Seagate Technology (STX) Upgraded to Buy at BidaskClub

BidaskClub upgraded shares of Seagate Technology (NASDAQ:STX) from a hold rating to a buy rating in a research report sent to investors on Tuesday.

Other research analysts have also issued reports about the company. Loop Capital dropped their price target on Seagate Technology to $60.00 and set a buy rating on the stock in a research report on Monday, October 29th. They noted that the move was a valuation call. Zacks Investment Research raised Seagate Technology from a hold rating to a buy rating and set a $61.00 price target on the stock in a research report on Tuesday, July 31st. Royal Bank of Canada reissued a hold rating and set a $62.00 price target on shares of Seagate Technology in a research report on Monday, July 30th. Benchmark reissued a hold rating on shares of Seagate Technology in a research report on Tuesday, July 31st. Finally, Summit Insights raised Seagate Technology from a sell rating to a hold rating in a research report on Friday, November 2nd. Five analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have given a buy rating to the company’s stock. Seagate Technology currently has an average rating of Hold and a consensus target price of $50.91.

Shares of Seagate Technology stock opened at $43.03 on Tuesday. The firm has a market cap of $13.00 billion, a PE ratio of 7.81, a P/E/G ratio of 0.69 and a beta of 1.71. The company has a current ratio of 1.42, a quick ratio of 1.07 and a debt-to-equity ratio of 2.34. Seagate Technology has a 12-month low of $36.69 and a 12-month high of $62.70.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Friday, November 2nd. The data storage provider reported $1.70 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.15. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.95 billion. Seagate Technology had a return on equity of 123.05% and a net margin of 12.57%. Seagate Technology’s quarterly revenue was up 13.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.96 earnings per share. Equities research analysts predict that Seagate Technology will post 5.33 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Wednesday, December 19th will be paid a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, December 18th. This represents a $2.52 dividend on an annualized basis and a yield of 5.86%. Seagate Technology’s dividend payout ratio (DPR) is currently 45.74%.

In other Seagate Technology news, EVP James J. Murphy sold 509 shares of the business’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $56.60, for a total value of $28,809.40. Following the transaction, the executive vice president now owns 37,693 shares in the company, valued at $2,133,423.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Valueact Capital Master Fund, bought 2,090,783 shares of the stock in a transaction on Monday, August 13th. The stock was purchased at an average price 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 90 days, insiders acquired 4,055,357 shares of company stock worth $209,385,069 and sold 46,086 shares worth $2,529,660. Insiders own 1.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. ValueAct Holdings L.P. boosted its stake in shares of Seagate Technology by 4.4% during the 2nd quarter. ValueAct Holdings L.P. now owns 22,404,700 shares of the data storage provider’s stock worth $1,265,194,000 after acquiring an additional 946,100 shares in the last quarter. Old Port Advisors bought a new stake in shares of Seagate Technology during the 2nd quarter worth about $1,861,000. Chicago Equity Partners LLC bought a new stake in shares of Seagate Technology during the 2nd quarter worth about $1,965,000. Standard Life Aberdeen plc boosted its stake in shares of Seagate Technology by 8.4% during the 2nd quarter. Standard Life Aberdeen plc now owns 208,273 shares of the data storage provider’s stock worth $11,761,000 after acquiring an additional 16,137 shares in the last quarter. Finally, Empowered Funds LLC bought a new stake in shares of Seagate Technology during the 3rd quarter worth about $4,386,000. Hedge funds and other institutional investors own 83.57% 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.

Further Reading: How to Calculate Compound Annual Growth Rate (CAGR)

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