Does Seagate Tech (NASDAQ:STX) Look Attractive Now? Mizuho Initiates Coverage


Why Has Mizuho Given Seagate Tech (NASDAQ:STX) a $38 Price Target

In analysts report revealed on 11 December, stock analysts at Mizuho have commenced coverage coverage for Seagate Tech (NASDAQ:STX) shares. The firm has decided to set a “Neutral” rating along with a $38, adding 4.91% to the target.

From a total of 22 analysts covering Seagate Technology Plc (NASDAQ:STX) stock, 8 rate it a ”Buy”, 4 a “Sell”, and 14 a ”Hold”. This means that 31% of the ratings are positive. The highest target price is $65 while the lowest target price is $31. The mean of all analyst targets is $43.45 with a 48.51% above today’s ($36.22) stock price. Seagate Technology Plc was the topic of 29 analyst reports since August 4, 2015 according to the firm StockzIntelligence Inc. Craig Hallum upgraded shares on November 19 to “Buy” rating. Benchmark maintained shares with “Sell” rating and $35 target share price in a report from an October 15. Needham maintained STX stock in a recent report from November 2 with “Buy” rating. Barclays Capital initiated the rating on October 14. Barclays Capital has a “Equalweight” rating and a $52 price target on shares. Finally, Deutsche Bank maintained the stock with “Buy” rating in a report issued on an October 21.

The stock increased 1.40% or $0.5 during the last trading session, striking $36.22. Approximately shares of stock traded hands. Seagate Technology PLC (NASDAQ:STX) has declined 36.72% since May 8, 2015 and is downtrending. It has underperformed by 33.70% the S&P500.

The overall sentiment of institutions has decreased to 0.68 in Q2 2015. Its down 0.40, from 1.08 in 2015Q2. The ratio worsened, as 78 institutions have sold all the shares of Seagate Technology PLC that they owned while 218 funds have taken shares off the table. 42 funds have purchased shares for the first time while 160 added to their positions. These institutions now hold 225.24 million shares or 14.33% less than the 262.91 million shares they owned in 2015Q2.

The Fund Trinity Street Asset Management Llp currently is holding shares equating to 9.99% of its total portfolio in Seagate Technology PLC representing a total of 816,925 shares. Another fund,Karamaan Group Llc, is holding a total of 119,287 shares equating to 5.55% of their holdings. Additionally, Moon Capital Management Lp has a 168,994 share stake in Seagate Technology PLC which represents 4.45% of their total portfolio. The Fund, Sensato Investors Llc, based out of California, has also built up a stake in the stock, which represents a total of 4.37% of their total portfolio. Finally Hamlin Capital Management Llc, a fund which is based in the state of New York reported a total holdings of 1.21 million shares.

Insider activity is a very important aspect to track on any stock. Going back to March 4, 2015, shareholders of Seagate Technology PLC have witnessed 0 insider purchases, and a total of 3 selling transactions equating to a net activity of approximately $6.48 million . O Malley Patrick J sold 6,993 shares worth approximately $337,633. Re Mark sold 115,334 shares worth approximately $5.62 million. Pimentel Albert A sold 10,000 shares worth approximately $516,680. Luczo Stephen J sold 10,000 shares worth approximately $541,448. The company insider Dehaan Douglas J sold 10,179 shares worth $594,133.

Seagate Technology plc is a well-known provider of electronic data storage products. The company has a market cap of $10.68 billion. The Company’s products are hard disk drives (HDD). It has 8.64 P/E ratio. The Firm 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.

According to Zacks Investment Research, “Seagate Technology PLC offers a portfolio of hard disc drives, solid state drives and solid state hybrid drives. It offers a range of disk drive products for the enterprise, client compute and client non-compute market applications. The Company also provides data storage services for businesses, including online backup, data protection and recovery solutions. Seagate Technology PLC is headquartered in Dublin, Ireland.” Get a free copy of the Zacks research report on Seagate Technology PLC (STX).