Mizuho Securities analyst Vijay Rakesh maintained a Hold rating on Seagate Tech (STX) today and set a price target of $46. The company’s shares opened today at $47.23.
Rakesh said:
“We believe WDC picked up some share in nearline unit shipments, while Toshiba is also entering the 14TB nearline market.”
According to TipRanks.com, Rakesh is a top 100 analyst with an average return of 22.7% and a 62.6% success rate. Rakesh covers the Consumer Goods sector, focusing on stocks such as Skyworks Solutions, Texas Instruments, and Cypress Semicon.
The word on The Street in general, suggests a Hold analyst consensus rating for Seagate Tech with a $46.29 average price target, which is a -2.0% downside from current levels. In a report released today, RBC Capital also maintained a Hold rating on the stock with a $50 price target.
See today’s analyst top recommended stocks >>
Based on Seagate Tech’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $2.72 billion and net profit of $384 million. In comparison, last year the company earned revenue of $2.8 billion and had a net profit of $381 million.
Based on the recent corporate insider activity of 71 insiders, corporate insider sentiment is negative on the stock.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Seagate Technology Plc engages in the development, production, and distribution of data storage products and electronic data storage solutions. Its products include hard disk drives, solid state hybrid drives, solid state drives, peripheral component interconnect express cards, serial advanced technology attachment controllers, storage subsystems and computing solutions. It offers its products under the Backup Plus and Expansion product lines, and Maxtor and LaCie brands. The company was founded by Finis Conner, Syed Iftikar, Doug Mahon, David Thomas Mitchell, and Alan F. Shugart in 1978 and is headquartered in Dublin, Ireland.
