Seagate Technology (STX) Bond Prices Fall 1.5% Analyst

An issue of Seagate Technology PLC (NASDAQ:STX) bonds fell 1.5% against their face value during trading on Tuesday after Loop Capital lowered their price target on the stock to $60.00. The high-yield debt issue has a 4.75% coupon and is set to mature on January 1, 2025. The debt is now trading at $91.50 and was trading at $94.82 one week ago. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its share price.

A number of other equities research analysts also recently weighed in on the company. BidaskClub raised Seagate Technology from a “hold” rating to a “buy” rating in a research report on Tuesday, August 7th. Zacks Investment Research raised Seagate Technology from a “sell” rating to a “hold” rating in a research report on Monday, October 8th. Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a research report on Tuesday, July 31st. Susquehanna Bancshares reaffirmed a “negative” rating and set a $32.00 price objective (down previously from $53.00) on shares of Seagate Technology in a research report on Tuesday, October 23rd. Finally, ValuEngine downgraded Seagate Technology from a “hold” rating to a “sell” rating in a research report on Tuesday, October 2nd. Five analysts have rated the stock with a sell rating, seventeen have given a hold rating and five have assigned a buy rating to the stock. Seagate Technology currently has a consensus rating of “Hold” and a consensus price target of $53.43.

In other Seagate Technology news, Director Holdings L.P. Valueact purchased 125,000 shares of the stock in a transaction on Thursday, August 2nd. The stock was acquired at an average price of $52.87 per share, with a total value of $6,608,750.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kathryn R. Scolnick sold 10,577 shares of the firm’s stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $53.12, for a total value of $561,850.24. Following the completion of the sale, the chief financial officer now directly owns 759 shares of the company’s stock, valued at approximately $40,318.08. The disclosure for this sale can be found here. In the last three months, insiders acquired 5,707,648 shares of company stock valued at $295,778,805 and sold 46,086 shares valued at $2,529,660. 1.00% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. ValueAct Holdings L.P. raised its stake in shares of Seagate Technology by 4.4% in the second quarter. ValueAct Holdings L.P. now owns 22,404,700 shares of the data storage provider’s stock worth $1,265,194,000 after purchasing an additional 946,100 shares during the last quarter. BlackRock Inc. raised its stake in shares of Seagate Technology by 2.0% in the second quarter. BlackRock Inc. now owns 19,515,088 shares of the data storage provider’s stock worth $1,102,017,000 after purchasing an additional 383,002 shares during the last quarter. Northern Trust Corp raised its stake in shares of Seagate Technology by 5.6% in the second quarter. Northern Trust Corp now owns 3,384,188 shares of the data storage provider’s stock worth $191,105,000 after purchasing an additional 180,301 shares during the last quarter. Morgan Stanley raised its stake in shares of Seagate Technology by 81.0% in the second quarter. Morgan Stanley now owns 2,691,882 shares of the data storage provider’s stock worth $152,011,000 after purchasing an additional 1,204,618 shares during the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Seagate Technology by 26.3% in the third quarter. First Trust Advisors LP now owns 2,303,709 shares of the data storage provider’s stock worth $109,081,000 after purchasing an additional 480,052 shares during the last quarter. 83.24% of the stock is owned by institutional investors and hedge funds.

The company has a market capitalization of $11.17 billion, a PE ratio of 6.99, a PEG ratio of 0.50 and a beta of 1.70. The company has a debt-to-equity ratio of 2.59, a current ratio of 1.35 and a quick ratio of 1.02.

About Seagate Technology (NASDAQ:STX)

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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