Craig Hallum Lowers Seagate Technology (STX) Price Target to $47.00

Seagate Technology (NASDAQ:STX) had its price objective dropped by analysts at Craig Hallum from $57.00 to $47.00 in a report released on Monday, The Fly reports. The brokerage presently has a “hold” rating on the data storage provider’s stock. Craig Hallum’s target price indicates a potential upside of 5.44% from the company’s previous close.

Several other analysts have also weighed in on STX. Summit Insights upgraded Seagate Technology from a “sell” rating to a “hold” rating in a report on Friday. Summit Redstone upgraded Seagate Technology to a “hold” rating in a report on Friday. Benchmark restated a “hold” rating on shares of Seagate Technology in a report on Monday. BMO Capital Markets lowered Seagate Technology to a “market perform” rating and set a $45.00 price target on the stock. in a report on Monday. Finally, Mizuho restated a “hold” rating and set a $48.00 price target on shares of Seagate Technology in a report on Monday. Five research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have given a buy rating to the company. Seagate Technology has a consensus rating of “Hold” and an average target price of $51.05.

Shares of STX traded down $0.38 during mid-day trading on Monday, hitting $44.58. 959,305 shares of the stock were exchanged, compared to its average volume of 4,695,479. The stock has a market capitalization of $12.75 billion, a price-to-earnings ratio of 8.09, a price-to-earnings-growth ratio of 0.58 and a beta of 1.71. Seagate Technology has a 52-week low of $36.07 and a 52-week high of $62.70. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.42 and a quick ratio of 1.07.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Friday, November 2nd. The data storage provider reported $1.70 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.55 by $0.15. Seagate Technology had a return on equity of 123.05% and a net margin of 12.57%. The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.95 billion. During the same quarter in the prior year, the firm posted $0.96 EPS. Seagate Technology’s quarterly revenue was up 13.7% compared to the same quarter last year. On average, sell-side analysts expect that Seagate Technology will post 6.11 earnings per share for the current year.

In related news, EVP James J. Murphy sold 509 shares of the firm’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $56.60, for a total transaction of $28,809.40. Following the sale, the executive vice president now owns 37,693 shares of the company’s stock, valued at $2,133,423.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Valueact Capital Master Fund, acquired 2,090,783 shares of the company’s stock in a transaction that occurred on Monday, August 13th. The shares were bought 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 ninety days, insiders have purchased 4,636,648 shares of company stock worth $239,240,175 and have sold 46,086 shares worth $2,529,660. 1.00% of the stock is owned by company insiders.

A number of hedge funds have recently modified their holdings of the stock. WESPAC Advisors SoCal LLC acquired a new stake in Seagate Technology in the third quarter worth about $108,000. Quad Cities Investment Group LLC acquired a new stake in Seagate Technology in the second quarter worth about $124,000. Partners Capital Investment Group LLP acquired a new stake in Seagate Technology in the second quarter worth about $136,000. First Hawaiian Bank acquired a new stake in Seagate Technology in the third quarter worth about $139,000. Finally, Qube Research & Technologies Ltd acquired a new stake in Seagate Technology in the second quarter worth about $146,000. 83.57% of the stock is currently owned by institutional investors.

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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