Seagate Technology (NASDAQ:STX) PT Lowered to $45.00

Seagate Technology (NASDAQ:STX) had its price objective dropped by stock analysts at Robert W. Baird from $56.00 to $45.00 in a report released on Friday, November 2nd, The Fly reports. The brokerage currently has a “neutral” rating on the data storage provider’s stock. Robert W. Baird’s price target would indicate a potential upside of 4.58% from the company’s previous close.

Other analysts have also issued reports about the stock. Zacks Investment Research lowered shares of Seagate Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, August 21st. Goldman Sachs Group lowered shares of Seagate Technology from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $50.00 to $44.00 in a research note on Thursday, August 9th. Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a research note on Tuesday, July 31st. BidaskClub lowered shares of Seagate Technology from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 25th. Finally, Summit Insights upgraded shares of Seagate Technology from a “sell” rating to a “hold” rating in a report on Friday, November 2nd. Five analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have assigned a buy rating to the company. Seagate Technology currently has an average rating of “Hold” and a consensus price target of $50.91.

Seagate Technology stock traded down $2.30 during midday trading on Friday, reaching $43.03. 7,510,518 shares of the stock traded hands, compared to its average volume of 4,841,510. The company has a quick ratio of 1.07, a current ratio of 1.42 and a debt-to-equity ratio of 2.34. The firm has a market capitalization of $13.11 billion, a price-to-earnings ratio of 7.81, a PEG ratio of 0.69 and a beta of 1.71. Seagate Technology has a fifty-two week low of $36.69 and a fifty-two week high of $62.70.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Friday, November 2nd. The data storage provider reported $1.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.55 by $0.15. The firm had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.95 billion. Seagate Technology had a net margin of 12.57% and a return on equity of 123.05%. Seagate Technology’s revenue was up 13.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.96 EPS. Research analysts expect that Seagate Technology will post 5.33 earnings per share for the current year.

In related news, insider Valueact Capital Master Fund, bought 2,090,783 shares of the business’s stock in a transaction that occurred on Monday, August 13th. The stock was purchased at an average cost of $50.94 per share, for a total transaction of $106,504,486.02. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Stephen J. Luczo sold 35,000 shares of the stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $55.40, for a total transaction of $1,939,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 4,055,357 shares of company stock worth $209,385,069 and have sold 46,086 shares worth $2,529,660. 1.00% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in STX. WESPAC Advisors SoCal LLC bought a new stake in Seagate Technology during the 3rd quarter worth about $108,000. Girard Partners LTD. bought a new stake in Seagate Technology during the 3rd quarter worth about $108,000. Quad Cities Investment Group LLC bought a new stake in Seagate Technology during the 2nd quarter worth about $124,000. Partners Capital Investment Group LLP bought a new stake in Seagate Technology during the 2nd quarter worth about $136,000. Finally, First Hawaiian Bank bought a new stake in Seagate Technology during the 3rd quarter worth about $139,000. Institutional investors and hedge funds own 83.57% of the company’s stock.

Seagate Technology Company Profile

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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