Seagate Technology (NASDAQ:STX) Upgraded to Hold by StockNews.com
Seagate Technology (NASDAQ:STX – Get Free Report) was upgraded by stock analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Monday.
A number of other equities research analysts also recently commented on STX. Barclays downgraded shares of Seagate Technology from an “overweight” rating to an “equal weight” rating and set a $65.00 price objective for the company. in a research report on Thursday, September 7th. Mizuho raised their price objective on shares of Seagate Technology from $66.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, October 27th. Rosenblatt Securities raised their price objective on shares of Seagate Technology from $68.00 to $78.00 and gave the company a “buy” rating in a research report on Friday, October 27th. Evercore ISI reduced their price objective on shares of Seagate Technology from $75.00 to $70.00 in a research report on Thursday, October 5th. Finally, Morgan Stanley raised their price objective on shares of Seagate Technology from $60.00 to $67.00 and gave the company an “equal weight” rating in a research report on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $65.35.
Get Our Latest Stock Report on STX
Seagate Technology Trading Down 0.7 %
Shares of NASDAQ STX traded down $0.59 during midday trading on Monday, reaching $78.59. 1,449,716 shares of the company were exchanged, compared to its average volume of 2,502,808. Seagate Technology has a 1 year low of $48.94 and a 1 year high of $79.42. The stock has a fifty day simple moving average of $70.79 and a 200 day simple moving average of $66.14. The stock has a market cap of $16.44 billion, a P/E ratio of -22.01 and a beta of 1.06.
Seagate Technology (NASDAQ:STX – Get Free Report) last released its quarterly earnings results on Thursday, October 26th. The data storage provider reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.02). Seagate Technology had a negative return on equity of 69.08% and a negative net margin of 10.91%. The company had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.51 billion. During the same period in the prior year, the business earned $0.37 EPS. The business’s quarterly revenue was down 28.6% compared to the same quarter last year. As a group, analysts forecast that Seagate Technology will post -0.37 earnings per share for the current year.
Insider Buying and Selling
In related news, CFO Gianluca Romano sold 16,982 shares of Seagate Technology stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $73.34, for a total transaction of $1,245,459.88. Following the completion of the transaction, the chief financial officer now directly owns 63,391 shares in the company, valued at approximately $4,649,095.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Seagate Technology news, CFO Gianluca Romano sold 16,982 shares of the business’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $73.34, for a total value of $1,245,459.88. Following the completion of the transaction, the chief financial officer now directly owns 63,391 shares in the company, valued at approximately $4,649,095.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Edward J. Zander sold 1,370 shares of the business’s stock in a transaction on Monday, October 23rd. The shares were sold at an average price of $65.25, for a total value of $89,392.50. The disclosure for this sale can be found here. Insiders sold 90,425 shares of company stock worth $6,871,053 in the last ninety days. Insiders own 0.89% of the company’s stock.
Institutional Trading of Seagate Technology
Several institutional investors have recently made changes to their positions in STX. Panagora Asset Management Inc. grew its stake in shares of Seagate Technology by 65.3% during the 1st quarter. Panagora Asset Management Inc. now owns 11,805 shares of the data storage provider’s stock valued at $1,061,000 after buying an additional 4,663 shares during the period. Rhumbline Advisers boosted its position in Seagate Technology by 0.6% during the 1st quarter. Rhumbline Advisers now owns 182,883 shares of the data storage provider’s stock worth $16,441,000 after purchasing an additional 1,037 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Seagate Technology by 4.8% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 26,946 shares of the data storage provider’s stock worth $2,422,000 after purchasing an additional 1,237 shares during the period. Sei Investments Co. boosted its position in Seagate Technology by 153.5% during the 1st quarter. Sei Investments Co. now owns 89,250 shares of the data storage provider’s stock worth $8,059,000 after purchasing an additional 54,038 shares during the period. Finally, Aviva PLC boosted its position in Seagate Technology by 44.3% during the 1st quarter. Aviva PLC now owns 95,541 shares of the data storage provider’s stock worth $8,589,000 after purchasing an additional 29,329 shares during the period. 85.26% of the stock is owned by hedge funds and other institutional investors.
Seagate Technology Company Profile (Get Free Report)
Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It provides mass capacity storage products, including enterprise nearline hard disk drives (HDDs), enterprise nearline solid state drives (SSDs), enterprise nearline systems, video and image HDDs, and network-attached storage drives.
See Also
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider Seagate Technology, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Seagate Technology wasn’t on the list.
While Seagate Technology currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.
Click the link below and we’ll send you MarketBeat’s list of seven stocks and why their long-term outlooks are very promising.
Original: MarketBeat News Feed: Seagate Technology (NASDAQ:STX) Upgraded to Hold by StockNews.com