XTX Topco Ltd Invests $3.10 Million in Seagate Technology Holdings PLC (NASDAQ:STX)

Key Points

• XTX Topco Ltd acquired 36,513 shares of Seagate Technology Holdings PLC valued at approximately $3.1 million in the first quarter of 2023.
• Seagate's CEO, William D. Mosley, sold 20,000 shares for nearly $2.9 million, reducing his ownership by 3.86%.
• Several analysts have a positive outlook on Seagate, raising their price targets, with Citigroup increasing its target from $140 to $170 while maintaining a "buy" rating.

XTX Topco Ltd purchased a new stake in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 36,513 shares of the data storage provider's stock, valued at approximately $3,102,000.

A number of other hedge funds have also bought and sold shares of the stock. Sanders Capital LLC boosted its holdings in shares of Seagate Technology by 1.0% in the 4th quarter. Sanders Capital LLC now owns 16,530,152 shares of the data storage provider's stock valued at $1,426,717,000 after acquiring an additional 162,561 shares during the last quarter. Capital Research Global Investors lifted its holdings in Seagate Technology by 56.5% during the fourth quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider's stock valued at $1,348,262,000 after purchasing an additional 5,640,443 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Seagate Technology by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 4,295,225 shares of the data storage provider's stock worth $370,013,000 after buying an additional 132,713 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Seagate Technology by 14.6% in the fourth quarter. Invesco Ltd. now owns 2,761,534 shares of the data storage provider's stock worth $238,348,000 after buying an additional 352,300 shares in the last quarter. Finally, Franklin Resources Inc. lifted its stake in shares of Seagate Technology by 5.7% in the fourth quarter. Franklin Resources Inc. now owns 1,879,855 shares of the data storage provider's stock worth $162,250,000 after buying an additional 101,044 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on STX shares. Mizuho cut their price objective on shares of Seagate Technology from $115.00 to $95.00 and set an "outperform" rating for the company in a research report on Thursday, April 10th. UBS Group lifted their price target on shares of Seagate Technology from $85.00 to $155.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Wedbush restated an "outperform" rating and set a $140.00 price objective on shares of Seagate Technology in a research report on Wednesday, May 21st. Cantor Fitzgerald upgraded shares of Seagate Technology from a "neutral" rating to an "overweight" rating and set a $175.00 price target for the company in a research report on Wednesday. Finally, The Goldman Sachs Group assumed coverage on shares of Seagate Technology in a research note on Thursday, July 10th. They issued a "buy" rating and a $170.00 price objective on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $151.44.

Seagate Technology Stock Down 1.4%

Shares of Seagate Technology stock traded down $2.20 on Friday, hitting $154.81. The company's stock had a trading volume of 3,827,283 shares, compared to its average volume of 4,170,483. Seagate Technology Holdings PLC has a 52-week low of $63.19 and a 52-week high of $157.45. The firm has a fifty day moving average price of $138.28 and a 200-day moving average price of $107.69. The company has a market capitalization of $32.85 billion, a P/E ratio of 22.87, a price-to-earnings-growth ratio of 1.00 and a beta of 1.50.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The data storage provider reported $2.59 earnings per share for the quarter, topping the consensus estimate of $2.45 by $0.14. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.40 billion. Seagate Technology had a net margin of 16.15% and a negative return on equity of 169.60%. The company's revenue was up 29.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.05 EPS. As a group, analysts expect that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current year.

Seagate Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Tuesday, September 30th will be given a $0.72 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.88 annualized dividend and a yield of 1.9%. Seagate Technology's dividend payout ratio (DPR) is 42.54%.

Seagate Technology declared that its Board of Directors has approved a share repurchase plan on Thursday, May 22nd that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the data storage provider to purchase up to 21.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling at Seagate Technology

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $144.66, for a total value of $2,893,200.00. Following the completion of the sale, the chief executive officer owned 498,710 shares of the company's stock, valued at $72,143,388.60. This trade represents a 3.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ban Seng Teh sold 1,725 shares of the stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $144.00, for a total value of $248,400.00. Following the transaction, the executive vice president owned 12,052 shares of the company's stock, valued at approximately $1,735,488. This trade represents a 12.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 395,516 shares of company stock valued at $47,831,398 over the last 90 days. 0.81% of the stock is owned by corporate insiders.

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.