Seagate Technology (STX) Rating Increased to Overweight at Morgan Stanley

Morgan Stanley upgraded shares of Seagate Technology (NASDAQ:STX) from an equal weight rating to an overweight rating in a research report sent to investors on Monday morning, Marketbeat Ratings reports. They currently have $72.00 price target on the data storage provider’s stock, up from their previous price target of $51.00.

Several other research firms also recently issued reports on STX. Citigroup boosted their price objective on Seagate Technology from $56.00 to $60.00 and gave the company a neutral rating in a report on Friday, March 9th. Loop Capital boosted their price objective on Seagate Technology from $65.00 to $70.00 and gave the company a buy rating in a report on Thursday, March 22nd. Barclays boosted their target price on Seagate Technology from $45.00 to $55.00 and gave the stock an underweight rating in a research note on Tuesday, March 27th. Cross Research raised Seagate Technology from a hold rating to a buy rating in a research report on Monday, April 2nd. Finally, Royal Bank of Canada upped their price objective on Seagate Technology to $62.00 and gave the stock a market perform rating in a research report on Monday, April 2nd. Four investment analysts have rated the stock with a sell rating, nineteen have given a hold rating, seven have given a buy rating and three have given a strong buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $53.51.

STX stock opened at $59.87 on Monday. The company has a current ratio of 1.58, a quick ratio of 1.25 and a debt-to-equity ratio of 4.07. The firm has a market capitalization of $16,679.49, a P/E ratio of 13.98, a PEG ratio of 0.77 and a beta of 1.68. 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 (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.39 by $0.09. The firm had revenue of $2.91 billion for the quarter, compared to the consensus estimate of $2.86 billion. Seagate Technology had a return on equity of 93.35% and a net margin of 6.10%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.38 EPS. research analysts expect that Seagate Technology will post 4.89 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 4th. Investors of record on Wednesday, March 21st were issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date of this dividend was Tuesday, March 20th. Seagate Technology’s dividend payout ratio is currently 61.17%.

In other Seagate Technology news, insider Stephen J. Luczo sold 341,738 shares of the stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $55.00, for a total transaction of $18,795,590.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO David H. Morton, Jr. sold 35,142 shares of the stock in a transaction on Monday, March 5th. The shares were sold at an average price of $55.00, for a total value of $1,932,810.00. Following the sale, the chief financial officer now owns 8,540 shares in the company, valued at approximately $469,700. The disclosure for this sale can be found here. In the last 90 days, insiders sold 662,785 shares of company stock worth $36,396,992. Insiders own 0.87% of the company’s stock.

Large investors have recently made changes to their positions in the business. Avestar Capital LLC acquired a new stake in shares of Seagate Technology during the fourth quarter worth $100,000. Balentine LLC boosted its holdings in shares of Seagate Technology by 56.8% during the third quarter. Balentine LLC now owns 4,471 shares of the data storage provider’s stock worth $148,000 after purchasing an additional 1,619 shares during the last quarter. SeaCrest Wealth Management LLC acquired a new stake in shares of Seagate Technology during the fourth quarter worth $174,000. Brave Asset Management Inc. acquired a new stake in shares of Seagate Technology during the fourth quarter worth $203,000. Finally, New England Research & Management Inc. acquired a new stake in shares of Seagate Technology during the fourth quarter worth $205,000. Hedge funds and other institutional investors own 89.00% of the company’s stock.

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Seagate Technology Company Profile

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.

Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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