Seagate Technology (STX) Price Target Cut to $45.00

Seagate Technology (NASDAQ:STX) had its price objective reduced by stock analysts at Robert W. Baird from $56.00 to $45.00 in a note issued to investors on Friday, The Fly reports. The brokerage presently has a “neutral” rating on the data storage provider’s stock. Robert W. Baird’s price objective suggests a potential upside of 1.83% from the company’s current price.

A number of other brokerages have also weighed in on STX. Zacks Investment Research lowered shares of Seagate Technology from a “buy” rating to a “hold” rating in a research report on Monday, July 16th. BidaskClub lowered shares of Seagate Technology from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 25th. Goldman Sachs Group lowered shares of Seagate Technology from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $50.00 to $44.00 in a research report on Thursday, August 9th. Royal Bank of Canada restated a “hold” rating and set a $62.00 target price on shares of Seagate Technology in a research report on Monday, July 30th. Finally, Benchmark restated a “hold” rating on shares of Seagate Technology in a research report on Tuesday, July 31st. Five equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and five have issued a buy rating to the company. Seagate Technology has a consensus rating of “Hold” and a consensus price target of $53.29.

Shares of NASDAQ:STX traded up $1.21 during midday trading on Friday, reaching $44.19. 871,939 shares of the company were exchanged, compared to its average volume of 4,124,560. The company has a debt-to-equity ratio of 2.59, a quick ratio of 1.02 and a current ratio of 1.35. Seagate Technology has a one year low of $36.07 and a one year high of $62.70. The firm has a market cap of $11.19 billion, a price-to-earnings ratio of 8.02, a P/E/G ratio of 0.52 and a beta of 1.70.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Friday, November 2nd. The data storage provider reported $1.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.55 by $0.15. Seagate Technology had a net margin of 10.57% and a return on equity of 120.71%. The firm had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.95 billion. During the same quarter in the prior year, the business earned $0.96 earnings per share. Seagate Technology’s revenue for the quarter was up 13.7% on a year-over-year basis. As a group, research analysts predict that Seagate Technology will post 6.08 earnings per share for the current year.

In other news, Director Holdings L.P. Valueact bought 509,492 shares of Seagate Technology stock in a transaction dated Monday, August 13th. The shares were acquired at an average price of $51.11 per share, with a total value of $26,040,136.12. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Valueact Capital Master Fund, bought 2,090,783 shares of Seagate Technology stock in a transaction dated Monday, August 13th. The stock was purchased at an average cost of $50.94 per share, for a total transaction of $106,504,486.02. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 4,636,648 shares of company stock valued at $239,240,175 and have sold 46,086 shares valued at $2,529,660. 1.00% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. ValueAct Holdings L.P. raised its stake in shares of Seagate Technology by 4.4% in the second quarter. ValueAct Holdings L.P. now owns 22,404,700 shares of the data storage provider’s stock valued at $1,265,194,000 after acquiring an additional 946,100 shares during the period. BlackRock Inc. raised its stake in shares of Seagate Technology by 2.0% in the second quarter. BlackRock Inc. now owns 19,515,088 shares of the data storage provider’s stock valued at $1,102,017,000 after acquiring an additional 383,002 shares during the period. Northern Trust Corp raised its stake in shares of Seagate Technology by 5.6% in the second quarter. Northern Trust Corp now owns 3,384,188 shares of the data storage provider’s stock valued at $191,105,000 after acquiring an additional 180,301 shares during the period. Morgan Stanley raised its stake in shares of Seagate Technology by 81.0% in the second quarter. Morgan Stanley now owns 2,691,882 shares of the data storage provider’s stock valued at $152,011,000 after acquiring an additional 1,204,618 shares during the period. Finally, First Trust Advisors LP raised its stake in shares of Seagate Technology by 26.3% in the third quarter. First Trust Advisors LP now owns 2,303,709 shares of the data storage provider’s stock valued at $109,081,000 after acquiring an additional 480,052 shares during the period. 83.24% of the stock is currently owned by institutional investors and hedge funds.

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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