2,660 Shares in Seagate Technology Holdings PLC $STX Bought by Pier 88 Investment Partners LLC

Key Points

• Pier 88 Investment Partners opened a new position in Seagate Technology, buying 2,660 shares worth about $733,000 in the fourth quarter.
• Several institutional investors have recently increased or initiated stakes in Seagate, and hedge funds and institutions now own 92.87% of the company.
• Seagate reported strong quarterly results, with EPS of $4.10 topping estimates and revenue of $3.11 billion beating forecasts; the company also announced a quarterly dividend of $0.74 per share.

Pier 88 Investment Partners LLC bought a new position in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,660 shares of the data storage provider's stock, valued at approximately $733,000.

Several other large investors have also added to or reduced their stakes in the business. National Pension Service lifted its stake in Seagate Technology by 28.0% in the third quarter. National Pension Service now owns 250,121 shares of the data storage provider's stock valued at $59,044,000 after acquiring an additional 54,722 shares during the last quarter. PFA Pension Forsikringsaktieselskab acquired a new stake in Seagate Technology in the fourth quarter valued at $23,882,000. Tokio Marine Asset Management Co. Ltd. acquired a new stake in Seagate Technology in the third quarter valued at $1,864,000. Sumitomo Mitsui Trust Group Inc. lifted its stake in Seagate Technology by 1.2% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 518,806 shares of the data storage provider's stock valued at $142,874,000 after acquiring an additional 6,028 shares during the last quarter. Finally, New York State Teachers Retirement System lifted its stake in Seagate Technology by 5.0% in the fourth quarter. New York State Teachers Retirement System now owns 187,044 shares of the data storage provider's stock valued at $51,510,000 after acquiring an additional 8,991 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company's stock.

Insider Buying and Selling

In related news, CEO William D. Mosley sold 24,584 shares of the firm's stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $406.77, for a total transaction of $10,000,033.68. Following the transaction, the chief executive officer directly owned 375,591 shares of the company's stock, valued at approximately $152,779,151.07. This trade represents a 6.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kian Fatt Chong sold 5,846 shares of the firm's stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $416.48, for a total transaction of $2,434,742.08. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 102,723 shares of company stock valued at $53,301,684. 0.79% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have commented on STX. Susquehanna increased their price target on shares of Seagate Technology from $485.00 to $615.00 and gave the company a "neutral" rating in a research note on Wednesday, April 29th. Robert W. Baird increased their price target on shares of Seagate Technology from $270.00 to $505.00 and gave the company an "outperform" rating in a research note on Thursday, January 29th. Loop Capital increased their price target on shares of Seagate Technology from $700.00 to $800.00 and gave the company a "buy" rating in a research note on Thursday, April 23rd. Morgan Stanley increased their price target on shares of Seagate Technology from $582.00 to $767.00 and gave the company an "overweight" rating in a research note on Wednesday, April 29th. Finally, TD Cowen increased their price target on shares of Seagate Technology from $500.00 to $850.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $709.13.

Seagate Technology Price Performance

Shares of STX opened at $834.01 on Tuesday. The firm has a market capitalization of $187.01 billion, a PE ratio of 79.13 and a beta of 1.98. The company's 50-day moving average is $492.12 and its 200-day moving average is $378.05. Seagate Technology Holdings PLC has a fifty-two week low of $100.00 and a fifty-two week high of $841.31. The company has a debt-to-equity ratio of 3.16, a current ratio of 1.33 and a quick ratio of 0.85.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The data storage provider reported $4.10 earnings per share for the quarter, beating the consensus estimate of $3.51 by $0.59. The company had revenue of $3.11 billion for the quarter, compared to analyst estimates of $2.96 billion. Seagate Technology had a net margin of 21.60% and a return on equity of 1,005.65%. The company's revenue was up 44.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.90 earnings per share. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. Equities analysts forecast that Seagate Technology Holdings PLC will post 14.1 EPS for the current year.

Seagate Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 7th. Stockholders of record on Wednesday, June 24th will be given a $0.74 dividend. The ex-dividend date of this dividend is Wednesday, June 24th. This represents a $2.96 annualized dividend and a dividend yield of 0.4%. Seagate Technology's dividend payout ratio is presently 28.08%.

About Seagate Technology

Seagate Technology NASDAQ: STX is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm's product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate's products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.

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