Seagate Technology (NASDAQ:STX) Given a $37.00 Price Target at Goldman Sachs Group

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Goldman Sachs Group set a $37.00 target price on Seagate Technology (NASDAQ:STX) in a report issued on Sunday morning, TipRanks reports. The firm currently has a sell rating on the data storage provider’s stock.

STX has been the subject of several other reports. ValuEngine cut shares of TheStreet from a buy rating to a hold rating in a research report on Thursday, May 2nd. Cleveland Research initiated coverage on shares of Western Digital in a research report on Friday, June 7th. They set a hold rating on the stock. Wedbush raised shares of Sunstone Hotel Investors from a neutral rating to an outperform rating in a research report on Wednesday, June 26th. Benchmark raised shares of from a hold rating to a buy rating in a research report on Wednesday, May 1st. Finally, BidaskClub downgraded shares of YRC Worldwide from a buy rating to a hold rating in a report on Tuesday, April 30th. Five investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $45.94.

Shares of STX traded up $0.36 during trading hours on Friday, hitting $47.73. 1,102,296 shares of the stock were exchanged, compared to its average volume of 3,167,906. Seagate Technology has a fifty-two week low of $35.38 and a fifty-two week high of $57.68. The company has a quick ratio of 1.16, a current ratio of 1.62 and a debt-to-equity ratio of 2.68. The business’s 50-day simple moving average is $46.10. The company has a market capitalization of $13.21 billion, a price-to-earnings ratio of 8.66, a P/E/G ratio of 8.32 and a beta of 1.68.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, April 30th. The data storage provider reported $0.83 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.12. Seagate Technology had a net margin of 13.73% and a return on equity of 90.33%. The company had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.32 billion. During the same period in the prior year, the company posted $1.46 earnings per share. Seagate Technology’s revenue for the quarter was down 17.5% compared to the same quarter last year. As a group, equities analysts anticipate that Seagate Technology will post 4.78 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 3rd. Stockholders of record on Wednesday, June 19th were given a $0.63 dividend. The ex-dividend date of this dividend was Tuesday, June 18th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 5.28%. Seagate Technology’s dividend payout ratio (DPR) is currently 45.74%.

In other Seagate Technology news, Director Stephen J. Luczo sold 10,000 shares of Seagate Technology stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $47.00, for a total transaction of $470,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stephen J. Luczo sold 5,000 shares of Seagate Technology stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $47.21, for a total transaction of $236,050.00. The disclosure for this sale can be found here. Insiders sold 119,999 shares of company stock valued at $5,876,251 over the last 90 days. 1.00% of the stock is owned by company insiders.

A number of institutional investors have recently made changes to their positions in STX. First Midwest Bank Trust Division increased its stake in shares of Seagate Technology by 8.1% in the second quarter. First Midwest Bank Trust Division now owns 15,562 shares of the data storage provider’s stock worth $733,000 after buying an additional 1,165 shares during the period. World Asset Management Inc increased its stake in shares of Seagate Technology by 1.2% in the second quarter. World Asset Management Inc now owns 23,625 shares of the data storage provider’s stock worth $1,113,000 after buying an additional 290 shares during the period. Inlet Private Wealth LLC increased its stake in shares of Seagate Technology by 5.5% in the second quarter. Inlet Private Wealth LLC now owns 101,450 shares of the data storage provider’s stock worth $4,831,000 after buying an additional 5,300 shares during the period. Cornerstone Investment Partners LLC increased its stake in shares of Seagate Technology by 1.1% in the second quarter. Cornerstone Investment Partners LLC now owns 48,550 shares of the data storage provider’s stock worth $2,288,000 after buying an additional 510 shares during the period. Finally, Robeco Institutional Asset Management B.V. increased its stake in shares of Seagate Technology by 2.3% in the second quarter. Robeco Institutional Asset Management B.V. now owns 1,048,736 shares of the data storage provider’s stock worth $49,411,000 after buying an additional 23,951 shares during the period. Institutional investors and hedge funds own 85.35% of the company’s stock.

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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