quarter. 91.76% 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.

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

Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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