Alta Advisers Ltd Buys 3,502 Shares of Seagate Technology Holdings PLC $STX

Alta Advisers Ltd grew its stake in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 28.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,668 shares of the data storage provider's stock after buying an additional 3,502 shares during the period. Seagate Technology makes up about 2.0% of Alta Advisers Ltd's holdings, making the stock its 9th biggest holding. Alta Advisers Ltd's holdings in Seagate Technology were worth $14,451,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of STX. Retirement Wealth Solutions LLC lifted its holdings in shares of Seagate Technology by 70.6% during the 2nd quarter. Retirement Wealth Solutions LLC now owns 29 shares of the data storage provider's stock worth $28,000 after acquiring an additional 12 shares during the last quarter. Bridgewater Advisors Inc. grew its position in Seagate Technology by 0.9% in the first quarter. Bridgewater Advisors Inc. now owns 1,477 shares of the data storage provider's stock worth $579,000 after acquiring an additional 13 shares in the last quarter. Baker Tilly Wealth Management LLC increased its stake in Seagate Technology by 4.6% in the third quarter. Baker Tilly Wealth Management LLC now owns 319 shares of the data storage provider's stock valued at $295,000 after acquiring an additional 14 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its stake in Seagate Technology by 23.1% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 80 shares of the data storage provider's stock valued at $31,000 after acquiring an additional 15 shares during the last quarter. Finally, One River Asset Management LLC increased its stake in Seagate Technology by 50.0% in the third quarter. One River Asset Management LLC now owns 45 shares of the data storage provider's stock valued at $42,000 after acquiring an additional 15 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company's stock.

Seagate Technology Stock Down 16.3%

STX opened at $466.53 on Friday. Seagate Technology Holdings PLC has a 12 month low of $228.61 and a 12 month high of $1,145.00. The company has a current ratio of 1.82, a quick ratio of 1.25 and a debt-to-equity ratio of 0.68. The business's 50-day moving average price is $777.31 and its 200-day moving average price is $693.14. The company has a market cap of $107.10 billion, a P/E ratio of 28.36 and a beta of 2.16.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its earnings results on Tuesday, October 27th. The data storage provider reported $7.68 earnings per share for the quarter, beating the consensus estimate of $7.44 by $0.24. Seagate Technology had a return on equity of 252.47% and a net margin of 31.86%. The company had revenue of $4.23 billion during the quarter, compared to analysts' expectations of $4.15 billion. During the same period in the prior year, the business posted $2.61 EPS. Seagate Technology's quarterly revenue was up 61.0% compared to the same quarter last year. On average, equities analysts expect that Seagate Technology Holdings PLC will post 37.96 EPS for the current year.

Seagate Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 7th. Stockholders of record on Wednesday, December 23rd will be paid a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 0.7%. This is a boost from Seagate Technology's previous quarterly dividend of $0.74. The ex-dividend date of this dividend is Wednesday, December 23rd. Seagate Technology's payout ratio is currently 15.55%.

Seagate Technology News Roundup

Here are the key news stories impacting Seagate Technology this week:

• Positive Sentiment: Seagate reported fiscal first-quarter revenue of $4.23 billion, up 61% year over year, and earnings that beat estimates. Management’s roughly $4.8 billion second-quarter revenue outlook, along with cash generation and rising HAMR adoption, supports the growth case. Earnings Beat Might Change The Case For Seagate Stock
• Neutral Sentiment: An executive’s recent share sale was made under a pre-arranged Rule 10b5-1 plan, which may make it less significant as a signal of the executive’s near-term outlook. Insider Selling: Seagate Technology EVP Sells Stock
• Negative Sentiment: STX and other storage stocks were caught in a renewed AI-sector sell-off. Investors reacted to political uncertainty after the midterm elections and a lawmaker’s call for a pause in advanced AI development, raising concerns about the outlook for AI investment and related data-center demand. Seagate Sinks as Lawmaker Urges a Pause on Advanced AI Development
• Negative Sentiment: The broader technology sell-off added pressure: the PHLX Semiconductor Index was down sharply, reflecting risk aversion across chip and data-storage stocks. A Sharp Pullback in Chip Stocks Meets Fresh Records in Recent Earnings Reports

Wall Street Analysts Forecast Growth

STX has been the subject of several research analyst reports. UBS Group reaffirmed a "buy" rating on shares of Seagate Technology in a research note on Monday. Zacks Research lowered Seagate Technology from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 28th. Wall Street Zen raised Seagate Technology from a "buy" rating to a "strong-buy" rating in a report on Saturday, September 26th. Rosenblatt Securities decreased their price objective on Seagate Technology from $1,400.00 to $1,100.00 and set a "buy" rating on the stock in a report on Monday, October 26th. Finally, Weiss Ratings lowered Seagate Technology from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday. Twenty-three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $1,000.88.

Insider Activity

In related news, CFO Gianluca Romano sold 49,984 shares of the company's stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $772.16, for a total transaction of $38,595,645.44. Following the completion of the sale, the chief financial officer directly owned 70,756 shares in the company, valued at $54,634,952.96. This represents a 41.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Ban Teh sold 52,730 shares of the stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $782.08, for a total transaction of $41,239,078.40. Following the sale, the executive vice president directly owned 5,810 shares of the company's stock, valued at $4,543,884.80. The trade was a 90.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 447,108 shares of company stock valued at $356,049,743. Corporate insiders own 0.51% of the company's stock.

About Seagate Technology

Seagate Technology Holdings plc NASDAQ: STX is a data storage company that develops and manufactures mass-capacity storage products and solutions. Its portfolio is centered on hard disk drives (HDDs) used in cloud data centers, enterprise systems, network-attached storage, video and imaging applications, and personal computers.

The company also provides storage-related services and solutions designed to help organizations store, manage, protect, and access large volumes of digital information.

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