Revenue decreased 9.3% to $2.65 billion. On a non-GAAP basis, Seagate reported gross margin of 24.6%, net income of $684 million and diluted earnings per share of $2.26. The stock has a P/E ratio of 30.2.
Advertisement
TheStreet Ratings team rates Seagate Technology as a Hold with a ratings score of C-. The 52-week high of the share price is $52.59 and the 52-week low is $18.42.
Analysts polled by Thomson Reuters expected per-share profit of 60 cents and revenue of $2.64 billion. The analyst remains convinced with his Sector Perform rating on Seagate stock but bumped the price target from $27 to $31.
Separately, TheStreet Ratings objectively rated this stock according to its “risk-adjusted” total return prospect over a 12-month investment horizon.
In a different news, on Jun 7, 2016, David H Jr Morton (Chief Financial Officer & EVP) sold 8,038 shares at $23.79 per share price. Following the sale, the director now owns 5,182 shares of the company’s stock, valued at $98,354.36.
For the fiscal year ended July 1, 2016, the Firm stated revenue of $11.2 billion, gross margin of 23.4%, net income of $248 million and diluted earnings per share of $0.82.
During the first quarter, the Firm generated $269 million in operating cash flow and paid cash dividends of $188 million.
Other institutional investors recently made changes to their positions in the company.
The High price target of the company’s Share is at $37 based on the calculations and analysis of 24 brokers. For the next quarter, Seagate’s guidance is in line with buyside expectations, he noted. Finally, Jefferies Group reaffirmed a “buy” rating and issued a $25.00 price target (down previously from $29.00) on shares of Seagate Technology PLC in a report on Monday, May 2nd. Underperform rating was given by 0 analyst and Outperform rating was given by 4 analyst. Aberdeen Asset Management PLC UK now owns 274,119 shares of the data storage provider’s stock valued at $10,757,000 after buying an additional 4,508 shares in the last quarter. The Company’s products are hard disk drives (HDD).
Advertisement
“I am confident of the company’s long-term sustainability and prosperity in a world of significant data creation and high-capacity storage demand driven by emerging technologies, and cloud infrastructure deployments”, Seagate CEO Steve Luczo said in the company’s earnings release. They now own 249.21 million shares or 3.57% more from 240.63 million shares in 2015Q4. 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.
