Bank of America Corp DE Sells 900,165 Shares of Seagate Technology Holdings PLC $STX

Key Points

• Bank of America cut its Seagate Technology stake by 21%, selling 900,165 shares and retaining 3.38 million shares worth approximately $1.32 billion. Institutional investors collectively own 92.87% of STX.
• Seagate reported strong quarterly results, with adjusted EPS of $5.71 and revenue of $3.63 billion, up 48.5% year over year and ahead of estimates. Management forecast fiscal first-quarter 2027 EPS of $7.10–$7.50, supported by continued AI and cloud-storage demand.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average target price of $986, although STX’s elevated valuation and recent rally leave the stock vulnerable to a slowdown in AI-storage demand or execution issues.

Bank of America Corp DE reduced its holdings in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 21.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,380,440 shares of the data storage provider's stock after selling 900,165 shares during the period. Bank of America Corp DE owned about 1.51% of Seagate Technology worth $1,324,321,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Salomon & Ludwin LLC raised its position in Seagate Technology by 124.4% in the fourth quarter. Salomon & Ludwin LLC now owns 92 shares of the data storage provider's stock worth $27,000 after purchasing an additional 51 shares in the last quarter. Rakuten Securities Inc. boosted its holdings in Seagate Technology by 884.2% during the second quarter. Rakuten Securities Inc. now owns 187 shares of the data storage provider's stock valued at $27,000 after purchasing an additional 168 shares in the last quarter. Avion Wealth grew its stake 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 period. Concord Wealth Partners bought a new stake in shares of Seagate Technology in the 4th quarter valued at approximately $28,000. Finally, Annis Gardner Whiting Capital Advisors LLC raised its holdings in shares of Seagate Technology by 23.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 80 shares of the data storage provider's stock worth $31,000 after buying an additional 15 shares in the last quarter. Institutional investors own 92.87% of the company's stock.

More Seagate Technology News

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

• Positive Sentiment: Seagate reported fiscal fourth-quarter adjusted EPS of $5.71, ahead of the $5.10 consensus estimate, while revenue rose 48.5% year over year to $3.63 billion, exceeding expectations. Management guided to fiscal first-quarter 2027 EPS of $7.10–$7.50, well above the prior outlook and supporting expectations for continued momentum. STX Q4 Earnings Top on 48% Sales Jump, AI-led Storage Demand Continues
• Positive Sentiment: Investors and analysts highlighted durable cloud and AI-storage demand, persistent data reuse, nearline capacity allocated through 2028 and Seagate’s Mozaic and HAMR technologies, with drives reaching up to 44TB. These trends improve demand visibility, operating leverage and potential cash flow. How Seagate's HAMR Shift Is Driving the Next AI Storage Growth Wave
• Positive Sentiment: Wall Street firms raised their targets following the earnings report. Barclays lifted its target to $1,250 and JPMorgan to $1,240, while Citi, Cantor Fitzgerald, Rosenblatt, Wells Fargo, TD Cowen and Wedbush also maintained bullish ratings or increased targets. Zacks Research upgraded STX to “strong buy.”
• Positive Sentiment: The favorable read-through extended across AI and memory stocks, with Seagate’s results helping reinforce the view that data-center infrastructure spending remains strong despite recent concerns about the sustainability of the AI rally.
• Neutral Sentiment: Seagate declared a quarterly dividend of $0.74 per share, payable in October. The dividend provides shareholder support but is modest relative to the company’s valuation and is unlikely to be the main trading catalyst.
• Negative Sentiment: After its substantial 2026 rally, STX trades at a premium valuation, leaving less room for execution errors. Any slowdown in AI-storage orders, pricing, HAMR adoption or supply fulfillment could trigger profit-taking. Is STX Stock Still Attractive After Its Massive 2026 Price Rally?

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Sanford C. Bernstein restated an "outperform" rating and set a $1,350.00 target price on shares of Seagate Technology in a research report on Wednesday. Fox Advisors cut Seagate Technology from an "overweight" rating to an "equal weight" rating in a report on Monday, June 22nd. China Renaissance boosted their target price on shares of Seagate Technology from $802.00 to $983.00 in a research note on Friday, June 12th. BNP Paribas Exane upped their target price on shares of Seagate Technology from $530.00 to $860.00 and gave the stock an "outperform" rating in a report on Wednesday, April 29th. Finally, JPMorgan Chase & Co. increased their target price on shares of Seagate Technology from $1,095.00 to $1,240.00 and gave the stock an "overweight" rating in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Seagate Technology currently has a consensus rating of "Moderate Buy" and an average target price of $986.00.

Insider Buying and Selling at Seagate Technology

In related news, CEO William D. Mosley sold 30,000 shares of the business's stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $751.29, for a total transaction of $22,538,700.00. Following the completion of the sale, the chief executive officer directly owned 339,591 shares of the company's stock, valued at $255,131,322.39. The trade was a 8.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Gianluca Romano sold 22,488 shares of the stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $774.22, for a total transaction of $17,410,659.36. Following the completion of the transaction, the chief financial officer owned 42,847 shares in the company, valued at $33,173,004.34. This represents a 34.42% 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. In the last 90 days, insiders have sold 151,069 shares of company stock valued at $126,191,753. 0.79% of the stock is currently owned by company insiders.

Seagate Technology Stock Performance

Shares of Seagate Technology stock opened at $851.68 on Friday. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.67 and a quick ratio of 0.85. The firm has a market cap of $190.97 billion, a P/E ratio of 61.36 and a beta of 2.04. The firm has a 50 day simple moving average of $896.04 and a 200 day simple moving average of $626.22. Seagate Technology Holdings PLC has a fifty-two week low of $144.75 and a fifty-two week high of $1,145.00.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The data storage provider reported $5.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.10 by $0.61. The firm had revenue of $3.63 billion for the quarter, compared to the consensus estimate of $3.50 billion. Seagate Technology had a return on equity of 369.98% and a net margin of 26.11%.The business's revenue for the quarter was up 48.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.59 EPS. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. Sell-side analysts predict that Seagate Technology Holdings PLC will post 26.84 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Shareholders of record on Thursday, September 24th will be issued a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Thursday, September 24th. Seagate Technology's payout ratio is currently 21.33%.

Seagate Technology 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.

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