Seagate Technology (STX) PT Lowered to $50.00 at Royal Bank of Canada

Seagate Technology (NASDAQ:STX) had its target price decreased by Royal Bank of Canada from $60.00 to $50.00 in a report issued on Monday morning, The Fly reports. Royal Bank of Canada currently has a market perform rating on the data storage provider’s stock.

Other equities analysts also recently issued research reports about the stock. BidaskClub raised shares of Seagate Technology from a hold rating to a buy rating in a report on Tuesday, August 7th. Summit Redstone raised shares of Seagate Technology to a hold rating in a report on Friday, November 2nd. BMO Capital Markets downgraded shares of Seagate Technology to a market perform rating and set a $45.00 price target on the stock. in a report on Monday. Robert W. Baird lowered their price target on shares of Seagate Technology from $56.00 to $45.00 and set a neutral rating on the stock in a report on Friday, November 2nd. Finally, Zacks Investment Research raised shares of Seagate Technology from a sell rating to a hold rating in a report on Monday, October 8th. Five investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $50.91.

Shares of NASDAQ STX traded down $1.83 during trading on Monday, reaching $43.50. 986,399 shares of the company traded hands, compared to its average volume of 4,907,675. The company has a quick ratio of 1.07, a current ratio of 1.42 and a debt-to-equity ratio of 2.34. The company has a market cap of $13.00 billion, a PE ratio of 7.89, a PEG ratio of 0.69 and a beta of 1.71. Seagate Technology has a 52-week low of $36.69 and a 52-week high of $62.70.

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

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Stockholders of record on Wednesday, December 19th will be given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 5.79%. The ex-dividend date is Tuesday, December 18th. Seagate Technology’s payout ratio is currently 45.74%.

In other Seagate Technology news, insider Valueact Capital Master Fund, purchased 2,090,783 shares of Seagate Technology stock in a transaction that occurred on Monday, August 13th. The shares were bought at an average price of $50.94 per share, for a total transaction of $106,504,486.02. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Holdings L.P. Valueact purchased 500,000 shares of Seagate Technology stock in a transaction that occurred on Wednesday, August 15th. The stock was acquired at an average price of $52.78 per share, for a total transaction of $26,390,000.00. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 4,055,357 shares of company stock worth $209,385,069 and have sold 46,086 shares worth $2,529,660. Company insiders own 1.00% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in STX. WESPAC Advisors SoCal LLC bought a new stake in Seagate Technology in the third quarter worth $108,000. Girard Partners LTD. bought a new stake in Seagate Technology in the third quarter worth $108,000. Quad Cities Investment Group LLC bought a new stake in Seagate Technology in the second quarter worth $124,000. Partners Capital Investment Group LLP bought a new stake in Seagate Technology in the second quarter worth $136,000. Finally, First Hawaiian Bank bought a new stake in Seagate Technology in the third quarter worth $139,000. 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.

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