Avanza Fonder AB purchased a new stake in shares of Seagate Technology Holdings plc (NASDAQ:STX - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,260 shares of the data storage provider's stock, valued at approximately $1,220,000.
Other institutional investors have also recently made changes to their positions in the company. Tidal Investments LLC lifted its position in shares of Seagate Technology by 133.1% in the fourth quarter. Tidal Investments LLC now owns 12,681 shares of the data storage provider's stock valued at $1,094,000 after buying an additional 7,240 shares during the last quarter. Norges Bank bought a new stake in Seagate Technology in the 4th quarter valued at $25,729,000. Asset Management One Co. Ltd. lifted its holdings in Seagate Technology by 9.9% during the 4th quarter. Asset Management One Co. Ltd. now owns 84,222 shares of the data storage provider's stock valued at $7,360,000 after purchasing an additional 7,599 shares during the last quarter. Empowered Funds LLC lifted its holdings in Seagate Technology by 460.8% during the 4th quarter. Empowered Funds LLC now owns 18,361 shares of the data storage provider's stock valued at $1,585,000 after purchasing an additional 15,087 shares during the last quarter. Finally, Allworth Financial LP boosted its position in Seagate Technology by 207.0% during the fourth quarter. Allworth Financial LP now owns 5,774 shares of the data storage provider's stock worth $498,000 after purchasing an additional 3,893 shares during the period. Institutional investors and hedge funds own 92.87% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts have recently issued reports on STX shares. Wells Fargo & Company raised their target price on shares of Seagate Technology from $105.00 to $122.00 and gave the stock an "equal weight" rating in a research note on Friday, May 23rd. UBS Group raised their price objective on shares of Seagate Technology from $80.00 to $85.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 30th. Cantor Fitzgerald boosted their price objective on Seagate Technology from $110.00 to $125.00 and gave the stock a "neutral" rating in a report on Monday, May 19th. Mizuho decreased their target price on Seagate Technology from $115.00 to $95.00 and set an "outperform" rating on the stock in a research report on Thursday, April 10th. Finally, Citigroup boosted their price target on Seagate Technology from $105.00 to $125.00 and gave the company a "buy" rating in a research note on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, Seagate Technology has an average rating of "Moderate Buy" and an average target price of $119.42.
Read Our Latest Analysis on STX
Insider Activity at Seagate Technology
In other Seagate Technology news, EVP Ban Seng Teh sold 4,201 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $115.00, for a total value of $483,115.00. Following the completion of the transaction, the executive vice president now directly owns 22,999 shares in the company, valued at approximately $2,644,885. This trade represents a 15.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Gianluca Romano sold 26,816 shares of the company's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $117.58, for a total value of $3,153,025.28. Following the completion of the transaction, the chief financial officer now directly owns 38,082 shares of the company's stock, valued at $4,477,681.56. This represents a 41.32% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 393,192 shares of company stock valued at $46,303,128. 0.81% of the stock is owned by insiders.
Seagate Technology Stock Performance
Shares of NASDAQ STX traded down $0.42 during trading hours on Thursday, hitting $126.07. 3,004,420 shares of the stock were exchanged, compared to its average volume of 3,063,667. The company's fifty day simple moving average is $97.70 and its two-hundred day simple moving average is $94.93. The company has a market cap of $26.75 billion, a PE ratio of 23.05 and a beta of 1.40. Seagate Technology Holdings plc has a 1-year low of $63.19 and a 1-year high of $132.23.
Seagate Technology (NASDAQ:STX - Get Free Report) last issued its earnings results 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. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter last year, the business posted $0.33 EPS. The company's revenue was up 30.5% compared to the same quarter last year. As a group, sell-side analysts expect that Seagate Technology Holdings plc will post 6.83 EPS for the current fiscal year.
Seagate Technology Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Wednesday, June 25th will be paid a $0.72 dividend. 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 2.28%. Seagate Technology's payout ratio is currently 41.62%.
Seagate Technology announced that its Board of Directors has authorized a stock repurchase program 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 reacquire 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 stock is undervalued.
Seagate Technology Profile
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Free Report)
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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