Cresset Asset Management LLC Lowers Holdings in Seagate Technology Holdings plc (NASDAQ:STX)

Cresset Asset Management LLC lessened its stake in Seagate Technology Holdings plc (NASDAQ:STX - Free Report) by 67.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,421 shares of the data storage provider's stock after selling 21,154 shares during the quarter. Cresset Asset Management LLC's holdings in Seagate Technology were worth $904,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Principal Financial Group Inc. increased its holdings in Seagate Technology by 74.2% in the 3rd quarter. Principal Financial Group Inc. now owns 354,013 shares of the data storage provider's stock worth $38,775,000 after buying an additional 150,734 shares in the last quarter. Nordea Investment Management AB increased its holdings in Seagate Technology by 5.8% in the 4th quarter. Nordea Investment Management AB now owns 15,555 shares of the data storage provider's stock worth $1,349,000 after buying an additional 856 shares in the last quarter. Czech National Bank increased its holdings in Seagate Technology by 7.2% in the 4th quarter. Czech National Bank now owns 45,864 shares of the data storage provider's stock worth $3,959,000 after buying an additional 3,087 shares in the last quarter. Elevated Capital Advisors LLC increased its holdings in Seagate Technology by 6.4% in the 4th quarter. Elevated Capital Advisors LLC now owns 11,787 shares of the data storage provider's stock worth $1,017,000 after buying an additional 711 shares in the last quarter. Finally, AdvisorNet Financial Inc increased its holdings in Seagate Technology by 3.7% in the 4th quarter. AdvisorNet Financial Inc now owns 3,377 shares of the data storage provider's stock worth $291,000 after buying an additional 122 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company's stock.

Insider Buying and Selling at Seagate Technology

In related news, CEO William D. Mosley sold 20,000 shares of the firm's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $84.56, for a total transaction of $1,691,200.00. Following the sale, the chief executive officer now owns 555,677 shares of the company's stock, valued at $46,988,047.12. This trade represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.81% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

STX has been the subject of several research analyst reports. Bank of America reduced their price objective on Seagate Technology from $130.00 to $112.00 and set a "buy" rating for the company in a report on Thursday, March 13th. UBS Group boosted their price target on Seagate Technology from $80.00 to $85.00 and gave the company a "neutral" rating in a research note on Wednesday, April 30th. Northland Securities restated an "outperform" rating and set a $160.00 price target (up from $144.00) on shares of Seagate Technology in a research note on Wednesday, January 22nd. Rosenblatt Securities restated a "buy" rating and set a $130.00 price target on shares of Seagate Technology in a research note on Wednesday, April 30th. Finally, Summit Insights upgraded Seagate Technology from a "hold" rating to a "buy" rating in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Seagate Technology presently has a consensus rating of "Moderate Buy" and an average target price of $114.89.

Seagate Technology Price Performance

Shares of STX opened at $101.95 on Tuesday. The stock has a market capitalization of $21.64 billion, a price-to-earnings ratio of 18.64 and a beta of 1.32. Seagate Technology Holdings plc has a 1 year low of $63.19 and a 1 year high of $115.32. The business's 50 day simple moving average is $83.01 and its 200-day simple moving average is $92.19.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.15. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The business had revenue of $2.16 billion for the quarter, compared to analysts' expectations of $2.14 billion. During the same period in the prior year, the firm earned $0.33 EPS. The company's revenue for the quarter was up 30.5% on a year-over-year basis. On average, sell-side analysts expect that Seagate Technology Holdings plc will post 6.83 earnings per share for the current year.

Seagate Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Wednesday, June 25th will be given a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 2.82%. The ex-dividend date of this dividend is Wednesday, June 25th. Seagate Technology's dividend payout ratio (DPR) is presently 41.62%.

Seagate Technology Profile

Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It provides mass capacity storage products, including enterprise nearline hard disk drives (HDDs), enterprise nearline solid state drives (SSDs), enterprise nearline systems, video and image HDDs, and network-attached storage drives.

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