Seagate Technology (NASDAQ:STX) Price Target Cut to $44.00 by Analysts at Cowen

Seagate Technology (NASDAQ:STX) had its target price lowered by Cowen from $50.00 to $44.00 in a research note issued to investors on Wednesday morning, Briefing.com Automated Import reports. Cowen currently has a market perform rating on the data storage provider’s stock.

Several other brokerages also recently issued reports on STX. Cross Research downgraded shares of Seagate Technology from a buy rating to a hold rating in a research report on Wednesday. Robert W. Baird reissued a buy rating and set a $65.00 price objective on shares of Seagate Technology in a research report on Thursday, April 23rd. Craig Hallum raised shares of Seagate Technology from a hold rating to a buy rating and set a $64.00 price objective on the stock in a research report on Thursday, April 23rd. BidaskClub downgraded shares of Seagate Technology from a hold rating to a sell rating in a research report on Saturday, June 27th. Finally, Loop Capital reduced their target price on shares of Seagate Technology from $70.00 to $60.00 in a research note on Thursday, April 23rd. Seven research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the stock. Seagate Technology currently has an average rating of Hold and a consensus target price of $53.00.

NASDAQ STX opened at $45.22 on Wednesday. The company has a debt-to-equity ratio of 2.33, a current ratio of 1.51 and a quick ratio of 1.08. The firm’s fifty day moving average price is $48.53 and its 200 day moving average price is $50.95. The company has a market capitalization of $11.60 billion, a price-to-earnings ratio of 11.90, a price-to-earnings-growth ratio of 6.91 and a beta of 1.03. Seagate Technology has a 12 month low of $39.02 and a 12 month high of $64.17.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, July 28th. The data storage provider reported $1.20 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.20. Seagate Technology had a net margin of 9.55% and a return on equity of 68.62%. The firm had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.62 billion. During the same period last year, the firm posted $0.86 EPS. The company’s revenue was up 6.2% on a year-over-year basis. As a group, sell-side analysts forecast that Seagate Technology will post 5.31 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Investors of record on Wednesday, September 23rd will be paid a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 5.75%. The ex-dividend date is Tuesday, September 22nd. Seagate Technology’s dividend payout ratio (DPR) is 56.89%.

In other Seagate Technology news, SVP Ban Seng Teh sold 498 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $52.80, for a total transaction of $26,294.40. Following the completion of the transaction, the senior vice president now directly owns 11,197 shares in the company, valued at approximately $591,201.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen J. Luczo sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $50.91, for a total transaction of $254,550.00. The disclosure for this sale can be found here. Insiders sold 20,493 shares of company stock valued at $1,059,254 in the last quarter. Company insiders own 1.12% of the company’s stock.

A number of large investors have recently bought and sold shares of the business. APG Asset Management N.V. increased its holdings in Seagate Technology by 52.9% during the 1st quarter. APG Asset Management N.V. now owns 3,147,319 shares of the data storage provider’s stock valued at $134,234,000 after acquiring an additional 1,089,349 shares in the last quarter. Norges Bank purchased a new position in Seagate Technology during the 4th quarter valued at about $178,150,000. Bank of New York Mellon Corp increased its holdings in Seagate Technology by 10.7% during the 1st quarter. Bank of New York Mellon Corp now owns 2,990,362 shares of the data storage provider’s stock valued at $145,930,000 after acquiring an additional 288,008 shares in the last quarter. Morgan Stanley increased its holdings in Seagate Technology by 7.2% during the 1st quarter. Morgan Stanley now owns 2,691,949 shares of the data storage provider’s stock valued at $131,367,000 after acquiring an additional 179,638 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in Seagate Technology by 57.2% during the 1st quarter. AQR Capital Management LLC now owns 2,502,965 shares of the data storage provider’s stock valued at $122,144,000 after acquiring an additional 911,215 shares in the last quarter. Hedge funds and other institutional investors own 83.55% 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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