Zacks Investment Research upgraded shares of Seagate Technology (NASDAQ:STX) from a hold rating to a buy rating in a research report sent to investors on Thursday. They currently have $66.00 price target on the data storage provider’s stock.
According to Zacks, “Seagate is the second-largest manufacturer of HDDs in the U.S., owing to strong demand and adoption of its storage drives. Hints of PC market stabilization as reflected in the latest reports from Gartner and IDC are a positive. Stabilization of the PC market by the research firms bodes well for memory shipments, particularly HDDs. We believe that Seagate’s recent NAND-supply deal with Toshiba will help it in developing advanced HDD, SSD and hybrid solutions. Also, its Nearline’s rapid adoption will boost Seagate’s competitive position against Western Digital. The company’s efforts in the improvement of areal density with the ramping up of its heat assisted magnetic recording (“HAMR”) technology is another positive. However, shares of the company have underperformed the industry in the past one year. Further, stiff competition in the disk drive market and customer concentration remains major risk for Seagate.”
Other research analysts have also recently issued research reports about the company. Vetr cut Seagate Technology from a strong-buy rating to a buy rating and set a $56.12 price objective on the stock. in a research report on Wednesday, February 14th. Maxim Group reissued a hold rating and issued a $44.00 price objective (up previously from $43.00) on shares of Seagate Technology in a research report on Tuesday, January 9th. BTIG Research boosted their price objective on Seagate Technology to $63.00 and gave the stock a buy rating in a research report on Tuesday, January 30th. Stifel Nicolaus reissued a hold rating and issued a $49.00 price objective on shares of Seagate Technology in a research report on Thursday, February 22nd. Finally, Cowen set a $53.00 price objective on Seagate Technology and gave the stock a hold rating in a research report on Monday, January 29th. Four equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, seven have assigned a buy rating and three have given a strong buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $53.51.
Shares of NASDAQ:STX opened at $60.61 on Thursday. The company has a market cap of $17,052.62, a P/E ratio of 14.71, a P/E/G ratio of 0.78 and a beta of 1.68. The company has a debt-to-equity ratio of 4.07, a quick ratio of 1.25 and a current ratio of 1.58. Seagate Technology has a 12-month low of $30.60 and a 12-month high of $61.31.
Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Monday, January 29th. The data storage provider reported $1.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.39 by $0.09. Seagate Technology had a return on equity of 93.35% and a net margin of 6.10%. The business had revenue of $2.91 billion for the quarter, compared to analysts’ expectations of $2.86 billion. During the same quarter in the previous year, the firm earned $1.38 earnings per share. The business’s revenue was up .7% on a year-over-year basis. research analysts predict that Seagate Technology will post 4.89 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 4th. Investors of record on Wednesday, March 21st were paid a dividend of $0.63 per share. The ex-dividend date of this dividend was Tuesday, March 20th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 4.16%. Seagate Technology’s payout ratio is 61.17%.
In related news, insider Stephen J. Luczo sold 341,738 shares of the business’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $55.00, for a total transaction of $18,795,590.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Stephen J. Luczo sold 5,380 shares of the business’s stock in a transaction dated Monday, April 2nd. The stock was sold at an average price of $60.00, for a total value of $322,800.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 662,785 shares of company stock worth $36,396,992. 0.87% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the stock. Avestar Capital LLC purchased a new position in Seagate Technology during the fourth quarter worth about $100,000. SeaCrest Wealth Management LLC purchased a new position in Seagate Technology during the fourth quarter worth about $174,000. Brave Asset Management Inc. purchased a new position in Seagate Technology during the fourth quarter worth about $203,000. Advisor Partners LLC purchased a new position in Seagate Technology during the fourth quarter worth about $258,000. Finally, New England Research & Management Inc. purchased a new position in Seagate Technology during the fourth quarter worth about $205,000. Institutional investors and hedge funds own 89.00% of the company’s stock.
About Seagate Technology
Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company manufactures and distributes hard disk drives, solid state drives and their related controllers, solid state hybrid drives, and storage subsystems. Its products are used in enterprise servers and storage systems applications; client compute applications, primarily for desktop and mobile computing; and client non-compute applications, including various end user devices, such as portable external storage systems, surveillance systems, network-attached storage, digital video recorders, and gaming consoles.
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