Seagate Technology PLC (STX) is Upgraded by Needham to Strong Buy, Raises Price Target to $ 43

Seagate Technology PLC (STX) was Upgraded by Needham to ” Strong Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 43 from a previous price target of $39 . Earlier the firm had a rating of “Buy ” on the company shares. Needham advised their investors in a research report released on Oct 12, 2016.

Many Wall Street Analysts have commented on Seagate Technology PLC. Seagate Technology PLC was Upgraded by JP Morgan to ” Neutral” on Oct 11, 2016. Company shares were Upgraded by The Benchmark Company on Oct 11, 2016 to ” Buy”, Firm has raised the Price Target to $ 45 from a previous price target of $32 .Company shares were Reiterated by FBN Securities on Oct 11, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 38 from a previous price target of $33 .

On the company’s financial health, Seagate Technology PLC reported $0.69 EPS for the quarter, beating the analyst consensus estimate by $ 0.08 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $0.61. The company had revenue of $2654.00 million for the quarter, compared to analysts expectations of $2652.78 million. The company’s revenue was down -9.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.77 EPS.

Seagate Technology PLC closed down -2.87 points or -7.56% at $35.1 with 1,44,57,875 shares getting traded on Tuesday. Post opening the session at $38.22, the shares hit an intraday low of $34.83 and an intraday high of $38.22 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

In a different news, on Sep 16, 2016, David H Jr Morton (EVP & CFO) sold 1,716 shares at $36.16 per share price. According to the SEC, on Sep 1, 2016, Mark Re (SVP & CTO) sold 5,800 shares at $33.58 per share price. On Aug 9, 2016, Frank Biondi (director) sold 1,251 shares at $32.45 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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