Seagate Technology. (STX) Shares are Up 1.77%

ValueAct Capital and Seagate are together buying 12.5 million shares of Seagate stock in a so-called block transaction.

Seagate said in a statement that it had reached out to ValueAct to take part in the investment - a twist on the normal activist engagement, which nearly always involves the hedge fund approaching the company first. From all the research of Seagate Technology.by 17 analysts a high of $50 was pegged as the best estimate of its stock price. The firm earned $2.65 billion during the quarter, compared to analysts' expectations of $2.32 billion. The shares closed down -0.20 points or -0.55% at $36.31 with 4.74 million shares getting traded. Company shares were Reiterated by RBC Capital Mkts on Aug 31, 2016 to "Sector Perform", Firm has raised the Price Target to $ 34 from a previous price target of $31.Company shares were Reiterated by Barclays on Aug 3, 2016 to "Equal Weight", Firm has raised the Price Target to $ 34 from a previous price target of $25.Company shares were Reiterated by Mizuho on Aug 2, 2016 to "Neutral", Firm has raised the Price Target to $ 31 from a previous price target of $23. The stock's price moved down its 200-day moving average of $29.22.

ValueAct will receive an "observer board" position that will give it access to directors and their deliberations, but not voting power, as part of the purchase, which is equivalent to about 4 percent of the outstanding shares. Finally, Jefferies Group increased their price objective on shares of Seagate Technology PLC from $32.00 to $38.00 and gave the stock a buy rating in a research report on Tuesday. Overweight rating was given by 0 analysts and Underweight rating was given by 2 analysts. The brokerage now has a $31.33 target price on the data storage provider's stock. However, the bulls stepped in to buy at lower levels and pushed the stock higher. Seagate Technology plc is up 41.98% in the last 3-month period. The shares were sold at an average price of $32.45, for a total value of $40,594.95. Following the completion of the transaction, the senior vice president now owns 65,520 shares of the company's stock, valued at approximately $2,086,156.80. The brokerages had set bullish as well as bearish price estimates, which stands at $50 and $27, respectively. The 52 week high shares of Seagate Technology PLC have reached is 50.91 whilst the 52 week low for the company's shares is 18.42. Shareholders of record on Wednesday, September 21st will be given a $0.63 dividend.

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, October 15th.

Seagate Technology PLC is a provider of electronic data storage technology and solutions. 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.