An issue of Seagate Technology PLC (NASDAQ:STX) bonds fell 1.5% against their face value during trading on Monday after Loop Capital lowered their price target on the stock to $60.00. The high-yield issue of debt has a 4.75% coupon and is set to mature on January 1, 2025. The bonds in the issue are now trading at $91.50 and were trading at $94.82 last week. Price moves in a company’s bonds in credit markets often predict parallel moves in its share price.
Several other equities research analysts also recently weighed in on the company. Susquehanna Bancshares reaffirmed a “negative” rating and set a $32.00 price target (down from $53.00) on shares of Seagate Technology in a report on Tuesday, October 23rd. UBS Group downgraded Seagate Technology to a “neutral” rating in a report on Tuesday, October 23rd. Zacks Investment Research raised Seagate Technology from a “sell” rating to a “hold” rating in a report on Monday, October 8th. ValuEngine downgraded Seagate Technology from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. Finally, BidaskClub downgraded Seagate Technology from a “buy” rating to a “hold” rating in a report on Friday, September 28th. Five equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $53.43.
In other Seagate Technology news, EVP James J. Murphy sold 509 shares of the firm’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $56.60, for a total value of $28,809.40. Following the completion of the sale, the executive vice president now owns 37,693 shares of the company’s stock, valued at $2,133,423.80. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Stephen J. Luczo sold 35,000 shares of Seagate Technology stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $55.40, for a total value of $1,939,000.00. The disclosure for this sale can be found here. In the last three months, insiders acquired 5,707,648 shares of company stock valued at $295,778,805 and sold 46,086 shares valued at $2,529,660. 1.00% of the stock is currently owned by company insiders.
The company has a market capitalization of $11.17 billion, a PE ratio of 6.99, a price-to-earnings-growth ratio of 0.50 and a beta of 1.70. The company has a quick ratio of 1.02, a current ratio of 1.35 and a debt-to-equity ratio of 2.59.
About Seagate Technology (NASDAQ:STX)
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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