AXQ Capital LP Raises Holdings in Seagate Technology Holdings PLC $STX

Key Points

• AXQ Capital LP boosted its Seagate Technology stake by 78.6% in the fourth quarter, ending with 3,174 shares worth about $874,000.
• Several insiders sold shares recently, including directors Prat Bhatt and Yolanda Lee Conyers; the article says insiders sold a total of 154,187 shares worth $107.3 million last quarter.
• Seagate reported strong quarterly results, with EPS of $4.10 beating estimates and revenue of $3.11 billion topping forecasts, while analysts remain broadly positive with an average Moderate Buy rating and a $772.04 price target.

AXQ Capital LP lifted its position in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 78.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,174 shares of the data storage provider's stock after buying an additional 1,397 shares during the quarter. AXQ Capital LP's holdings in Seagate Technology were worth $874,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Salomon & Ludwin LLC lifted its holdings in Seagate Technology by 124.4% during the fourth quarter. Salomon & Ludwin LLC now owns 92 shares of the data storage provider's stock worth $27,000 after buying an additional 51 shares during the period. Rakuten Securities Inc. grew its stake in Seagate Technology by 884.2% during the 2nd quarter. Rakuten Securities Inc. now owns 187 shares of the data storage provider's stock worth $27,000 after buying an additional 168 shares during the last quarter. Armstrong Advisory Group Inc. acquired a new position in Seagate Technology during the 4th quarter valued at about $28,000. Avion Wealth raised its position in shares of Seagate Technology by 343.5% in the 4th quarter. Avion Wealth now owns 102 shares of the data storage provider's stock valued at $28,000 after purchasing an additional 79 shares during the last quarter. Finally, Concord Wealth Partners purchased a new position in shares of Seagate Technology in the fourth quarter worth $28,000. 92.87% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director Prat Bhatt sold 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $929.88, for a total value of $929,880.00. Following the transaction, the director owned 12,869 shares in the company, valued at $11,966,625.72. This trade represents a 7.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $885.33, for a total value of $663,997.50. Following the completion of the sale, the director directly owned 4,101 shares in the company, valued at $3,630,738.33. This represents a 15.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 154,187 shares of company stock worth $107,340,021 in the last quarter. 0.79% of the stock is owned by insiders.

Seagate Technology Stock Up 0.6%

Seagate Technology stock opened at $926.61 on Wednesday. The company has a debt-to-equity ratio of 3.16, a current ratio of 1.33 and a quick ratio of 0.85. The stock has a market capitalization of $207.77 billion, a PE ratio of 87.91 and a beta of 2.04. The business has a 50 day simple moving average of $621.76 and a 200-day simple moving average of $437.45. Seagate Technology Holdings PLC has a 12 month low of $118.75 and a 12 month high of $953.72.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The data storage provider reported $4.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.51 by $0.59. Seagate Technology had a net margin of 21.60% and a return on equity of 1,005.65%. The firm had revenue of $3.11 billion for the quarter, compared to analysts' expectations of $2.96 billion. During the same quarter last year, the company earned $1.90 EPS. The firm's revenue for the quarter was up 44.1% compared to the same quarter last year. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. On average, analysts anticipate that Seagate Technology Holdings PLC will post 14.1 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 7th. Investors of record on Wednesday, June 24th will be paid a $0.74 dividend. The ex-dividend date of this dividend is Wednesday, June 24th. This represents a $2.96 dividend on an annualized basis and a yield of 0.3%. Seagate Technology's dividend payout ratio (DPR) is currently 28.08%.

Key Stories Impacting Seagate Technology

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

• Positive Sentiment: Citigroup raised its price target on Seagate Technology Holdings PLC (STX) to $1,150 from $740 and reiterated a Buy rating, signaling meaningful upside from current levels and likely supporting investor sentiment.
• Positive Sentiment: Seagate also benefited from news that it reached a $175 million settlement over shareholder claims tied to alleged sales to Huawei, which may reduce legal uncertainty that has weighed on the stock. Article Title
• Neutral Sentiment: Recent Q1 earnings coverage suggests investors are still comparing Seagate’s results and outlook with other semiconductor names, but no new operating update was included in the latest items. Article Title
• Negative Sentiment: CEO William D. Mosley sold shares in two separate pre-arranged Rule 10b5-1 transactions, and director Prat Bhatt and director Yolanda Lee Conyers also sold stock. While planned sales are often routine, multiple insider sales can create a mild headwind for sentiment.

Wall Street Analyst Weigh In

A number of research firms recently commented on STX. Cantor Fitzgerald lifted their target price on Seagate Technology from $700.00 to $1,000.00 and gave the stock an "overweight" rating in a report on Wednesday, April 29th. TD Cowen upped their target price on Seagate Technology from $500.00 to $850.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Wells Fargo & Company raised their target price on Seagate Technology from $700.00 to $900.00 and gave the stock an "equal weight" rating in a report on Monday. Mizuho lifted their price target on Seagate Technology from $565.00 to $700.00 and gave the company an "outperform" rating in a research report on Wednesday, April 29th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Seagate Technology in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $772.04.

Seagate Technology Company Profile

Seagate Technology NASDAQ: STX is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm's product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate's products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.