Seagate Technology (NASDAQ:STX) Earns Underweight Rating from Analysts at Barclays

Barclays started coverage on shares of Seagate Technology (NASDAQ:STX) in a research report released on Wednesday morning, BenzingaRatingsTable reports. The brokerage issued an underweight rating and a $37.00 price objective on the data storage provider’s stock.

Other equities analysts also recently issued research reports about the stock. Goldman Sachs Group set a $37.00 price objective on shares of Seagate Technology and gave the company a sell rating in a research note on Sunday, July 21st. Cowen reissued a market perform rating and set a $40.00 price objective (down previously from $47.00) on shares of Seagate Technology in a research note on Monday, August 5th. Zacks Investment Research raised shares of Seagate Technology from a hold rating to a buy rating and set a $52.00 price objective on the stock in a research note on Friday, April 26th. Mizuho set a $46.00 price objective on shares of Seagate Technology and gave the company a hold rating in a research note on Friday, August 2nd. Finally, Craig Hallum raised shares of Seagate Technology from a hold rating to a buy rating and set a $56.00 price objective on the stock in a research note on Wednesday, May 1st. Six investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $44.95.

Shares of STX traded down $0.26 on Wednesday, hitting $44.88. 2,736,150 shares of the stock traded hands, compared to its average volume of 2,585,297. The company has a quick ratio of 1.52, a current ratio of 1.95 and a debt-to-equity ratio of 1.97. The stock has a market cap of $11.99 billion, a price-to-earnings ratio of 9.31, a P/E/G ratio of 8.15 and a beta of 1.70. The firm has a 50 day moving average price of $46.91. Seagate Technology has a 1 year low of $35.38 and a 1 year high of $57.20.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Friday, August 2nd. The data storage provider reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.03. The business had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.33 billion. Seagate Technology had a net margin of 19.36% and a return on equity of 72.07%. The company’s quarterly revenue was down 16.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.62 earnings per share. On average, sell-side analysts expect that Seagate Technology will post 4.52 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 9th. Shareholders of record on Wednesday, September 25th will be paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 5.61%. The ex-dividend date is Tuesday, September 24th. Seagate Technology’s dividend payout ratio is currently 52.28%.

In other Seagate Technology news, Director Stephen J. Luczo sold 10,000 shares of the stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $47.00, for a total transaction of $470,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Stephen J. Luczo sold 5,000 shares of the stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $47.37, for a total transaction of $236,850.00. Following the transaction, the director now directly owns 14,221 shares in the company, valued at approximately $673,648.77. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,000 shares of company stock worth $1,180,150. 1.00% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the company. Redwood Investment Management LLC raised its stake in shares of Seagate Technology by 41.4% in the 1st quarter. Redwood Investment Management LLC now owns 26,569 shares of the data storage provider’s stock valued at $1,272,000 after acquiring an additional 7,784 shares during the period. CWM Advisors LLC raised its stake in shares of Seagate Technology by 11.2% in the 2nd quarter. CWM Advisors LLC now owns 17,123 shares of the data storage provider’s stock valued at $807,000 after acquiring an additional 1,729 shares during the period. Horizon Investments LLC purchased a new position in shares of Seagate Technology in the 1st quarter valued at $287,000. Cleararc Capital Inc. purchased a new position in shares of Seagate Technology in the 1st quarter valued at $205,000. Finally, Sound Income Strategies LLC raised its stake in shares of Seagate Technology by 33.2% in the 2nd quarter. Sound Income Strategies LLC now owns 31,368 shares of the data storage provider’s stock valued at $1,478,000 after acquiring an additional 7,819 shares during the period. 85.41% 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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Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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