California State Teachers Retirement System Sells 33,960 Shares of Seagate Technology Holdings plc (NASDAQ:STX)

California State Teachers Retirement System cut its holdings in shares of Seagate Technology Holdings plc (NASDAQ:STX - Free Report) by 11.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 274,786 shares of the data storage provider's stock after selling 33,960 shares during the quarter. California State Teachers Retirement System owned about 0.13% of Seagate Technology worth $23,717,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of STX. Vanguard Group Inc. increased its holdings in shares of Seagate Technology by 6.9% in the 4th quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider's stock valued at $2,414,446,000 after purchasing an additional 1,814,821 shares in the last quarter. Sanders Capital LLC boosted its stake in Seagate Technology by 1.0% during the 4th quarter. Sanders Capital LLC now owns 16,530,152 shares of the data storage provider's stock valued at $1,426,717,000 after purchasing an additional 162,561 shares during the period. Capital Research Global Investors raised its holdings in shares of Seagate Technology by 56.5% in the 4th quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider's stock worth $1,348,262,000 after purchasing an additional 5,640,443 shares in the last quarter. Geode Capital Management LLC lifted its position in Seagate Technology by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 4,295,225 shares of the data storage provider's stock worth $370,013,000 after buying an additional 132,713 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Seagate Technology by 14.6% in the 4th quarter. Invesco Ltd. now owns 2,761,534 shares of the data storage provider's stock valued at $238,348,000 after buying an additional 352,300 shares during the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Seagate Technology Stock Up 2.8%

Shares of STX traded up $3.39 during trading hours on Tuesday, hitting $122.54. The company had a trading volume of 1,737,543 shares, compared to its average volume of 2,987,700. The firm has a market cap of $26.01 billion, a P/E ratio of 22.40 and a beta of 1.32. Seagate Technology Holdings plc has a 52-week low of $63.19 and a 52-week high of $123.57. The stock's 50 day moving average price is $90.06 and its 200 day moving average price is $93.30.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced 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. The business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.14 billion. Seagate Technology had a net margin of 14.67% and a negative return on equity of 63.48%. The company's quarterly revenue was up 30.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.33 EPS. On average, research analysts expect that Seagate Technology Holdings plc will post 6.83 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 8th. Shareholders of record on Wednesday, June 25th will be given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend is Wednesday, June 25th. Seagate Technology's dividend payout ratio is currently 41.62%.

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

Analyst Ratings Changes

STX has been the subject of a number of research reports. Morgan Stanley raised their price target on shares of Seagate Technology from $99.00 to $140.00 and gave the company an "overweight" rating in a report on Friday, May 23rd. Rosenblatt Securities restated a "buy" rating and set a $130.00 price objective on shares of Seagate Technology in a research report on Friday, May 23rd. Wedbush reiterated an "outperform" rating and set a $140.00 price target on shares of Seagate Technology in a research note on Wednesday, May 21st. Citigroup boosted their target price on Seagate Technology from $105.00 to $125.00 and gave the company a "buy" rating in a research note on Tuesday, May 20th. Finally, Wells Fargo & Company boosted their target price on Seagate Technology from $105.00 to $122.00 and gave the stock an "equal weight" rating in a report on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $118.89.

Insider Activity at Seagate Technology

In related news, SVP Kian Fatt Chong sold 6,410 shares of Seagate Technology stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $111.26, for a total value of $713,176.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William D. Mosley sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $84.56, for a total transaction of $1,691,200.00. Following the transaction, the chief executive officer now directly owns 555,677 shares in the company, valued at $46,988,047.12. The trade was a 3.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 162,891 shares of company stock valued at $17,773,863. 0.81% of the stock is owned by corporate insiders.

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.