Seagate Technology (STX) Earns “Market Perform” Rating from Wells Fargo & Co

Wells Fargo & Co reaffirmed their market perform rating on shares of Seagate Technology (NASDAQ:STX) in a research report sent to investors on Tuesday, The Fly reports. Wells Fargo & Co currently has a $45.00 target price on the data storage provider’s stock, up from their prior target price of $38.00.

Several other equities research analysts have also weighed in on the company. Maxim Group reaffirmed a hold rating and issued a $44.00 target price (up from $43.00) on shares of Seagate Technology in a research report on Tuesday. Royal Bank of Canada raised their price target on Seagate Technology to $48.00 and gave the company a sector perform rating in a report on Tuesday. Loop Capital reissued a buy rating and set a $55.00 price target on shares of Seagate Technology in a report on Tuesday. They noted that the move was a valuation call. Cowen raised their price target on Seagate Technology from $39.00 to $47.00 and gave the company a market perform rating in a report on Tuesday. Finally, Zacks Investment Research raised Seagate Technology from a hold rating to a buy rating and set a $48.00 price target on the stock in a report on Friday, January 5th. Four research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $43.39.

Shares of Seagate Technology (STX) opened at $51.26 on Tuesday. Seagate Technology has a 52-week low of $30.60 and a 52-week high of $51.88. The company has a quick ratio of 1.55, a current ratio of 1.96 and a debt-to-equity ratio of 4.03. The firm has a market capitalization of $14,830.00, a price-to-earnings ratio of 19.42, a price-to-earnings-growth ratio of 0.57 and a beta of 1.68.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Monday, October 23rd. The data storage provider reported $0.96 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.10. Seagate Technology had a return on equity of 84.50% and a net margin of 7.41%. The firm had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same period last year, the company earned $0.99 earnings per share. The firm’s revenue for the quarter was down 5.9% on a year-over-year basis. equities analysts anticipate that Seagate Technology will post 4 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 3rd. Investors of record on Wednesday, December 20th were issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 4.92%. The ex-dividend date of this dividend was Tuesday, December 19th. Seagate Technology’s payout ratio is currently 95.45%.

In related news, insider Philip G. Brace sold 12,000 shares of the stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $46.44, for a total value of $557,280.00. Following the completion of the transaction, the insider now owns 27,069 shares in the company, valued at approximately $1,257,084.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Stephen J. Luczo sold 100,000 shares of the stock in a transaction on Monday, January 8th. The shares were sold at an average price of $48.99, for a total value of $4,899,000.00. Following the completion of the transaction, the chairman now owns 95,420 shares of the company’s stock, valued at approximately $4,674,625.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 194,744 shares of company stock worth $9,075,320. 0.87% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the stock. WFG Advisors LP boosted its position in shares of Seagate Technology by 16,536.4% in the 2nd quarter. WFG Advisors LP now owns 3,660 shares of the data storage provider’s stock valued at $142,000 after purchasing an additional 3,638 shares during the period. Balentine LLC boosted its position in shares of Seagate Technology by 56.8% in the 3rd quarter. Balentine LLC now owns 4,471 shares of the data storage provider’s stock valued at $148,000 after purchasing an additional 1,619 shares during the period. Pacer Advisors Inc. acquired a new position in shares of Seagate Technology in the 2nd quarter valued at $150,000. SpiderRock Advisors LLC boosted its position in shares of Seagate Technology by 2,419.5% in the 3rd quarter. SpiderRock Advisors LLC now owns 5,568 shares of the data storage provider’s stock valued at $184,000 after purchasing an additional 5,347 shares during the period. Finally, New England Research & Management Inc. acquired a new position in shares of Seagate Technology in the 4th quarter valued at $205,000. Institutional investors and hedge funds own 91.32% of the company’s stock.

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Seagate Technology Company Profile

Seagate Technology public limited company is a provider of electronic data storage technology and solutions. The Company’s principal products are hard disk drives (HDDs). In addition to HDDs, it produces a range of electronic data storage products, including solid state hybrid drives, solid state drives, peripheral component interconnect express (PCIe) cards and serial advanced technology architecture (SATA) controllers.

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