Alliancebernstein L.P. Boosts Stake in Seagate Technology Holdings PLC $STX

Key Points

• Alliancebernstein L.P. increased its stake in Seagate Technology by 0.7%, now owning over 227,000 shares valued at approximately $19.3 million.
• Seagate Technology's quarterly earnings exceeded expectations, reporting $2.59 EPS against a consensus of $2.45, with revenue up 29.5% year-over-year.
• Seagate's Board of Directors has authorized a stock repurchase program allowing the company to buy back up to $5 billion of its shares, indicating confidence in its valuation.

Alliancebernstein L.P. increased its position in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 0.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 227,763 shares of the data storage provider's stock after buying an additional 1,555 shares during the period. Alliancebernstein L.P. owned 0.11% of Seagate Technology worth $19,348,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Ameriflex Group Inc. purchased a new stake in shares of Seagate Technology in the fourth quarter worth about $26,000. Elequin Capital LP purchased a new stake in shares of Seagate Technology in the fourth quarter worth about $27,000. Fourth Dimension Wealth LLC purchased a new stake in shares of Seagate Technology in the fourth quarter worth about $27,000. Wayfinding Financial LLC purchased a new stake in shares of Seagate Technology in the first quarter worth about $31,000. Finally, Golden State Wealth Management LLC lifted its position in shares of Seagate Technology by 2,200.0% in the first quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider's stock worth $39,000 after buying an additional 440 shares in the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Seagate Technology

In related news, Director Jay L. Geldmacher sold 2,500 shares of the stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $150.50, for a total value of $376,250.00. Following the transaction, the director owned 352 shares of the company's stock, valued at $52,976. This represents a 87.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William D. Mosley sold 20,000 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $153.75, for a total value of $3,075,000.00. Following the completion of the transaction, the chief executive officer directly owned 478,912 shares in the company, valued at approximately $73,632,720. This trade represents a 4.01% decrease in their position. The disclosure for this sale can be found here. Insiders sold 57,078 shares of company stock worth $8,561,503 in the last ninety days. 0.81% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on STX shares. UBS Group upped their price objective on Seagate Technology from $85.00 to $155.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Benchmark upped their price objective on Seagate Technology from $128.00 to $165.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. Wall Street Zen downgraded Seagate Technology from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Wells Fargo & Company upped their price objective on Seagate Technology from $122.00 to $160.00 and gave the company an "equal weight" rating in a research report on Thursday, July 17th. Finally, Morgan Stanley upped their price objective on Seagate Technology from $167.00 to $168.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Fourteen research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Seagate Technology currently has an average rating of "Moderate Buy" and a consensus target price of $157.00.

Seagate Technology Stock Performance

Shares of NASDAQ STX opened at $193.04 on Thursday. The business's 50 day moving average price is $157.87 and its 200-day moving average price is $120.23. Seagate Technology Holdings PLC has a fifty-two week low of $63.19 and a fifty-two week high of $193.80. The company has a market cap of $41.06 billion, a price-to-earnings ratio of 28.51, a PEG ratio of 1.18 and a beta of 1.53.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its quarterly earnings results 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. Seagate Technology had a negative return on equity of 169.60% and a net margin of 16.15%.The firm had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same period in the prior year, the business posted $1.05 earnings per share. The company's revenue for the quarter was up 29.5% on a year-over-year basis. Seagate Technology has set its Q1 2026 guidance at 2.100-2.500 EPS. Sell-side analysts predict that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current year.

Seagate Technology declared that its Board of Directors has initiated a stock repurchase program on Thursday, May 22nd that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the data storage provider to buy up to 21.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its shares are undervalued.

Seagate Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Tuesday, September 30th will be paid 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 1.5%. Seagate Technology's dividend payout ratio is 42.54%.

Seagate Technology Company 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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