Citigroup Inc. Raises Seagate Technology PLC (NASDAQ:STX) Price Target to $41.00

Seagate Technology PLC (NASDAQ:STX) had its price objective hoisted by investment analysts at Citigroup Inc. from $34.00 to $41.00 in a note issued to investors on Tuesday, October 24th. The firm presently has a “neutral” rating on the stock.

STX has been the topic of several other reports. BidaskClub lowered Seagate Technology PLC from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, September 12th. Benchmark Co. lowered Seagate Technology PLC from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Guggenheim reiterated a “hold” rating on shares of Seagate Technology PLC in a research report on Monday, October 23rd. Cowen and Company reiterated a “hold” rating and set a $36.00 price objective on shares of Seagate Technology PLC in a research report on Friday, October 13th. Finally, Jefferies Group LLC lowered Seagate Technology PLC from a “buy” rating to a “hold” rating and reduced their price objective for the company from $40.00 to $29.00 in a research report on Monday, September 11th. Four analysts have rated the stock with a sell rating, twenty-two have given a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of C$41.29.

Seagate Technology PLC (STX) opened at C$37.99 on Tuesday. The firm has a market capitalization of $10,991.23, a PE ratio of 9.29, a price-to-earnings-growth ratio of 0.50 and a beta of 1.68. The company has a quick ratio of 1.55, a current ratio of 1.96 and a debt-to-equity ratio of 4.03. Seagate Technology PLC has a one year low of C$30.60 and a one year high of C$50.96.

Seagate Technology PLC (NASDAQ:STX) last announced its earnings results on Monday, October 23rd. The company reported C$0.96 earnings per share for the quarter, topping analysts’ consensus estimates of C$0.86 by C$0.10. The business had revenue of C$2.63 billion for the quarter, compared to analyst estimates of C$2.54 billion. Seagate Technology PLC had a return on equity of 84.50% and a net margin of 7.41%. The company’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.99 EPS. equities analysts predict that Seagate Technology PLC will post 3.98 earnings per share for the current fiscal year.

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In other Seagate Technology PLC news, insider Philip G. Brace sold 5,403 shares of Seagate Technology PLC stock in a transaction on Monday, November 6th. The stock was sold at an average price of C$36.79, for a total value of C$198,776.37. Following the completion of the sale, the insider now owns 33,069 shares of the company’s stock, valued at approximately C$1,216,608.51. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jeffrey D. Nygaard acquired 5,000 shares of Seagate Technology PLC stock in a transaction on Friday, October 27th. The shares were bought at an average cost of C$37.38 per share, for a total transaction of C$186,900.00. The disclosure for this purchase can be found here. In the last three months, insiders sold 24,527 shares of company stock valued at $856,859. Corporate insiders own 0.87% of the company’s stock.

Large investors have recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its position in shares of Seagate Technology PLC by 74.4% during the second quarter. JPMorgan Chase & Co. now owns 1,650,262 shares of the company’s stock valued at $63,947,000 after buying an additional 703,822 shares during the period. CIBC World Markets Inc. purchased a new position in shares of Seagate Technology PLC during the second quarter valued at approximately $9,699,000. Aviva PLC boosted its position in shares of Seagate Technology PLC by 2.8% during the second quarter. Aviva PLC now owns 181,216 shares of the company’s stock valued at $7,022,000 after buying an additional 4,950 shares during the period. Meridian Wealth Management LLC boosted its position in shares of Seagate Technology PLC by 7.9% during the second quarter. Meridian Wealth Management LLC now owns 8,284 shares of the company’s stock valued at $321,000 after buying an additional 604 shares during the period. Finally, Sii Investments Inc. WI boosted its position in shares of Seagate Technology PLC by 4.3% during the first quarter. Sii Investments Inc. WI now owns 6,465 shares of the company’s stock valued at $295,000 after buying an additional 269 shares during the period. Institutional investors and hedge funds own 89.82% of the company’s stock.

About Seagate Technology PLC

Seagate Technology public limited company is a provider of electronic data storage technology and solutions. The Company’s principal products are hard disk drives (HDDs). In addition to HDDs, it produces a range of electronic data storage products, including solid state hybrid drives, solid state drives, peripheral component interconnect express (PCIe) cards and serial advanced technology architecture (SATA) controllers.

Analyst Recommendations for Seagate Technology PLC (NASDAQ:STX)

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