Cross Research Downgrades Seagate Technology (NASDAQ:STX) to Hold

Cross Research lowered shares of Seagate Technology (NASDAQ:STX) from a buy rating to a hold rating in a research report released on Wednesday morning, The Fly reports.

Several other research firms also recently issued reports on STX. Susquehanna Bancshares restated a sell rating and set a $36.00 price objective on shares of Seagate Technology in a report on Wednesday, April 22nd. Deutsche Bank upped their target price on Seagate Technology from $50.00 to $52.00 and gave the company a hold rating in a report on Thursday, April 23rd. Benchmark downgraded Seagate Technology from a buy rating to a hold rating in a report on Wednesday. Royal Bank of Canada dropped their target price on Seagate Technology from $60.00 to $54.00 and set a sector perform rating on the stock in a report on Thursday, April 23rd. Finally, Robert W. Baird reiterated a buy rating and issued a $65.00 target price on shares of Seagate Technology in a report on Thursday, April 23rd. Seven investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $53.00.

NASDAQ STX opened at $45.22 on Wednesday. The stock’s 50-day moving average price is $48.53 and its two-hundred day moving average price is $50.95. The company has a current ratio of 1.51, a quick ratio of 1.08 and a debt-to-equity ratio of 2.33. The company has a market cap of $11.60 billion, a PE ratio of 11.90, a PEG ratio of 6.91 and a beta of 1.03. Seagate Technology has a 1 year low of $39.02 and a 1 year high of $64.17.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, July 28th. The data storage provider reported $1.20 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.20. The firm had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.62 billion. Seagate Technology had a return on equity of 68.62% and a net margin of 9.55%. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.86 EPS. Research analysts forecast that Seagate Technology will post 5.31 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 7th. Shareholders of record on Wednesday, September 23rd will be given a dividend of $0.65 per share. The ex-dividend date is Tuesday, September 22nd. This represents a $2.60 dividend on an annualized basis and a yield of 5.75%. Seagate Technology’s payout ratio is currently 56.89%.

In other Seagate Technology news, Director Stephen J. Luczo sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $50.91, for a total transaction of $254,550.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen J. Luczo sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $52.35, for a total value of $366,450.00. The disclosure for this sale can be found here. Insiders have sold 20,493 shares of company stock valued at $1,059,254 in the last ninety days. Company insiders own 1.12% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Sheaff Brock Investment Advisors LLC boosted its position in shares of Seagate Technology by 2.8% in the first quarter. Sheaff Brock Investment Advisors LLC now owns 7,550 shares of the data storage provider’s stock valued at $368,000 after acquiring an additional 203 shares during the period. Bell Bank boosted its position in shares of Seagate Technology by 0.4% in the first quarter. Bell Bank now owns 55,355 shares of the data storage provider’s stock valued at $2,701,000 after acquiring an additional 223 shares during the period. Icon Wealth Partners LLC boosted its position in shares of Seagate Technology by 3.4% in the first quarter. Icon Wealth Partners LLC now owns 7,410 shares of the data storage provider’s stock valued at $362,000 after acquiring an additional 243 shares during the period. Liberty Wealth Management LLC boosted its position in shares of Seagate Technology by 64.3% in the first quarter. Liberty Wealth Management LLC now owns 705 shares of the data storage provider’s stock valued at $34,000 after acquiring an additional 276 shares during the period. Finally, First Horizon Advisors Inc. boosted its position in shares of Seagate Technology by 48.0% in the second quarter. First Horizon Advisors Inc. now owns 869 shares of the data storage provider’s stock valued at $41,000 after acquiring an additional 282 shares during the period. 83.55% of the stock is owned by institutional investors.

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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