What’s Next for Seagate Technology PLC After Today’s Bearish Options Activity?

 What's Next for Seagate Technology PLC After Today's Bearish Options Activity?

In today’s session Seagate Technology PLC (STX) recorded an unusually high (212) contracts volume of put trades. Someone, most probably a professional was a very active buyer of the December, 2016 put, expecting serious STX decrease. With 212 contracts traded and 8644 open interest for the Dec, 16 contract, it seems this is a quite bearish bet. The option with symbol: STX161216P00035000 closed last at: $2.61 or 2.4% up. About 3.50M shares traded hands. Seagate Technology PLC (NASDAQ:STX) has declined 0.57% since March 14, 2016 and is downtrending. It has underperformed by 6.18% the S&P500.

Analysts await Seagate Technology PLC (NASDAQ:STX) to report earnings on November, 4. They expect $0.75 EPS, up 38.89% or $0.21 from last year’s $0.54 per share. STX’s profit will be $224.94 million for 11.70 P/E if the $0.75 EPS becomes a reality. After $0.69 actual EPS reported by Seagate Technology PLC for the previous quarter, Wall Street now forecasts 8.70% EPS growth.

Seagate Technology PLC (NASDAQ:STX) Ratings Coverage

Out of 24 analysts covering Seagate Technology Plc (NASDAQ:STX), 7 rate it a “Buy”, 3 “Sell”, while 14 “Hold”. This means 29% are positive. Seagate Technology Plc has been the topic of 72 analyst reports since August 4, 2015 according to StockzIntelligence Inc. Craig Hallum downgraded the stock to “Hold” rating in Friday, October 16 report. On Monday, May 2 the stock rating was maintained by Brean Capital with “Buy”. Benchmark downgraded Seagate Technology PLC (NASDAQ:STX) rating on Thursday, September 3. Benchmark has “Hold” rating and $50.0 price target. The stock of Seagate Technology PLC (NASDAQ:STX) has “Sell” rating given on Thursday, April 7 by Citigroup. The rating was maintained by Maxim Group with “Hold” on Wednesday, October 12. BMO Capital Markets initiated Seagate Technology PLC (NASDAQ:STX) on Friday, December 11 with “Market Perform” rating. As per Wednesday, August 31, the company rating was maintained by RBC Capital Markets. Brean Capital maintained it with “Buy” rating and $50 target price in Wednesday, October 12 report. The stock of Seagate Technology PLC (NASDAQ:STX) earned “Market Perform” rating by Cowen & Co on Monday, April 11. The rating was downgraded by Bank of America on Friday, April 29 to “Underperform”.

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.”

Insitutional Activity: The institutional sentiment decreased to 0.98 in Q2 2016. Its down 0.02, from 1 in 2016Q1. The ratio is negative, as 96 funds sold all Seagate Technology PLC shares owned while 117 reduced positions. 53 funds bought stakes while 155 increased positions. They now own 247.41 million shares or 0.72% less from 249.21 million shares in 2016Q1.
Ameriprise Fincl owns 2.28 million shares or 0.03% of their US portfolio. State Treasurer State Of Michigan holds 0.02% or 103,668 shares in its portfolio. Paloma Partners Management holds 53,426 shares or 0.01% of its portfolio. Wellington Grp Incorporated Limited Liability Partnership accumulated 0.04% or 7.14M shares. Teachers Retirement Systems Of The State Of Kentucky has invested 0.01% of its portfolio in Seagate Technology PLC (NASDAQ:STX). Federated Invsts Pa owns 6,390 shares or 0% of their US portfolio. Mizuho Asset Coltd has 0.02% invested in the company for 3,717 shares. Oregon Public Employees Retirement Fund holds 0.03% of its portfolio in Seagate Technology PLC (NASDAQ:STX) for 52,937 shares. Manchester Capital Management Lc holds 0% or 21 shares in its portfolio. Tradewinds Capital Mgmt Limited Liability reported 3,400 shares or 0.06% of all its holdings. Suntrust Banks holds 29,965 shares or 0% of its portfolio. Moreover, Lombard Odier Asset Mgmt (Usa) has 0.14% invested in Seagate Technology PLC (NASDAQ:STX) for 46,631 shares. Sumitomo Mitsui Asset Mngmt has invested 0.02% of its portfolio in Seagate Technology PLC (NASDAQ:STX). Lockheed Martin Investment Mgmt Communication last reported 70,000 shares in the company. The New York-based Teachers Advisors has invested 0% in Seagate Technology PLC (NASDAQ:STX).

Insider Transactions: Since May 3, 2016, the stock had 1 insider buy, and 8 selling transactions for $2.68 million net activity. MORTON DAVID H JR also sold $191,209 worth of Seagate Technology PLC (NASDAQ:STX) shares. On Tuesday, August 9 the insider RE MARK sold $100,174. $245,143 worth of shares were sold by BIONDI FRANK on Friday, May 6. 200,000 shares with value of $4.02 million were bought by LUCZO STEPHEN J on Tuesday, May 3.

Seagate Technology public limited company is a well-known provider of electronic data storage technology and solutions. The company has a market cap of $10.53 billion. The Company’s principal products are hard disk drives . It has a 42.61 P/E ratio. In addition to HDDs, it produces a range of electronic data storage products, including solid state hybrid drives, solid state drives, peripheral component interconnect express (PCIe) cards and serial advanced technology architecture (SATA) controllers.

STX Company Profile

Seagate Technology public limited company, incorporated on January 22, 2010, is a well-known provider of electronic data storage technology and solutions. The Company’s principal products are hard disk drives (HDDs). In addition to HDDs, the Company produces a range of electronic data storage products, including solid state hybrid drives (SSHDs), solid state drives (SSDs), peripheral component interconnect express (PCIe) cards and serial advanced technology architecture (SATA) controllers. The Company’s storage technology portfolio also includes storage subsystems and high performance computing (HPC) solutions. The Company’s products are designed for applications in enterprise servers and storage systems; client compute applications, where its products are designed primarily for desktop and mobile computing, and client non-compute applications, where its products are designed for a range of end user devices, such as digital video recorders (DVRs), personal data backup systems, portable external storage systems, digital media systems and surveillance systems.

More notable recent Seagate Technology PLC (NASDAQ:STX) news were published by: Fool.com which released: “How Seagate Technology PLC Jumped 14% Higher in September” on October 13, 2016, also Investorplace.com with their article: “Why Alcoa Inc (AA), Illumina, Inc. (ILMN) and Seagate Technology PLC (STX) Are …” published on October 11, 2016, Investorplace.com published: “3 Stocks to Watch Tuesday: Illumina, Inc. (ILMN), Seagate Technology PLC (STX …” on October 11, 2016. More interesting news about Seagate Technology PLC (NASDAQ:STX) were released by: Forbes.com and their article: “Why Seagate Technology is the ‘Top Dividend Stock of the Nasdaq 100’ With 7.0 …” published on September 20, 2016 as well as Zacks.com‘s news article titled: “Should You Sell Seagate Technology (STX) Before Earnings?” with publication date: October 17, 2016.

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