Deutsche Bank AG Increases Stock Position in Seagate Technology Holdings PLC (NASDAQ:STX)

Deutsche Bank AG lifted its position in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 4.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,181,460 shares of the data storage provider's stock after purchasing an additional 50,699 shares during the period. Deutsche Bank AG owned about 0.56% of Seagate Technology worth $100,365,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of STX. Ameriflex Group Inc. purchased a new stake in Seagate Technology in the fourth quarter valued at $26,000. Elequin Capital LP purchased a new stake in Seagate Technology in the fourth quarter valued at $27,000. Fourth Dimension Wealth LLC purchased a new stake in Seagate Technology in the fourth quarter valued at $27,000. Wayfinding Financial LLC purchased a new stake in shares of Seagate Technology in the first quarter valued at about $31,000. Finally, Golden State Wealth Management LLC raised its holdings in shares of Seagate Technology by 2,200.0% in 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 last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Seagate Technology

In other Seagate Technology news, EVP Ban Seng Teh sold 63,418 shares of the company'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 sale, the executive vice president owned 14,658 shares of the company's stock, valued at $1,832,250. This represents a 81.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael R. Cannon sold 24,190 shares of the company's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $119.00, for a total transaction of $2,878,610.00. Following the completion of the sale, the director directly owned 10,835 shares in the company, valued at $1,289,365. This trade represents a 69.06% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 430,270 shares of company stock valued at $53,173,431. 0.81% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

STX has been the subject of a number of research reports. Benchmark upped their target price on shares of Seagate Technology from $128.00 to $165.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. UBS Group upped their target price on shares of Seagate Technology from $85.00 to $155.00 and gave the company a "neutral" rating in a report on Monday, July 21st. The Goldman Sachs Group initiated coverage on shares of Seagate Technology in a report on Thursday, July 10th. They issued a "buy" rating and a $170.00 target price for the company. Citigroup upped their target price on shares of Seagate Technology from $140.00 to $170.00 and gave the company a "buy" rating in a report on Friday, July 11th. Finally, Bank of America upped their target price on shares of Seagate Technology from $145.00 to $165.00 and gave the company a "buy" rating in a report on Monday, July 14th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Seagate Technology currently has an average rating of "Moderate Buy" and a consensus price target of $151.44.

Seagate Technology Stock Performance

STX traded up $3.90 on Tuesday, hitting $155.59. 2,361,646 shares of the company were exchanged, compared to its average volume of 3,966,424. The business's fifty day moving average is $142.97 and its 200 day moving average is $110.17. Seagate Technology Holdings PLC has a fifty-two week low of $63.19 and a fifty-two week high of $158.00. The firm has a market capitalization of $33.09 billion, a P/E ratio of 22.98, a price-to-earnings-growth ratio of 0.96 and a beta of 1.50.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its earnings results on Tuesday, July 29th. The data storage provider reported $2.59 earnings per share for the quarter, topping the consensus estimate of $2.45 by $0.14. Seagate Technology had a net margin of 16.15% and a negative return on equity of 169.60%. The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.40 billion. During the same period in the prior year, the business posted $1.05 earnings per share. The firm's revenue for the quarter was up 29.5% compared to the same quarter last year. Analysts forecast that Seagate Technology Holdings PLC will post 6.83 EPS for the current fiscal year.

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

Seagate Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 1.9%. The ex-dividend date is Tuesday, September 30th. Seagate Technology's dividend payout ratio is presently 42.54%.

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.