In a report released today, Nehal Chokshi from Maxim Group maintained a Hold rating on Seagate Tech (STX), with a price target of $49. The company’s shares closed yesterday at $45.56.
Chokshi wrote:
“December quarter bottom-line beat driven by temporary high margin Mission Critical HDD strength and tighter opex controls. Mar Q (F3Q19) guidance reflects incremental weakness from surveillance HDDs, while digestion period from cloud service providers continue. Modestly reducing estimates and 12-month PT to $49, from $51; maintaining Hold rating. Continue to prefer Western Digital (WDC – Buy).”
According to TipRanks.com, Chokshi is a 5-star analyst with an average return of 13.0% and a 62.6% success rate. Chokshi covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Super Micro Computer, and Palo Alto Networks.
The word on The Street in general, suggests a Hold analyst consensus rating for Seagate Tech with a $43.60 average price target, a -4.3% downside from current levels. In a report released yesterday, Robert W. Baird also maintained a Hold rating on the stock with a $40 price target.
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The company has a one-year high of $62.70 and a one-year low of $35.38. Currently, Seagate Tech has an average volume of 4.1M.
Based on the recent corporate insider activity of 69 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of STX in relation to earlier this year.
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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.
