Seagate Technology (NASDAQ:STX) PT Raised to $48.00 at Cowen

Seagate Technology (NASDAQ:STX) had its price target hoisted by Cowen from $44.00 to $48.00 in a research report released on Friday, AR Network reports. Cowen currently has a market perform rating on the data storage provider’s stock.

Several other equities analysts also recently issued reports on the stock. Mizuho cut their price target on shares of Seagate Technology from $56.00 to $50.00 and set a neutral rating for the company in a report on Wednesday, July 29th. Royal Bank of Canada lifted their price target on shares of Seagate Technology from $48.00 to $52.00 and gave the company a sector perform rating in a report on Wednesday, October 21st. Wells Fargo & Company cut their price target on shares of Seagate Technology from $55.00 to $50.00 and set an equal weight rating for the company in a report on Wednesday, July 29th. UBS Group raised shares of Seagate Technology from a sell rating to a neutral rating and lifted their price target for the company from $41.00 to $46.00 in a report on Tuesday, August 4th. Finally, Sanford C. Bernstein began coverage on shares of Seagate Technology in a report on Tuesday, July 14th. They set a market perform rating and a $45.00 price target for the company. Five analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $53.35.

NASDAQ:STX opened at $48.96 on Friday. The company has a 50-day moving average of $49.26 and a 200-day moving average of $48.88. The company has a market capitalization of $12.56 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 9.93 and a beta of 0.96. Seagate Technology has a 52 week low of $39.02 and a 52 week high of $64.17. The company has a debt-to-equity ratio of 2.33, a quick ratio of 1.09 and a current ratio of 1.51.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Thursday, October 22nd. The data storage provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.17. The company had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.36 billion. Seagate Technology had a net margin of 9.55% and a return on equity of 68.62%. The firm’s revenue for the quarter was down 10.2% compared to the same quarter last year. During the same period last year, the firm earned $1.03 EPS. Sell-side analysts forecast that Seagate Technology will post 4.34 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 6th. Investors of record on Wednesday, December 23rd will be issued a dividend of $0.67 per share. The ex-dividend date is Tuesday, December 22nd. This represents a $2.68 dividend on an annualized basis and a yield of 5.47%. This is a boost from Seagate Technology’s previous quarterly dividend of $0.65. Seagate Technology’s payout ratio is currently 56.89%.

In related news, Director Stephen J. Luczo sold 56,000 shares of the business’s stock in a transaction that occurred on Thursday, October 8th. The shares were sold at an average price of $51.00, for a total transaction of $2,856,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stephen J. Luczo sold 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $52.49, for a total transaction of $367,430.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 79,698 shares of company stock valued at $4,020,593. Corporate insiders own 0.97% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. TCI Wealth Advisors Inc. lifted its stake in Seagate Technology by 159.3% in the third quarter. TCI Wealth Advisors Inc. now owns 529 shares of the data storage provider’s stock valued at $26,000 after buying an additional 325 shares in the last quarter. Flagship Harbor Advisors LLC lifted its stake in Seagate Technology by 461.7% in the third quarter. Flagship Harbor Advisors LLC now owns 719 shares of the data storage provider’s stock valued at $35,000 after buying an additional 591 shares in the last quarter. First Horizon Advisors Inc. lifted its stake in Seagate Technology by 48.0% in the second quarter. First Horizon Advisors Inc. now owns 869 shares of the data storage provider’s stock valued at $41,000 after buying an additional 282 shares in the last quarter. Ameritas Investment Company LLC bought a new position in Seagate Technology in the first quarter valued at approximately $42,000. Finally, Cullen Frost Bankers Inc. lifted its stake in Seagate Technology by 260.1% in the second quarter. Cullen Frost Bankers Inc. now owns 929 shares of the data storage provider’s stock valued at $45,000 after buying an additional 671 shares in the last quarter. 83.24% of the stock is currently owned by hedge funds and other institutional investors.

Seagate Technology Company Profile

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company offers hard disk and solid state drives, including serial advanced technology attachment, serial attached SCSI, and non-volatile memory express products; solid state hybrid drives; and storage subsystems.

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Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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