Seagate Technology (NASDAQ:STX) Lowered to Sell at BidaskClub

BidaskClub cut shares of Seagate Technology (NASDAQ:STX) from a hold rating to a sell rating in a research report sent to investors on Saturday, BidAskClub reports.

A number of other brokerages have also commented on STX. Rosenblatt Securities began coverage on Seagate Technology in a report on Monday, June 8th. They set a buy rating and a $65.00 price target on the stock. Robert W. Baird reiterated a buy rating and set a $65.00 price target on shares of Seagate Technology in a report on Thursday, April 23rd. Craig Hallum upgraded Seagate Technology from a hold rating to a buy rating and set a $64.00 price target on the stock in a report on Thursday, April 23rd. ValuEngine lowered Seagate Technology from a hold rating to a sell rating in a report on Friday, May 1st. Finally, Royal Bank of Canada lowered their target price on Seagate Technology from $60.00 to $54.00 and set a sector perform rating on the stock in a research note on Thursday, April 23rd. Seven research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company. Seagate Technology presently has a consensus rating of Hold and an average target price of $55.86.

Shares of Seagate Technology stock opened at $47.76 on Friday. The business’s fifty day simple moving average is $50.91 and its 200 day simple moving average is $52.74. The firm has a market capitalization of $12.05 billion, a P/E ratio of 7.13, a price-to-earnings-growth ratio of 8.22 and a beta of 1.08. Seagate Technology has a 12 month low of $39.02 and a 12 month high of $64.17. The company has a current ratio of 1.49, a quick ratio of 1.08 and a debt-to-equity ratio of 2.28.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Wednesday, April 22nd. The data storage provider reported $1.38 EPS for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.19. The business had revenue of $2.72 billion for the quarter, compared to analyst estimates of $2.64 billion. Seagate Technology had a return on equity of 62.81% and a net margin of 17.57%. Seagate Technology’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same period last year, the company posted $0.83 earnings per share. Analysts predict that Seagate Technology will post 4.73 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 8th. Stockholders of record on Wednesday, June 24th will be given a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 5.44%. The ex-dividend date of this dividend is Tuesday, June 23rd. Seagate Technology’s dividend payout ratio (DPR) is presently 53.94%.

In related news, SVP Ban Seng Teh sold 498 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $52.80, for a total transaction of $26,294.40. Following the completion of the transaction, the senior vice president now directly owns 11,197 shares in the company, valued at $591,201.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Stephen J. Luczo sold 5,000 shares of the business’s stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $49.52, for a total value of $247,600.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,494 shares of company stock valued at $5,557,539. 1.12% of the stock is owned by company insiders.

A number of institutional investors have recently bought and sold shares of STX. Norges Bank purchased a new position in Seagate Technology during the fourth quarter worth about $178,150,000. Renaissance Technologies LLC grew its position in Seagate Technology by 58.9% during the fourth quarter. Renaissance Technologies LLC now owns 6,731,871 shares of the data storage provider’s stock worth $400,546,000 after buying an additional 2,494,526 shares in the last quarter. Prudential PLC purchased a new position in Seagate Technology during the first quarter worth about $67,798,000. APG Asset Management N.V. grew its position in Seagate Technology by 52.9% during the first quarter. APG Asset Management N.V. now owns 3,147,319 shares of the data storage provider’s stock worth $134,234,000 after buying an additional 1,089,349 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in Seagate Technology by 57.2% during the first quarter. AQR Capital Management LLC now owns 2,502,965 shares of the data storage provider’s stock worth $122,144,000 after buying an additional 911,215 shares in the last quarter. Institutional investors and hedge funds own 83.64% 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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Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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