Seagate Technology (NASDAQ:STX) Receives New Coverage from Analysts at Stifel Nicolaus

Stifel Nicolaus began coverage on shares of Seagate Technology (NASDAQ:STX) in a research note issued to investors on Monday, The Fly reports. The firm issued a hold rating and a $62.00 price target on the data storage provider’s stock.

A number of other research firms have also recently commented on STX. Craig Hallum cut shares of Seagate Technology from a buy rating to a hold rating and set a $56.00 target price on the stock. in a research note on Friday, September 20th. Benchmark upped their price target on shares of Seagate Technology from $60.00 to $65.00 and gave the stock a buy rating in a research report on Monday, November 4th. Wells Fargo & Co increased their price objective on shares of Seagate Technology from $45.00 to $48.00 and gave the stock a market perform rating in a research note on Friday, September 13th. Bank of America raised their price objective on shares of Seagate Technology from $45.00 to $50.00 and gave the company an underperform rating in a research report on Monday, November 4th. Finally, FBN Securities lifted their target price on shares of Seagate Technology from $55.00 to $60.00 in a research note on Thursday, September 19th. Six analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Seagate Technology has a consensus rating of Hold and an average target price of $49.62.

NASDAQ:STX opened at $59.33 on Monday. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.17 and a current ratio of 1.58. The stock has a 50-day simple moving average of $57.80 and a two-hundred day simple moving average of $50.44. The firm has a market capitalization of $15.75 billion, a PE ratio of 12.31, a P/E/G ratio of 10.18 and a beta of 1.62. Seagate Technology has a 52-week low of $35.38 and a 52-week high of $60.56.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Friday, November 1st. The data storage provider reported $1.03 EPS for the quarter, topping the consensus estimate of $1.00 by $0.03. Seagate Technology had a return on equity of 61.26% and a net margin of 17.66%. The firm had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.57 billion. During the same quarter last year, the company earned $1.70 earnings per share. The business’s revenue for the quarter was down 13.8% compared to the same quarter last year. Equities analysts forecast that Seagate Technology will post 4.84 earnings per share for the current fiscal year.

In related news, EVP James J. Murphy sold 123,607 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $57.74, for a total value of $7,137,068.18. Following the sale, the executive vice president now directly owns 98,377 shares in the company, valued at $5,680,287.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Nicholls Stuart 6,724,138 shares of the business’s stock in a transaction that occurred on Friday, November 15th. In the last 90 days, insiders have sold 545,227 shares of company stock valued at $31,229,643. 1.12% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. ValueAct Holdings L.P. increased its holdings in shares of Seagate Technology by 6.9% in the 2nd quarter. ValueAct Holdings L.P. now owns 31,554,360 shares of the data storage provider’s stock worth $1,486,841,000 after buying an additional 2,034,200 shares during the last quarter. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Seagate Technology during the 3rd quarter valued at about $42,291,000. Morgan Stanley raised its position in shares of Seagate Technology by 40.4% during the 2nd quarter. Morgan Stanley now owns 2,491,729 shares of the data storage provider’s stock valued at $117,410,000 after buying an additional 717,007 shares in the last quarter. Commerzbank Aktiengesellschaft FI lifted its holdings in shares of Seagate Technology by 240.5% in the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 568,264 shares of the data storage provider’s stock valued at $30,567,000 after acquiring an additional 401,361 shares during the last quarter. Finally, Virginia Retirement Systems ET AL lifted its holdings in shares of Seagate Technology by 5,423.9% in the 2nd quarter. Virginia Retirement Systems ET AL now owns 370,100 shares of the data storage provider’s stock valued at $17,439,000 after acquiring an additional 363,400 shares during the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

About Seagate Technology

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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