Seagate Technology (NASDAQ:STX) saw a significant decline in short interest during the month of March. As of March 29th, there was short interest totalling 23,181,082 shares, a decline of 15.5% from the March 15th total of 27,440,279 shares. Based on an average daily trading volume, of 4,823,923 shares, the days-to-cover ratio is presently 4.8 days. Approximately 8.2% of the shares of the company are sold short.
Seagate Technology stock opened at $59.87 on Friday. The company has a debt-to-equity ratio of 4.07, a current ratio of 1.58 and a quick ratio of 1.25. Seagate Technology has a 52-week low of $30.60 and a 52-week high of $61.31. The firm has a market cap of $16,904.51, a price-to-earnings ratio of 14.53, a P/E/G ratio of 0.78 and a beta of 1.68.
Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Monday, January 29th. The data storage provider reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.09. The firm had revenue of $2.91 billion during the quarter, compared to analyst estimates of $2.86 billion. Seagate Technology had a return on equity of 93.35% and a net margin of 6.10%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.38 earnings per share. equities analysts anticipate that Seagate Technology will post 4.87 EPS for the current fiscal year.
In other news, Director Chong Sup Park sold 4,026 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $54.22, for a total transaction of $218,289.72. Following the completion of the transaction, the director now directly owns 8,715 shares in the company, valued at $472,527.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Stephen J. Luczo sold 4,620 shares of the company’s stock in a transaction on Tuesday, April 10th. The shares were sold at an average price of $60.00, for a total value of $277,200.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 662,785 shares of company stock valued at $36,396,992. Corporate insiders own 0.87% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Toronto Dominion Bank grew its holdings in shares of Seagate Technology by 13.7% during the fourth quarter. Toronto Dominion Bank now owns 124,536 shares of the data storage provider’s stock worth $5,210,000 after purchasing an additional 14,969 shares during the last quarter. Eagle Asset Management Inc. grew its holdings in shares of Seagate Technology by 12.3% during the fourth quarter. Eagle Asset Management Inc. now owns 887,990 shares of the data storage provider’s stock worth $37,517,000 after purchasing an additional 97,072 shares during the last quarter. Jaffetilchin Investment Partners LLC bought a new stake in shares of Seagate Technology during the fourth quarter worth $346,000. C M Bidwell & Associates Ltd. bought a new stake in shares of Seagate Technology during the fourth quarter worth $420,000. Finally, California Public Employees Retirement System grew its holdings in shares of Seagate Technology by 2.6% during the fourth quarter. California Public Employees Retirement System now owns 925,813 shares of the data storage provider’s stock worth $38,736,000 after purchasing an additional 23,025 shares during the last quarter. Institutional investors own 89.00% of the company’s stock.
A number of research analysts recently commented on STX shares. TheStreet upgraded Seagate Technology from a “c+” rating to a “b-” rating in a research note on Tuesday, January 9th. Craig Hallum restated a “buy” rating and issued a $56.00 target price (up from $50.00) on shares of Seagate Technology in a research note on Tuesday, January 9th. Loop Capital restated a “buy” rating and issued a $55.00 target price on shares of Seagate Technology in a research note on Tuesday, January 9th. They noted that the move was a valuation call. Zacks Investment Research upgraded Seagate Technology from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a research note on Friday, January 5th. Finally, BTIG Research upped their target price on Seagate Technology to $63.00 and gave the company a “buy” rating in a research note on Tuesday, January 30th. Four 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 assigned a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $53.51.
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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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