LifeWealth Investments LLC Takes Position in Seagate Technology Holdings PLC (NASDAQ:STX)

LifeWealth Investments LLC bought a new position in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 3,056 shares of the data storage provider's stock, valued at approximately $260,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of STX. Ameriflex Group Inc. purchased a new position in shares of Seagate Technology during the 4th quarter worth approximately $26,000. Elequin Capital LP purchased a new stake in Seagate Technology during the 4th quarter valued at $27,000. Fourth Dimension Wealth LLC purchased a new stake in Seagate Technology during the 4th quarter valued at $27,000. JFS Wealth Advisors LLC boosted its stake in Seagate Technology by 27.0% during the 4th quarter. JFS Wealth Advisors LLC now owns 532 shares of the data storage provider's stock valued at $46,000 after purchasing an additional 113 shares during the last quarter. Finally, Menard Financial Group LLC purchased a new stake in Seagate Technology during the 4th quarter valued at $50,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Seagate Technology Price Performance

Shares of Seagate Technology stock traded down $0.34 during trading on Friday, reaching $130.96. 6,027,281 shares of the stock traded hands, compared to its average volume of 3,093,426. The company has a market capitalization of $27.79 billion, a price-to-earnings ratio of 18.92 and a beta of 1.40. The business has a fifty day simple moving average of $104.92 and a two-hundred day simple moving average of $96.15. Seagate Technology Holdings PLC has a 52-week low of $63.19 and a 52-week high of $133.76.

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 for the quarter, beating analysts' consensus estimates of $1.75 by $0.15. The firm had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.14 billion. Seagate Technology had a negative return on equity of 105.02% and a net margin of 17.49%. The business's quarterly revenue was up 30.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.33 earnings per share. On average, research analysts predict that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current fiscal year.

Seagate Technology announced that its board has authorized a stock buyback plan on Thursday, May 22nd that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the data storage provider to buy up to 21.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Seagate Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Wednesday, June 25th will be given a dividend of $0.72 per share. The ex-dividend date of this dividend is Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.20%. Seagate Technology's payout ratio is 41.62%.

Insider Activity

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 555,677 shares in the company, valued at $46,988,047.12. The trade was a 3.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Ban Seng Teh sold 63,418 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $125.00, for a total value of $7,927,250.00. Following the transaction, the executive vice president now owns 14,658 shares of the company's stock, valued at $1,832,250. This trade represents a 81.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 393,791 shares of company stock worth $46,380,998 over the last 90 days. Corporate insiders own 0.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on STX. Bank of America increased their price target on Seagate Technology from $135.00 to $145.00 and gave the company a "buy" rating in a report on Monday, June 9th. BNP Paribas Exane raised Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 price target on the stock in a report on Friday, May 16th. Morgan Stanley increased their price target on Seagate Technology from $99.00 to $140.00 and gave the company an "overweight" rating in a report on Friday, May 23rd. BNP Paribas raised Seagate Technology from a "strong sell" rating to a "hold" rating in a report on Friday, May 16th. Finally, Wells Fargo & Company increased their price target on Seagate Technology from $105.00 to $122.00 and gave the company an "equal weight" rating in a report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, Seagate Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $119.42.

About Seagate Technology

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.