ASR Vermogensbeheer N.V. Purchases New Position in Seagate Technology Holdings PLC (NASDAQ:STX)

Key Points

• ASR Vermogensbeheer N.V. acquired a new position in Seagate Technology, purchasing 11,503 shares valued at approximately $977,000 in the first quarter.
• Insider trading involved significant sales, with Director Michael R. Cannon and CFO Gianluca Romano selling shares worth over $6 million combined, resulting in substantial decreases in their ownership stakes.
• Multiple research analysts upgraded Seagate's ratings, with a consensus target price of $151.44 and a "Moderate Buy" rating, reflecting optimism about the company’s prospects amidst recent strong earnings performance.

ASR Vermogensbeheer N.V. purchased a new stake in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 11,503 shares of the data storage provider's stock, valued at approximately $977,000.

Other institutional investors also recently bought and sold shares of the company. Ameriflex Group Inc. purchased a new position in Seagate Technology during the fourth quarter valued at approximately $26,000. Elequin Capital LP purchased a new position in Seagate Technology during the fourth quarter valued at approximately $27,000. Fourth Dimension Wealth LLC purchased a new position in Seagate Technology during the fourth quarter valued at approximately $27,000. Wayfinding Financial LLC purchased a new position in Seagate Technology during the first quarter valued at approximately $31,000. Finally, Golden State Wealth Management LLC raised its position in Seagate Technology by 2,200.0% during the first quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider's stock valued at $39,000 after acquiring an additional 440 shares in the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Seagate Technology news, Director Michael R. Cannon sold 24,190 shares of the business's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $119.00, for a total transaction of $2,878,610.00. Following the transaction, the director owned 10,835 shares of the company's stock, valued at approximately $1,289,365. The trade was a 69.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Gianluca Romano sold 26,816 shares of the business's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $117.58, for a total value of $3,153,025.28. Following the transaction, the chief financial officer directly owned 38,082 shares in the company, valued at $4,477,681.56. This trade represents a 41.32% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 428,546 shares of company stock worth $52,912,056. 0.81% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on STX shares. Benchmark lifted their price target on Seagate Technology from $128.00 to $165.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. BNP Paribas Exane upgraded Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 price objective for the company in a research report on Friday, May 16th. Wall Street Zen cut Seagate Technology from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Morgan Stanley boosted 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. Finally, The Goldman Sachs Group initiated coverage on Seagate Technology in a research report on Thursday, July 10th. They issued a "buy" rating and a $170.00 price objective for the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned 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 Price Performance

Shares of NASDAQ:STX opened at $150.45 on Friday. The business's 50 day moving average price is $141.67 and its 200-day moving average price is $109.54. The firm has a market capitalization of $32.00 billion, a PE ratio of 22.22, a P/E/G ratio of 0.95 and a beta of 1.50. Seagate Technology Holdings PLC has a 1 year low of $63.19 and a 1 year high of $157.62.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The data storage provider reported $2.59 earnings per share for the quarter, topping analysts' consensus estimates of $2.45 by $0.14. The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.40 billion. Seagate Technology had a negative return on equity of 169.60% and a net margin of 16.15%. The firm's revenue for the quarter was up 29.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.05 earnings per share. As a group, analysts expect 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 approved a stock buyback plan on Thursday, May 22nd that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the data storage provider to buy up to 21.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its stock is undervalued.

Seagate Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.72 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.88 dividend on an annualized basis and a yield of 1.9%. Seagate Technology's 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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