BMO Capital Markets Lowers Seagate Technology (STX) Price Target to $41.00

Seagate Technology (NASDAQ:STX) had its price objective dropped by analysts at BMO Capital Markets to $41.00 in a research note issued to investors on Tuesday, February 5th, The Fly reports. The brokerage currently has a “market perform” rating on the data storage provider’s stock. BMO Capital Markets’ price objective would indicate a potential downside of 11.54% from the company’s current price.

Other equities analysts also recently issued research reports about the company. BidaskClub upgraded Seagate Technology from a “hold” rating to a “buy” rating in a research note on Tuesday, November 6th. Loop Capital decreased their price target on shares of Seagate Technology to $60.00 and set a “buy” rating on the stock in a report on Monday, October 29th. They noted that the move was a valuation call. Craig Hallum decreased their price target on shares of Seagate Technology from $57.00 to $47.00 and set a “hold” rating on the stock in a report on Monday, November 5th. Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a report on Monday, November 5th. Finally, Mizuho reaffirmed a “hold” rating and issued a $48.00 price target on shares of Seagate Technology in a report on Monday, November 5th. Six research analysts have rated the stock with a sell rating, seventeen have given a hold rating and five have given a buy rating to the company. Seagate Technology currently has a consensus rating of “Hold” and a consensus price target of $46.35.

STX stock traded down $0.21 during mid-day trading on Tuesday, reaching $46.35. 2,634,601 shares of the company traded hands, compared to its average volume of 3,948,337. The company has a market capitalization of $13.24 billion, a P/E ratio of 8.41, a price-to-earnings-growth ratio of 5.05 and a beta of 1.61. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.12 and a current ratio of 1.60. Seagate Technology has a fifty-two week low of $35.38 and a fifty-two week high of $62.70.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Monday, February 4th. The data storage provider reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.14. Seagate Technology had a return on equity of 105.74% and a net margin of 14.77%. The business had revenue of $2.72 billion during the quarter, compared to the consensus estimate of $2.71 billion. During the same quarter in the previous year, the business earned $1.48 EPS. The company’s quarterly revenue was down 6.6% on a year-over-year basis. As a group, sell-side analysts forecast that Seagate Technology will post 4.66 earnings per share for the current fiscal year.

In other Seagate Technology news, Director Holdings L.P. Valueact purchased 128,869 shares of the business’s stock in a transaction on Thursday, December 6th. The stock was acquired at an average cost of $40.97 per share, for a total transaction of $5,279,762.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Valueact Capital Master Fund, purchased 400,000 shares of the business’s stock in a transaction on Friday, December 7th. The shares were acquired at an average price of $40.61 per share, with a total value of $16,244,000.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 4,228,869 shares of company stock valued at $188,021,263 and have sold 120,832 shares valued at $5,541,064. Corporate insiders own 1.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of STX. Financial Gravity Companies Inc. bought a new position in Seagate Technology in the fourth quarter worth about $75,000. Essex Savings Bank bought a new position in shares of Seagate Technology during the fourth quarter valued at approximately $70,000. Certified Advisory Corp increased its stake in shares of Seagate Technology by 17.5% during the fourth quarter. Certified Advisory Corp now owns 2,028 shares of the data storage provider’s stock valued at $78,000 after purchasing an additional 302 shares in the last quarter. WESPAC Advisors SoCal LLC bought a new position in shares of Seagate Technology during the third quarter valued at approximately $108,000. Finally, Girard Partners LTD. bought a new position in shares of Seagate Technology during the third quarter valued at approximately $108,000. Institutional investors and hedge funds own 93.00% 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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