Seagate Technology (STX) Upgraded to “Buy” at Vetr

Vetr upgraded shares of Seagate Technology (NASDAQ:STX) from a hold rating to a buy rating in a report issued on Monday morning. The brokerage currently has $56.12 price target on the data storage provider’s stock.

Other analysts also recently issued research reports about the stock. TheStreet raised shares of Seagate Technology from a c+ rating to a b- rating in a report on Tuesday, January 9th. Zacks Investment Research raised shares of Seagate Technology from a hold rating to a buy rating and set a $43.00 price objective for the company in a research report on Thursday, October 26th. BidaskClub lowered shares of Seagate Technology from a strong-buy rating to a buy rating in a research report on Thursday, November 2nd. ValuEngine raised shares of Seagate Technology from a hold rating to a buy rating in a research report on Friday, December 1st. Finally, Loop Capital reissued a buy rating and issued a $55.00 price objective on shares of Seagate Technology in a research report on Tuesday, January 9th. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating, twenty have assigned a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $49.76.

Shares of Seagate Technology (NASDAQ STX) opened at $47.44 on Monday. Seagate Technology has a fifty-two week low of $30.60 and a fifty-two week high of $56.45. The stock has a market cap of $13,730.00, a PE ratio of 21.66, a price-to-earnings-growth ratio of 0.64 and a beta of 1.88. The company has a debt-to-equity ratio of 4.07, a current ratio of 1.58 and a quick ratio of 1.25.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Monday, January 29th. The data storage provider reported $1.48 earnings per share (EPS) for the quarter, beating the 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 the consensus estimate of $2.86 billion. During the same quarter in the prior year, the firm earned $1.38 earnings per share. The company’s revenue for the quarter was up .7% compared to the same quarter last year. equities research analysts expect that Seagate Technology will post 4.86 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 4th. Investors of record on Wednesday, March 21st will be given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 5.31%. The ex-dividend date is Tuesday, March 20th. Seagate Technology’s dividend payout ratio (DPR) is 115.07%.

In related news, Director Edward J. Zander sold 15,089 shares of the company’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $38.79, for a total transaction of $585,302.31. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jay L. Geldmacher sold 5,365 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $40.00, for a total transaction of $214,600.00. Following the transaction, the director now directly owns 8,715 shares of the company’s stock, valued at approximately $348,600. The disclosure for this sale can be found here. Insiders have sold 779,394 shares of company stock valued at $41,495,557 in the last ninety days. 0.87% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in STX. Teachers Advisors LLC grew its stake in Seagate Technology by 4.0% during the second quarter. Teachers Advisors LLC now owns 60,852 shares of the data storage provider’s stock worth $2,358,000 after buying an additional 2,325 shares during the period. TIAA CREF Investment Management LLC grew its stake in Seagate Technology by 53.4% during the second quarter. TIAA CREF Investment Management LLC now owns 74,937 shares of the data storage provider’s stock worth $2,904,000 after buying an additional 26,097 shares during the period. PNC Financial Services Group Inc. grew its stake in Seagate Technology by 2.6% during the second quarter. PNC Financial Services Group Inc. now owns 24,808 shares of the data storage provider’s stock worth $962,000 after buying an additional 617 shares during the period. Dimensional Fund Advisors LP grew its stake in Seagate Technology by 4.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,216,875 shares of the data storage provider’s stock worth $47,156,000 after buying an additional 53,722 shares during the period. Finally, Voya Investment Management LLC grew its stake in Seagate Technology by 3.1% during the second quarter. Voya Investment Management LLC now owns 78,538 shares of the data storage provider’s stock worth $3,043,000 after buying an additional 2,390 shares during the period. Institutional investors own 92.72% of the company’s stock.

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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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