Seagate Technology (NASDAQ:STX) Price Target Cut to $50.00 by Analysts at Mizuho

Seagate Technology (NASDAQ:STX) had its price target reduced by Mizuho from $56.00 to $50.00 in a report issued on Wednesday morning, The Fly reports. Mizuho currently has a neutral rating on the data storage provider’s stock.

Several other research analysts also recently issued reports on STX. Zacks Investment Research downgraded Seagate Technology from a hold rating to a sell rating and set a $53.00 price objective for the company. in a research report on Friday, July 24th. Stifel Nicolaus restated a buy rating and set a $68.00 price objective on shares of Seagate Technology in a research report on Friday, April 24th. BidaskClub downgraded Seagate Technology from a hold rating to a sell rating in a research report on Saturday, June 27th. Rosenblatt Securities initiated coverage on Seagate Technology in a research report on Monday, June 8th. They set a buy rating and a $65.00 price objective for the company. Finally, Sanford C. Bernstein initiated coverage on Seagate Technology in a research report on Tuesday, July 14th. They set a market perform rating and a $45.00 price objective for the company. Seven equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have given a buy rating to the company’s stock. Seagate Technology has a consensus rating of Hold and a consensus target price of $53.00.

STX stock opened at $45.22 on Wednesday. The firm has a 50 day moving average of $48.53 and a 200-day moving average of $50.95. 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 1.51, a quick ratio of 1.08 and a debt-to-equity ratio of 2.33. The company has a market cap of $11.60 billion, a price-to-earnings ratio of 11.90, a PEG ratio of 6.91 and a beta of 1.03.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, July 28th. The data storage provider reported $1.20 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.20. Seagate Technology had a net margin of 9.55% and a return on equity of 68.62%. The company had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.62 billion. During the same period last year, the firm earned $0.86 EPS. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. Sell-side analysts forecast that Seagate Technology will post 5.31 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Stockholders of record on Wednesday, September 23rd will be paid a dividend of $0.65 per share. The ex-dividend date of this dividend is Tuesday, September 22nd. This represents a $2.60 annualized dividend and a dividend yield of 5.75%. Seagate Technology’s dividend payout ratio is presently 56.89%.

In other news, Director Stephen J. Luczo sold 7,000 shares of the business’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $51.74, for a total transaction of $362,180.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Ban Seng Teh sold 498 shares of the business’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $52.80, for a total transaction of $26,294.40. Following the sale, the senior vice president now directly owns 11,197 shares of the company’s stock, valued at $591,201.60. The disclosure for this sale can be found here. Insiders have sold a total of 20,493 shares of company stock valued at $1,059,254 over the last three months. Corporate insiders own 1.12% of the company’s stock.

A number of institutional investors have recently made changes to their positions in STX. Balentine LLC acquired a new stake in shares of Seagate Technology in the 1st quarter valued at about $25,000. Quadrant Capital Group LLC boosted its holdings in shares of Seagate Technology by 346.3% in the fourth quarter. Quadrant Capital Group LLC now owns 540 shares of the data storage provider’s stock valued at $28,000 after acquiring an additional 419 shares in the last quarter. Paragon Capital Management LLC bought a new position in shares of Seagate Technology in the first quarter valued at approximately $28,000. WASHINGTON TRUST Co bought a new position in shares of Seagate Technology in the first quarter valued at approximately $29,000. Finally, First Horizon Advisors Inc. boosted its holdings in Seagate Technology by 145.6% during the first quarter. First Horizon Advisors Inc. now owns 587 shares of the data storage provider’s stock worth $29,000 after buying an additional 348 shares in the last quarter. 83.55% of the stock is owned by hedge funds and other institutional investors.

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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The Fly

Analyst Recommendations for Seagate Technology (NASDAQ:STX)

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