Seagate Technology (NASDAQ:STX) Given New $51.00 Price Target at Cowen

Seagate Technology (NASDAQ:STX) had its price objective boosted by Cowen from $40.00 to $51.00 in a research note released on Friday, Briefing.com Automated Import reports. Cowen currently has a market perform rating on the data storage provider’s stock.

A number of other equities analysts have also weighed in on the company. FBN Securities increased their price target on Seagate Technology from $55.00 to $60.00 in a research report on Thursday, September 19th. Cleveland Research assumed coverage on Seagate Technology in a research report on Friday, June 7th. They issued a hold rating for the company. Wells Fargo & Co raised their price objective on Seagate Technology from $45.00 to $48.00 and gave the stock a market perform rating in a research report on Friday, September 13th. Mizuho restated a hold rating on shares of Seagate Technology in a research report on Thursday, September 19th. Finally, KeyCorp set a $58.00 price objective on Seagate Technology and gave the stock a hold rating in a research report on Tuesday, September 10th. Five equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of Hold and an average price target of $48.10.

NASDAQ:STX opened at $52.75 on Friday. The company has a quick ratio of 1.52, a current ratio of 1.95 and a debt-to-equity ratio of 1.97. Seagate Technology has a 1-year low of $35.38 and a 1-year high of $57.20. The firm has a market capitalization of $13.98 billion, a price-to-earnings ratio of 10.94, a price-to-earnings-growth ratio of 10.17 and a beta of 1.65. The stock has a fifty day simple moving average of $49.60 and a 200 day simple moving average of $47.48.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Friday, August 2nd. The data storage provider reported $0.86 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.83 by $0.03. Seagate Technology had a return on equity of 72.07% and a net margin of 19.36%. The business had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.33 billion. During the same quarter last year, the company posted $1.62 EPS. Seagate Technology’s revenue for the quarter was down 16.4% on a year-over-year basis. Equities analysts predict that Seagate Technology will post 4.3 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 9th. Stockholders of record on Wednesday, September 25th will be issued a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, September 24th. This represents a $2.52 annualized dividend and a dividend yield of 4.78%. Seagate Technology’s dividend payout ratio is 52.28%.

In other news, CEO William D. Mosley sold 90,000 shares of Seagate Technology stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $54.31, for a total transaction of $4,887,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen J. Luczo sold 5,000 shares of Seagate Technology stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $47.21, for a total value of $236,050.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 120,000 shares of company stock valued at $6,344,500. 1.12% of the stock is owned by corporate insiders.

Several institutional investors have recently made changes to their positions in STX. Covington Capital Management acquired a new stake in shares of Seagate Technology during the 2nd quarter valued at about $26,000. Front Row Advisors LLC lifted its holdings in shares of Seagate Technology by 91.0% during the 1st quarter. Front Row Advisors LLC now owns 573 shares of the data storage provider’s stock valued at $28,000 after buying an additional 273 shares during the last quarter. CWM LLC lifted its holdings in shares of Seagate Technology by 61.3% during the 2nd quarter. CWM LLC now owns 789 shares of the data storage provider’s stock valued at $37,000 after buying an additional 300 shares during the last quarter. HM Payson & Co. acquired a new stake in shares of Seagate Technology during the 2nd quarter valued at about $38,000. Finally, Quantamental Technologies LLC acquired a new stake in shares of Seagate Technology during the 2nd quarter valued at about $39,000. Institutional investors and hedge funds own 85.15% of the company’s stock.

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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