Seagate Technology (STX) Given New $45.00 Price Target at Robert W. Baird

Seagate Technology (NASDAQ:STX) had its price objective dropped by Robert W. Baird from $56.00 to $45.00 in a report issued on Friday, The Fly reports. The firm presently has a “neutral” rating on the data storage provider’s stock. Robert W. Baird’s price target suggests a potential upside of 1.65% from the company’s previous close.

STX has been the topic of several other research reports. BidaskClub raised shares of Seagate Technology from a “hold” rating to a “buy” rating in a research report on Tuesday, August 7th. Zacks Investment Research raised shares of Seagate Technology from a “sell” rating to a “hold” rating in a research report on Monday, October 8th. Summit Insights raised shares of Seagate Technology from a “sell” rating to a “hold” rating in a research report on Friday. Benchmark reissued a “hold” rating on shares of Seagate Technology in a research report on Tuesday, July 31st. Finally, Susquehanna Bancshares reissued a “negative” rating and set a $32.00 target price (down previously from $53.00) on shares of Seagate Technology in a research report on Tuesday, October 23rd. Five research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and five have issued a buy rating to the company’s stock. Seagate Technology currently has an average rating of “Hold” and an average price target of $53.29.

NASDAQ:STX traded up $1.29 during trading hours on Friday, hitting $44.27. 10,657,054 shares of the company were exchanged, compared to its average volume of 4,476,433. The company has a market cap of $12.75 billion, a PE ratio of 7.07, a P/E/G ratio of 0.59 and a beta of 1.71. Seagate Technology has a 52-week low of $36.07 and a 52-week high of $62.70. The company has a current ratio of 1.35, a quick ratio of 1.02 and a debt-to-equity ratio of 2.59.

Seagate Technology (NASDAQ:STX) last released its earnings results on Friday, November 2nd. The data storage provider reported $1.70 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.15. The company had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.95 billion. Seagate Technology had a net margin of 10.57% and a return on equity of 120.71%. Seagate Technology’s revenue was up 13.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.96 EPS. As a group, analysts expect that Seagate Technology will post 6.11 EPS for the current fiscal year.

In other news, insider Valueact Capital Master Fund, purchased 2,090,783 shares of the stock in a transaction that occurred on Monday, August 13th. The shares were purchased at an average cost of $50.94 per share, with a total value of $106,504,486.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Holdings L.P. Valueact purchased 581,291 shares of the stock in a transaction that occurred on Thursday, August 9th. The shares were purchased at an average cost of $51.36 per share, for a total transaction of $29,855,105.76. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 4,636,648 shares of company stock worth $239,240,175 and sold 46,086 shares worth $2,529,660. 1.00% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in STX. Morgan Stanley boosted its holdings in Seagate Technology by 81.0% during the second quarter. Morgan Stanley now owns 2,691,882 shares of the data storage provider’s stock worth $152,011,000 after buying an additional 1,204,618 shares in the last quarter. Wedge Capital Management L L P NC purchased a new stake in Seagate Technology during the second quarter worth $62,387,000. ValueAct Holdings L.P. boosted its holdings in Seagate Technology by 4.4% during the second quarter. ValueAct Holdings L.P. now owns 22,404,700 shares of the data storage provider’s stock worth $1,265,194,000 after buying an additional 946,100 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Seagate Technology during the second quarter worth $31,747,000. Finally, WBI Investments Inc. boosted its holdings in Seagate Technology by 1,068.8% during the second quarter. WBI Investments Inc. now owns 530,734 shares of the data storage provider’s stock worth $29,971,000 after buying an additional 485,327 shares in the last quarter. 83.24% of the stock is currently owned by hedge funds and other institutional investors.

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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