Seagate Technology (STX) Shares Gap Down to $48.68

Seagate Technology PLC (NASDAQ:STX) shares gapped down prior to trading on Wednesday . The stock had previously closed at $49.28, but opened at $48.68. Seagate Technology shares last traded at $50.08, with a volume of 3156936 shares changing hands.

A number of research analysts have issued reports on the stock. Citigroup increased their target price on shares of Seagate Technology from $34.00 to $41.00 and gave the company a “neutral” rating in a report on Tuesday, October 24th. Zacks Investment Research cut shares of Seagate Technology from a “buy” rating to a “hold” rating in a research note on Thursday, January 11th. Mizuho raised their price objective on shares of Seagate Technology from $36.00 to $39.00 and gave the stock a “neutral” rating in a research note on Monday, October 23rd. UBS Group raised their price objective on shares of Seagate Technology from $28.00 to $30.00 and gave the stock a “sell” rating in a research note on Tuesday, October 24th. Finally, Maxim Group reissued a “hold” rating and set a $44.00 price objective (up from $43.00) on shares of Seagate Technology in a research note on Tuesday, January 9th. Four equities research analysts have rated the stock with a sell rating, twenty have given a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $49.76.

The stock has a market capitalization of $14,340.00, a price-to-earnings ratio of 22.63, a price-to-earnings-growth ratio of 0.65 and a beta of 1.88. The company has a current ratio of 1.58, a quick ratio of 1.25 and a debt-to-equity ratio of 4.07.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Monday, January 29th. The data storage provider reported $1.48 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.39 by $0.09. Seagate Technology had a net margin of 6.10% and a return on equity of 93.35%. The company had revenue of $2.91 billion for the quarter, compared to analyst estimates of $2.86 billion. During the same quarter last year, the business earned $1.38 EPS. Seagate Technology’s revenue for the quarter was up .7% on a year-over-year basis. research analysts expect that Seagate Technology PLC will post 4.86 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 4th. Stockholders of record on Wednesday, March 21st will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 5.09%. The ex-dividend date is Tuesday, March 20th. Seagate Technology’s dividend payout ratio is presently 115.07%.

In other news, Director Edward J. Zander sold 15,089 shares of the firm’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $38.79, for a total value of $585,302.31. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Stephen J. Luczo sold 241,738 shares of the firm’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $54.76, for a total transaction of $13,237,572.88. The disclosure for this sale can be found here. In the last three months, insiders sold 779,394 shares of company stock worth $41,495,557. Insiders own 0.87% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Intellectus Partners LLC increased its stake in Seagate Technology by 1.4% during the 2nd quarter. Intellectus Partners LLC now owns 26,172 shares of the data storage provider’s stock worth $1,031,000 after buying an additional 352 shares during the period. Albion Financial Group UT increased its stake in Seagate Technology by 14.8% during the 2nd quarter. Albion Financial Group UT now owns 6,875 shares of the data storage provider’s stock worth $266,000 after buying an additional 885 shares during the period. Kwmg LLC increased its stake in Seagate Technology by 2.7% during the 4th quarter. Kwmg LLC now owns 41,817 shares of the data storage provider’s stock worth $1,750,000 after buying an additional 1,117 shares during the period. Raymond James Trust N.A. increased its stake in Seagate Technology by 12.8% during the 4th quarter. Raymond James Trust N.A. now owns 11,021 shares of the data storage provider’s stock worth $461,000 after buying an additional 1,250 shares during the period. Finally, Raymond James Financial Services Advisors Inc. increased its stake in Seagate Technology by 3.6% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 37,874 shares of the data storage provider’s stock worth $1,468,000 after buying an additional 1,322 shares during the period. 92.72% of the stock is currently owned by institutional investors and hedge funds.

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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.

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