D.A. Davidson & CO. Cuts Stock Holdings in Seagate Technology Holdings PLC (NASDAQ:STX)

D.A. Davidson & CO. trimmed its holdings in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 47.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,840 shares of the data storage provider's stock after selling 2,541 shares during the period. D.A. Davidson & CO.'s holdings in Seagate Technology were worth $241,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Johnson Financial Group Inc. increased its position in shares of Seagate Technology by 22.7% in the fourth quarter. Johnson Financial Group Inc. now owns 606 shares of the data storage provider's stock worth $52,000 after purchasing an additional 112 shares during the last quarter. Signaturefd LLC grew its holdings in shares of Seagate Technology by 2.3% in the fourth quarter. Signaturefd LLC now owns 4,988 shares of the data storage provider's stock worth $431,000 after purchasing an additional 113 shares during the last quarter. 1620 Investment Advisors Inc. grew its holdings in shares of Seagate Technology by 2.6% in the fourth quarter. 1620 Investment Advisors Inc. now owns 4,835 shares of the data storage provider's stock worth $417,000 after purchasing an additional 123 shares during the last quarter. Level Four Advisory Services LLC grew its holdings in shares of Seagate Technology by 4.1% in the fourth quarter. Level Four Advisory Services LLC now owns 3,343 shares of the data storage provider's stock worth $289,000 after purchasing an additional 131 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. boosted its holdings in Seagate Technology by 0.9% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 15,247 shares of the data storage provider's stock valued at $1,327,000 after acquiring an additional 134 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors.

Seagate Technology Trading Up 1.9%

Shares of STX opened at $147.18 on Friday. Seagate Technology Holdings PLC has a 12 month low of $63.19 and a 12 month high of $152.16. The stock's 50 day moving average is $124.06 and its two-hundred day moving average is $101.26. The firm has a market cap of $31.23 billion, a P/E ratio of 21.27 and a beta of 1.45.

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, topping analysts' consensus estimates of $1.75 by $0.15. The firm 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%. The firm's revenue was up 30.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.33 earnings per share. Equities research analysts forecast that Seagate Technology Holdings PLC will post 6.83 EPS for the current year.

Seagate Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th were paid a dividend of $0.72 per share. The ex-dividend date was Wednesday, June 25th. This represents a $2.88 annualized dividend and a yield of 1.96%. Seagate Technology's payout ratio is 41.62%.

Seagate Technology announced that its board has approved a stock buyback plan on Thursday, May 22nd that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the data storage provider to purchase up to 21.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts have commented on STX shares. Barclays raised their price objective on Seagate Technology from $80.00 to $90.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 30th. Citigroup lifted their price objective on Seagate Technology from $140.00 to $170.00 and gave the stock a "buy" rating in a report on Friday. Wells Fargo & Company boosted their price target on Seagate Technology from $105.00 to $122.00 and gave the company an "equal weight" rating in a research note on Friday, May 23rd. The Goldman Sachs Group assumed coverage on Seagate Technology in a research note on Thursday. They set a "buy" rating and a $170.00 price objective for the company. Finally, BNP Paribas Exane raised Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 price target on the stock in a report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $125.53.

Insider Buying and Selling

In other news, CEO William D. Mosley sold 70,000 shares of the company's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $109.47, for a total transaction of $7,662,900.00. Following the completion of the transaction, the chief executive officer directly owned 485,677 shares of the company's stock, valued at approximately $53,167,061.19. This represents a 12.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Ban Seng Teh sold 63,418 shares of the business's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $125.00, for a total value of $7,927,250.00. Following the completion of the sale, the executive vice president directly owned 14,658 shares of the company's stock, valued at $1,832,250. The trade was a 81.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 393,791 shares of company stock valued at $47,582,998. Company insiders own 0.81% of the company's stock.

Seagate Technology Company 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.

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