Central Asset Investments & Management Holdings HK Ltd Sells 4,500 Shares of Seagate Technology Holdings PLC (NASDAQ:STX)

Key Points

• Central Asset Investments & Management Holdings HK Ltd reduced its stake in Seagate Technology by 40.7%, bringing its total shares to 6,556, valued at approximately $557,000.
• Insider trading showed significant activity, with James Ci Lee selling 1,116 shares valued at over $171,000, marking an 81.28% reduction in ownership.
• Seagate Technology's stock performance remains strong, reporting a 29.5% increase in revenue year-over-year, alongside a quarterly earnings beat of $2.59 per share compared to analyst expectations.

Central Asset Investments & Management Holdings HK Ltd decreased its holdings in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 40.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,556 shares of the data storage provider's stock after selling 4,500 shares during the quarter. Seagate Technology accounts for about 0.9% of Central Asset Investments & Management Holdings HK Ltd's portfolio, making the stock its 25th largest holding. Central Asset Investments & Management Holdings HK Ltd's holdings in Seagate Technology were worth $557,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Johnson Financial Group Inc. boosted its position in Seagate Technology by 22.7% during the 4th quarter. Johnson Financial Group Inc. now owns 606 shares of the data storage provider's stock worth $52,000 after buying an additional 112 shares during the period. B. Riley Wealth Advisors Inc. boosted its position in Seagate Technology by 0.9% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 15,247 shares of the data storage provider's stock worth $1,327,000 after buying an additional 134 shares during the period. QRG Capital Management Inc. boosted its position in Seagate Technology by 1.2% during the 1st quarter. QRG Capital Management Inc. now owns 10,876 shares of the data storage provider's stock worth $924,000 after buying an additional 134 shares during the period. Prosperity Consulting Group LLC boosted its position in Seagate Technology by 4.5% during the 4th quarter. Prosperity Consulting Group LLC now owns 3,459 shares of the data storage provider's stock worth $299,000 after buying an additional 150 shares during the period. Finally, Blair William & Co. IL boosted its position in Seagate Technology by 5.9% during the 1st quarter. Blair William & Co. IL now owns 2,835 shares of the data storage provider's stock worth $241,000 after buying an additional 157 shares during the period. Institutional investors and hedge funds own 92.87% of the company's stock.

Insider Buying and Selling at Seagate Technology

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the business's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $153.75, for a total transaction of $3,075,000.00. Following the completion of the sale, the chief executive officer owned 478,912 shares in the company, valued at approximately $73,632,720. The trade was a 4.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider James Ci Lee sold 1,116 shares of the business's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $153.36, for a total transaction of $171,149.76. Following the sale, the insider owned 257 shares of the company's stock, valued at $39,413.52. This trade represents a 81.28% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 430,270 shares of company stock worth $53,173,431. Company insiders own 0.81% of the company's stock.

Seagate Technology Price Performance

Shares of Seagate Technology stock traded down $1.19 during trading on Thursday, reaching $155.73. 2,319,565 shares of the company traded hands, compared to its average volume of 3,929,370. The firm has a market capitalization of $33.12 billion, a PE ratio of 23.00, a P/E/G ratio of 0.99 and a beta of 1.50. The company has a 50 day moving average price of $144.11 and a 200-day moving average price of $110.85. Seagate Technology Holdings PLC has a 1-year low of $63.19 and a 1-year high of $158.00.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The data storage provider reported $2.59 EPS for the quarter, beating analysts' consensus estimates of $2.45 by $0.14. The business had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.40 billion. Seagate Technology had a net margin of 16.15% and a negative return on equity of 169.60%. Seagate Technology's quarterly revenue was up 29.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.05 EPS. Equities research analysts expect that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current year.

Seagate Technology announced that its board has initiated a stock buyback program on Thursday, May 22nd that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the data storage provider to buy up to 21.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board of directors believes its stock is undervalued.

Seagate Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Tuesday, September 30th. Seagate Technology's payout ratio is 42.54%.

Analysts Set New Price Targets

Several equities research analysts recently commented on STX shares. TD Cowen lifted their target price on shares of Seagate Technology from $135.00 to $175.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Barclays boosted their price target on shares of Seagate Technology from $90.00 to $125.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Cantor Fitzgerald upgraded shares of Seagate Technology from a "neutral" rating to an "overweight" rating and set a $175.00 price target on the stock in a research report on Wednesday, July 30th. Susquehanna boosted their price target on shares of Seagate Technology from $68.00 to $80.00 and gave the stock a "negative" rating in a research report on Wednesday, July 30th. Finally, Citigroup boosted their price target on shares of Seagate Technology from $140.00 to $170.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $151.44.

About Seagate Technology

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.