State Street Corp reduced its position in Seagate Technology PLC (NASDAQ:STX) by 3.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 10,448,503 shares of the data storage provider’s stock after selling 364,085 shares during the quarter. State Street Corp owned about 3.98% of Seagate Technology worth $568,553,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Covington Capital Management purchased a new position in Seagate Technology in the second quarter valued at about $26,000. Citizens Financial Group Inc RI purchased a new position in Seagate Technology in the third quarter valued at about $26,000. AdvisorNet Financial Inc raised its position in Seagate Technology by 1,146.7% in the third quarter. AdvisorNet Financial Inc now owns 561 shares of the data storage provider’s stock valued at $30,000 after purchasing an additional 516 shares during the period. CWM LLC raised its position in Seagate Technology by 61.3% in the second quarter. CWM LLC now owns 789 shares of the data storage provider’s stock valued at $37,000 after purchasing an additional 300 shares during the period. Finally, HM Payson & Co. purchased a new position in Seagate Technology in the second quarter valued at about $38,000. 84.36% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have commented on STX shares. BidaskClub raised Seagate Technology from a “buy” rating to a “strong-buy” rating in a research report on Thursday, October 17th. Benchmark raised their price objective on Seagate Technology from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, November 4th. FBN Securities raised their price objective on Seagate Technology from $55.00 to $60.00 in a research report on Thursday, September 19th. Cowen raised their price objective on Seagate Technology from $51.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday, November 4th. Finally, Wells Fargo & Co raised their price objective on Seagate Technology from $45.00 to $48.00 and gave the company a “market perform” rating in a research report on Friday, September 13th. Six research analysts have rated the stock with a sell rating, twelve have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $49.00.
In related news, CEO William D. Mosley sold 90,000 shares of Seagate Technology stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $54.31, for a total value of $4,887,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephen J. Luczo sold 5,000 shares of Seagate Technology stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $55.29, for a total value of $276,450.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 545,227 shares of company stock worth $31,229,643. Corporate insiders own 1.12% of the company’s stock.
Shares of NASDAQ STX opened at $59.68 on Friday. Seagate Technology PLC has a 1 year low of $35.38 and a 1 year high of $60.56. The firm has a market cap of $15.83 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 10.28 and a beta of 1.63. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.17 and a current ratio of 1.58. The stock’s 50-day simple moving average is $57.44 and its 200-day simple moving average is $50.23.
Seagate Technology (NASDAQ:STX) last announced its earnings results on Friday, November 1st. The data storage provider reported $1.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.03. Seagate Technology had a return on equity of 61.26% and a net margin of 17.66%. The business had revenue of $2.58 billion for the quarter, compared to analyst estimates of $2.57 billion. During the same period in the previous year, the company earned $1.70 earnings per share. The company’s revenue for the quarter was down 13.8% compared to the same quarter last year. As a group, research analysts predict that Seagate Technology PLC will post 4.84 EPS for the current year.
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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