Cable Hill Partners LLC Takes $200,000 Position in Seagate Technology Holdings PLC (NASDAQ:STX)

Cable Hill Partners LLC purchased a new position in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 2,198 shares of the data storage provider's stock, valued at approximately $200,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Ameriflex Group Inc. purchased a new position in Seagate Technology during the fourth quarter valued at $26,000. Elequin Capital LP purchased a new position in Seagate Technology during the fourth quarter valued at $27,000. Fourth Dimension Wealth LLC purchased a new position in Seagate Technology during the fourth quarter valued at $27,000. Wayfinding Financial LLC purchased a new position in Seagate Technology during the first quarter valued at $31,000. Finally, Golden State Wealth Management LLC lifted 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 buying an additional 440 shares during the period. Hedge funds and other institutional investors own 92.87% of the company's stock.

Insiders Place Their Bets

In related news, CFO Gianluca Romano sold 26,816 shares of the firm's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $117.58, for a total transaction of $3,153,025.28. Following the sale, the chief financial officer owned 38,082 shares of the company's stock, valued at $4,477,681.56. This trade represents a 41.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael R. Cannon sold 24,190 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $119.00, for a total value of $2,878,610.00. Following the sale, the director directly owned 10,835 shares in the company, valued at approximately $1,289,365. The trade was a 69.06% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 395,516 shares of company stock worth $47,831,398. Insiders own 0.81% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on STX. BNP Paribas upgraded Seagate Technology from a "strong sell" rating to a "hold" rating in a report on Friday, May 16th. Morgan Stanley raised their price target on Seagate Technology from $140.00 to $167.00 and gave the company an "overweight" rating in a report on Monday. Cantor Fitzgerald lifted 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. Wells Fargo & Company lifted their price objective on Seagate Technology from $122.00 to $160.00 and gave the stock an "equal weight" rating in a report on Thursday. Finally, Wall Street Zen downgraded Seagate Technology from a "buy" rating to a "hold" rating in a report on Friday, May 30th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $130.00.

Seagate Technology Stock Performance

Shares of STX traded down $0.40 during mid-day trading on Thursday, hitting $146.72. 5,152,953 shares of the stock were exchanged, compared to its average volume of 3,260,244. The company has a market cap of $31.14 billion, a PE ratio of 21.20 and a beta of 1.45. Seagate Technology Holdings PLC has a 52-week low of $63.19 and a 52-week high of $152.16. The firm has a 50-day moving average of $128.31 and a two-hundred day moving average of $102.93.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.75 by $0.15. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. Seagate Technology had a negative return on equity of 105.02% and a net margin of 17.49%. Seagate Technology's quarterly revenue was up 30.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.33 EPS. On average, sell-side analysts predict that Seagate Technology Holdings PLC will post 6.83 EPS for the current year.

Seagate Technology announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 22nd that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the data storage provider to buy up to 21.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's board of directors believes its shares are undervalued.

Seagate Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Wednesday, June 25th were given a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend was Wednesday, June 25th. Seagate Technology's dividend payout ratio (DPR) is presently 41.62%.

Seagate Technology 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.