In a report released yesterday, Mehdi Hosseini from Susquehanna reiterated a Sell rating on Seagate Tech (STX), with a price target of $36.00. The company’s shares closed last Wednesday at $50.74.
According to TipRanks.com, Hosseini is a 4-star analyst with an average return of 5.6% and a 45.6% success rate. Hosseini covers the Technology sector, focusing on stocks such as Advanced Energy Industries, Keysight Technologies, and National Instruments.
Currently, the analyst consensus on Seagate Tech is a Hold with an average price target of $53.79, representing a 5.7% upside. In a report issued on April 13, Goldman Sachs also initiated coverage with a Sell rating on the stock with a $41.00 price target.
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Based on Seagate Tech’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $2.7 billion and net profit of $318 million. In comparison, last year the company earned revenue of $2.72 billion and had a net profit of $384 million.
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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.
