Seagate Technology (STX) Upgraded at Cross Research

Cross Research upgraded shares of Seagate Technology (NASDAQ:STX) from a sell rating to a hold rating in a report issued on Tuesday, Marketbeat.com reports.

Several other equities analysts have also weighed in on STX. Zacks Investment Research lowered shares of Seagate Technology from a hold rating to a strong sell rating in a report on Wednesday, September 20th. Craig Hallum raised shares of Seagate Technology from a hold rating to a buy rating and set a $50.00 target price for the company in a report on Monday, October 2nd. ValuEngine raised shares of Seagate Technology from a hold rating to a buy rating in a report on Monday, October 2nd. Mizuho reaffirmed a hold rating and set a $36.00 target price on shares of Seagate Technology in a report on Monday, October 9th. Finally, Cowen reaffirmed a hold rating and set a $36.00 target price on shares of Seagate Technology in a report on Friday, October 13th. Four research analysts have rated the stock with a sell rating, twenty-three have given a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. Seagate Technology currently has an average rating of Hold and a consensus price target of $43.39.

Seagate Technology (NASDAQ STX) traded up $0.61 on Tuesday, reaching $52.62. 3,869,628 shares of the company’s stock were exchanged, compared to its average volume of 4,396,961. Seagate Technology has a 12 month low of $30.60 and a 12 month high of $52.77. 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 stock has a market cap of $15,047.46, a price-to-earnings ratio of 19.86, a PEG ratio of 0.74 and a beta of 1.68.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Monday, October 23rd. The data storage provider reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.10. The company had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.54 billion. Seagate Technology had a net margin of 7.41% and a return on equity of 84.50%. Seagate Technology’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same period last year, the firm posted $0.99 EPS. equities research analysts anticipate that Seagate Technology will post 4.52 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 3rd. Investors of record on Wednesday, December 20th were issued a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 4.79%. The ex-dividend date of this dividend was Tuesday, December 19th. Seagate Technology’s payout ratio is presently 95.09%.

In other Seagate Technology news, Director Dambisa F. Moyo sold 8,715 shares of Seagate Technology stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $39.01, for a total transaction of $339,972.15. Following the sale, the director now owns 3,316 shares of the company’s stock, valued at approximately $129,357.16. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Philip G. Brace sold 5,403 shares of Seagate Technology stock in a transaction on Monday, November 6th. The stock was sold at an average price of $36.79, for a total transaction of $198,776.37. Following the sale, the insider now directly owns 33,069 shares in the company, valued at approximately $1,216,608.51. The disclosure for this sale can be found here. In the last three months, insiders sold 199,744 shares of company stock valued at $9,317,320. 0.87% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in STX. WFG Advisors LP boosted its position in shares of 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 valued at $142,000 after acquiring an additional 3,638 shares during the last quarter. Balentine LLC boosted its position in shares of Seagate Technology by 56.8% during the 3rd quarter. Balentine LLC now owns 4,471 shares of the data storage provider’s stock valued at $148,000 after acquiring an additional 1,619 shares during the last quarter. SpiderRock Advisors LLC boosted its position in shares of 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 valued at $184,000 after acquiring an additional 5,347 shares during the last quarter. New England Research & Management Inc. acquired a new position in shares of Seagate Technology during the 4th quarter valued at about $205,000. Finally, Lockheed Martin Investment Management Co. acquired a new position in shares of Seagate Technology during the 4th quarter valued at about $209,000. 91.45% of the stock is currently owned by institutional investors.

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About Seagate Technology

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 (NASDAQ:STX)

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