Seagate Technology PLC (STX) is Reiterated by Needham to Buy, Lowers Price Target to $ 31

Seagate Technology PLC (STX) was Reiterated by Needham to “Buy” while Lowering the Price Target of the company shares to $ 31 from a previous price target of $41 . Needham advised their investors in a research report released on May 2, 2016.

Many Wall Street Analysts have commented on Seagate Technology PLC. Seagate Technology PLC was Downgraded by JP Morgan to ” Underweight” on May 2, 2016. Shares were Downgraded by RBC Capital Mkts on May 2, 2016 to ” Sector Perform” and Lowered the Price Target to $ 24 from a previous price target of $36 .Shares were Reiterated by Maxim Group on May 2, 2016 to “Hold” and Lowered the Price Target to $ 25 from a previous price target of $36 .

On the company’s financial health, Seagate Technology PLC reported $0.22 EPS for the quarter, missing the analyst consensus estimate by $ -0.17 based on the information available during the earnings call on Apr 29, 2016. Analyst had a consensus of $0.39. The company had revenue of $2595.00 million for the quarter, compared to analysts expectations of $2608.80 million. The company’s revenue was down -22.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.08 EPS.

Seagate Technology PLC opened for trading at $27 and hit $27.39 on the upside on Wednesday, eventually ending the session at $27.34, with a gain of 1.26% or 0.34 points. The heightened volatility saw the trading volume jump to 72,10,194 shares. Company has a market cap of $8,104 M.

In a different news, on Feb 18, 2016, Edward J Zander (director) sold 28,200 shares at $31.83 per share price. According to the SEC, on Feb 2, 2016, Stephen J Luczo (CEO) purchased 200,000 shares at $29.40 per share price. On Feb 2, 2016, Philip G Brace (President, CSES) purchased 5,000 shares at $29.10 per share price, according to the Form-4 filing with the securities and exchange commission.

Seagate Technology plc (Seagate) is a provider of electronic data storage products. The Company’s products are hard disk drives (HDD). The Company produces a range of electronic data storage products including solid state hybrid drives (SSHD) solid state drives (SSD) peripheral component interconnect express (PCIe) cards and Serial AT Attachment (SATA) controllers. The Company’s products are designed for enterprise servers and storage systems for applications client compute applications and client non-compute applications. The Company’s product and solution portfolio for the enterprise data storage industry includes storage enclosures integrated application platforms and high performance computing (HPC) data storage solutions. Its data storage services provide online backup data protection and recovery solutions for small to medium-sized businesses. Its products include Enterprise Performance HDDs Mobile HDDs and SSHDs NAS HDDs and Surveillance HDDs among others.

Seagate Technology PLC

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