Royal Bank of Canada Increases Seagate Technology (STX) Price Target to $48.00

Seagate Technology (NASDAQ:STX) had its target price upped by Royal Bank of Canada to $48.00 in a research note published on Tuesday, The Fly reports. They currently have a sector perform rating on the data storage provider’s stock.

STX has been the topic of a number of other research reports. Mizuho restated a hold rating and set a $36.00 price target on shares of Seagate Technology in a research note on Monday, October 9th. FBN Securities lowered shares of Seagate Technology from an outperform rating to a sector perform rating and cut their price target for the company from $40.00 to $32.00 in a research note on Monday, September 11th. Zacks Investment Research upgraded shares of Seagate Technology from a hold rating to a buy rating and set a $43.00 price target on the stock in a research note on Thursday, October 26th. BidaskClub upgraded shares of Seagate Technology from a buy rating to a strong-buy rating in a research note on Wednesday, October 25th. Finally, Jefferies Group set a $29.00 price target on shares of Seagate Technology and gave the company a hold rating in a research note on Sunday, October 15th. Four research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $43.39.

Seagate Technology (NASDAQ:STX) opened at $51.26 on Tuesday. The company has a debt-to-equity ratio of 4.03, a quick ratio of 1.55 and a current ratio of 1.96. The company has a market cap of $14,830.00, a P/E ratio of 19.42, a P/E/G ratio of 0.57 and a beta of 1.68. Seagate Technology has a 52 week low of $30.60 and a 52 week high of $51.88.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data 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 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 was down 5.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.99 EPS. analysts forecast that Seagate Technology will post 4 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 3rd. Stockholders of record on Wednesday, December 20th were issued a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 4.92%. The ex-dividend date of this dividend was Tuesday, December 19th. Seagate Technology’s dividend payout ratio (DPR) is currently 95.45%.

In related news, Chairman Stephen J. Luczo sold 100,000 shares of the stock in a transaction on Monday, January 8th. The shares were sold at an average price of $48.99, for a total transaction of $4,899,000.00. Following the sale, the chairman now directly owns 95,420 shares of the company’s stock, valued at $4,674,625.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dambisa F. Moyo sold 8,715 shares of the stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $39.01, for a total transaction of $339,972.15. Following the sale, the director now directly owns 3,316 shares in the company, valued at $129,357.16. The disclosure for this sale can be found here. Insiders sold a total of 194,744 shares of company stock worth $9,075,320 over the last ninety days. Insiders own 0.87% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the business. WFG Advisors LP lifted its holdings in Seagate Technology 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 purchasing an additional 3,638 shares in the last quarter. Pacer Advisors Inc. purchased a new position in Seagate Technology during the second quarter valued at $150,000. Balentine LLC lifted its holdings in Seagate Technology by 56.8% during the third quarter. Balentine LLC now owns 4,471 shares of the data storage provider’s stock valued at $148,000 after purchasing an additional 1,619 shares in the last quarter. New England Research & Management Inc. purchased a new position in Seagate Technology during the fourth quarter valued at $205,000. Finally, SpiderRock Advisors LLC lifted its holdings in Seagate Technology 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 purchasing an additional 5,347 shares in the last quarter. 91.32% of the stock is currently owned by institutional investors and hedge funds.

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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.

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