Seagate Technology (STX) Lowered to Hold at BidaskClub

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BidaskClub cut shares of Seagate Technology (NASDAQ:STX) from a buy rating to a hold rating in a report published on Tuesday morning.

STX has been the subject of several other research reports. Morgan Stanley lowered their price target on shares of Seagate Technology from $73.00 to $60.00 and set an overweight rating for the company in a research report on Monday, November 5th. Maxim Group lowered their price target on shares of Seagate Technology from $54.00 to $51.00 and set a hold rating for the company in a research report on Wednesday, November 7th. Zacks Investment Research restated a hold rating on shares of Seagate Technology in a research report on Friday, November 16th. Loop Capital lowered their price target on shares of Seagate Technology to $60.00 and set a buy rating for the company in a research report on Monday, October 29th. They noted that the move was a valuation call. Finally, Goldman Sachs Group set a $39.00 price target on shares of Seagate Technology and gave the stock a sell rating in a research report on Wednesday, September 12th. Five equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $50.91.

Seagate Technology stock opened at $37.33 on Tuesday. The stock has a market cap of $11.03 billion, a PE ratio of 6.77, a PEG ratio of 0.57 and a beta of 1.73. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.42 and a quick ratio of 1.07. Seagate Technology has a one year low of $36.69 and a one year high of $62.70.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Friday, November 2nd. The data storage provider reported $1.70 EPS for the quarter, topping the consensus estimate of $1.55 by $0.15. The business had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.95 billion. Seagate Technology had a net margin of 12.57% and a return on equity of 123.05%. The company’s quarterly revenue was up 13.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.96 earnings per share. Equities research analysts predict that Seagate Technology will post 5.44 EPS for the current year.

The business also recently announced a dividend, which will be paid on Monday, December 31st. Investors of record on Wednesday, December 19th will be given a $0.63 dividend. The ex-dividend date is Tuesday, December 18th. Seagate Technology’s dividend payout ratio is presently 45.74%.

In other Seagate Technology news, Director Holdings L.P. Valueact acquired 128,869 shares of Seagate Technology stock in a transaction dated Thursday, December 6th. The stock was bought at an average price of $40.97 per share, for a total transaction of $5,279,762.93. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, insider Valueact Capital Master Fund, acquired 400,000 shares of Seagate Technology stock in a transaction dated Friday, December 7th. The shares were acquired at an average price of $40.61 per share, with a total value of $16,244,000.00. The disclosure for this purchase can be found here. Insiders purchased a total of 1,519,295 shares of company stock valued at $62,991,691 in the last quarter. 1.00% of the stock is currently owned by insiders.

Several large investors have recently bought and sold shares of STX. Skandinaviska Enskilda Banken AB publ bought a new position in shares of Seagate Technology during the 3rd quarter valued at about $259,905,000. ValueAct Holdings L.P. boosted its position in shares of Seagate Technology by 17.8% during the 3rd quarter. ValueAct Holdings L.P. now owns 26,396,565 shares of the data storage provider’s stock valued at $1,249,877,000 after purchasing an additional 3,991,865 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Seagate Technology by 139.5% during the 3rd quarter. AQR Capital Management LLC now owns 4,181,391 shares of the data storage provider’s stock valued at $197,989,000 after purchasing an additional 2,435,580 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of Seagate Technology by 289.3% during the 3rd quarter. Janus Henderson Group PLC now owns 1,706,099 shares of the data storage provider’s stock valued at $80,783,000 after purchasing an additional 1,267,870 shares in the last quarter. Finally, Morgan Stanley boosted its position in shares of Seagate Technology by 81.0% during the 2nd quarter. Morgan Stanley now owns 2,691,882 shares of the data storage provider’s stock valued at $152,011,000 after purchasing an additional 1,204,618 shares in the last quarter. Institutional investors own 90.02% of the company’s stock.

Seagate Technology Company Profile

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It manufactures and distributes hard disk drives; solid state drives (SSDs), including serial attached small computer system interface and non-volatile memory express SSDs; solid state hybrid drives; and storage subsystems.

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Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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