Barclays Raises Seagate Technology (NASDAQ:STX) Price Target to $40.00

Seagate Technology (NASDAQ:STX) had its target price upped by Barclays from $37.00 to $40.00 in a research note published on Friday, The Fly reports. The brokerage currently has an underweight rating on the data storage provider’s stock.

Several other analysts also recently commented on STX. Mizuho reaffirmed a hold rating on shares of Seagate Technology in a research note on Thursday. FBN Securities increased their target price on Seagate Technology from $55.00 to $60.00 in a research note on Thursday. KeyCorp set a $58.00 target price on Seagate Technology and gave the stock a hold rating in a research note on Tuesday, September 10th. BidaskClub raised Seagate Technology from a hold rating to a buy rating in a research note on Tuesday, September 10th. Finally, Goldman Sachs Group set a $37.00 target price on Seagate Technology and gave the stock a sell rating in a research note on Sunday, July 21st. Five research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $47.90.

STX opened at $52.40 on Friday. The business has a 50 day moving average price of $49.18 and a two-hundred day moving average price of $47.38. The company has a quick ratio of 1.52, a current ratio of 1.95 and a debt-to-equity ratio of 1.97. The company has a market cap of $13.98 billion, a PE ratio of 10.87, a P/E/G ratio of 10.17 and a beta of 1.65. Seagate Technology has a 52 week low of $35.38 and a 52 week high of $57.20.



Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Friday, August 2nd. The data storage provider reported $0.86 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.83 by $0.03. The firm had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.33 billion. Seagate Technology had a return on equity of 72.07% and a net margin of 19.36%. The firm’s revenue was down 16.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.62 EPS. As a group, sell-side analysts expect that Seagate Technology will post 4.3 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 9th. Investors of record on Wednesday, September 25th will be issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 4.81%. The ex-dividend date is Tuesday, September 24th. Seagate Technology’s dividend payout ratio is currently 52.28%.

In related news, CEO William D. Mosley sold 90,000 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $54.31, for a total value of $4,887,900.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Stephen J. Luczo sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $47.21, for a total value of $236,050.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 120,000 shares of company stock worth $6,344,500. Insiders own 1.12% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Comerica Bank grew its holdings in Seagate Technology by 6.0% during the 1st quarter. Comerica Bank now owns 43,337 shares of the data storage provider’s stock valued at $2,154,000 after buying an additional 2,461 shares during the last quarter. Cetera Advisor Networks LLC grew its holdings in Seagate Technology by 10.9% during the 1st quarter. Cetera Advisor Networks LLC now owns 6,873 shares of the data storage provider’s stock valued at $332,000 after buying an additional 678 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in Seagate Technology by 14.1% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 64,851 shares of the data storage provider’s stock valued at $3,106,000 after buying an additional 8,019 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in Seagate Technology by 5.5% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 14,989 shares of the data storage provider’s stock valued at $718,000 after buying an additional 781 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Seagate Technology by 4.3% during the 1st quarter. JPMorgan Chase & Co. now owns 766,189 shares of the data storage provider’s stock valued at $36,692,000 after buying an additional 31,455 shares during the last quarter. Institutional investors and hedge funds own 83.61% 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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Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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