Barclays Trims Seagate Technology (NASDAQ:STX) Target Price to $70.00

Seagate Technology (NASDAQ:STXGet Rating) had its target price decreased by Barclays from $85.00 to $70.00 in a research report sent to investors on Tuesday, The Fly reports. Barclays currently has an equal weight rating on the data storage provider’s stock.

A number of other equities analysts have also weighed in on the stock. Wedbush decreased their price target on shares of Seagate Technology from $95.00 to $85.00 in a report on Monday, April 25th. Robert W. Baird decreased their price target on shares of Seagate Technology from $120.00 to $100.00 in a report on Wednesday, March 16th. Northland Securities decreased their price target on shares of Seagate Technology from $122.00 to $113.00 and set an outperform rating on the stock in a report on Tuesday, March 22nd. Susquehanna Bancshares lifted their price target on shares of Seagate Technology from $65.00 to $67.00 in a report on Thursday, April 28th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of Seagate Technology from $110.00 to $95.00 and set a hold rating on the stock in a report on Tuesday, April 19th. Ten research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $100.32.

Shares of NASDAQ STX opened at $70.75 on Tuesday. Seagate Technology has a 1 year low of $69.78 and a 1 year high of $117.67. The firm’s 50 day moving average price is $81.12 and its 200 day moving average price is $94.65. The firm has a market cap of $15.20 billion, a P/E ratio of 8.69, a price-to-earnings-growth ratio of 7.62 and a beta of 1.00. The company has a debt-to-equity ratio of 13.33, a quick ratio of 0.96 and a current ratio of 1.48.

Seagate Technology (NASDAQ:STXGet Rating) last announced its earnings results on Wednesday, April 27th. The data storage provider reported $1.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.68 by ($0.03). Seagate Technology had a return on equity of 339.73% and a net margin of 15.40%. The firm had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same quarter last year, the business posted $1.36 EPS. The firm’s revenue was up 2.6% compared to the same quarter last year. As a group, equities analysts predict that Seagate Technology will post 7.88 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 7th. Shareholders of record on Friday, June 24th will be issued a $0.70 dividend. The ex-dividend date is Thursday, June 23rd. This represents a $2.80 dividend on an annualized basis and a yield of 3.96%. Seagate Technology’s dividend payout ratio is currently 34.40%.

Several institutional investors have recently modified their holdings of the company. Gateway Advisory LLC raised its stake in shares of Seagate Technology by 2.6% in the 4th quarter. Gateway Advisory LLC now owns 3,588 shares of the data storage provider’s stock valued at $405,000 after purchasing an additional 92 shares in the last quarter. Checchi Capital Advisers LLC raised its stake in shares of Seagate Technology by 2.5% in the 4th quarter. Checchi Capital Advisers LLC now owns 3,845 shares of the data storage provider’s stock valued at $434,000 after purchasing an additional 94 shares in the last quarter. Old North State Trust LLC raised its stake in shares of Seagate Technology by 43.0% in the 4th quarter. Old North State Trust LLC now owns 426 shares of the data storage provider’s stock valued at $48,000 after purchasing an additional 128 shares in the last quarter. Carroll Financial Associates Inc. grew its position in shares of Seagate Technology by 41.1% during the 4th quarter. Carroll Financial Associates Inc. now owns 446 shares of the data storage provider’s stock valued at $50,000 after buying an additional 130 shares during the last quarter. Finally, Syntax Advisors LLC grew its position in shares of Seagate Technology by 5.1% during the 1st quarter. Syntax Advisors LLC now owns 2,793 shares of the data storage provider’s stock valued at $251,000 after buying an additional 136 shares during the last quarter. Institutional investors and hedge funds own 87.48% of the company’s stock.

About Seagate Technology (Get Rating)

Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company offers hard disk and solid state drives, including serial advanced technology attachment, serial attached SCSI, and non-volatile memory express products; solid state hybrid drives; and storage subsystems.

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