DNB Asset Management AS Lowers Stock Position in Seagate Technology Holdings PLC $STX

Key Points

• DNB Asset Management AS reduced its Seagate Technology stake by 9.6% in the fourth quarter, selling 4,425 shares and leaving it with 41,523 shares valued at about $11.4 million.
• Seagate reported a strong quarterly beat, with EPS of $4.10 and revenue of $3.11 billion, both above estimates, and it raised guidance for Q4 2026 to $4.80-$5.20 EPS.
• Despite some insider selling, analysts remain bullish overall: several firms raised price targets, and the consensus rating is Moderate Buy with an average target price of $733.71.

DNB Asset Management AS cut its holdings in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 9.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,523 shares of the data storage provider's stock after selling 4,425 shares during the period. DNB Asset Management AS's holdings in Seagate Technology were worth $11,435,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. National Pension Service increased its holdings in shares of Seagate Technology by 28.0% during the 3rd quarter. National Pension Service now owns 250,121 shares of the data storage provider's stock worth $59,044,000 after acquiring an additional 54,722 shares during the last quarter. PFA Pension Forsikringsaktieselskab acquired a new position in shares of Seagate Technology during the 4th quarter worth approximately $23,882,000. New York State Teachers Retirement System increased its holdings in shares of Seagate Technology by 5.0% during the 4th quarter. New York State Teachers Retirement System now owns 187,044 shares of the data storage provider's stock worth $51,510,000 after acquiring an additional 8,991 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Seagate Technology by 1.2% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 518,806 shares of the data storage provider's stock worth $142,874,000 after acquiring an additional 6,028 shares during the last quarter. Finally, Keystone Investors PTE Ltd. increased its holdings in shares of Seagate Technology by 55.7% during the 3rd quarter. Keystone Investors PTE Ltd. now owns 50,321 shares of the data storage provider's stock worth $11,879,000 after acquiring an additional 18,000 shares during the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Seagate Technology Stock Performance

STX opened at $795.47 on Monday. The business has a fifty day simple moving average of $526.24 and a 200 day simple moving average of $394.39. The company has a market capitalization of $178.37 billion, a PE ratio of 75.47 and a beta of 1.98. Seagate Technology Holdings PLC has a 1 year low of $103.73 and a 1 year high of $841.31. The company has a debt-to-equity ratio of 3.16, a current ratio of 1.33 and a quick ratio of 0.85.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The data storage provider reported $4.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.51 by $0.59. The business had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $2.96 billion. Seagate Technology had a return on equity of 1,005.65% and a net margin of 21.60%.The firm's quarterly revenue was up 44.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.90 EPS. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. Research analysts expect that Seagate Technology Holdings PLC will post 14.1 EPS for the current year.

Seagate Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 7th. Stockholders of record on Wednesday, June 24th will be given a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Wednesday, June 24th. Seagate Technology's dividend payout ratio is presently 28.08%.

Insiders Place Their Bets

In related news, EVP John Christopher Morris sold 5,626 shares of the company's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $738.37, for a total transaction of $4,154,069.62. Following the completion of the sale, the executive vice president owned 11,954 shares of the company's stock, valued at $8,826,474.98. This represents a 32.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ban Seng Teh sold 8,003 shares of the company's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $817.28, for a total transaction of $6,540,691.84. Following the sale, the executive vice president directly owned 3,691 shares of the company's stock, valued at $3,016,580.48. This represents a 68.44% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 118,283 shares of company stock valued at $65,989,618 over the last 90 days. 0.79% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Sanford C. Bernstein boosted their target price on Seagate Technology from $620.00 to $1,000.00 and gave the stock an "outperform" rating in a report on Wednesday, April 29th. Mizuho boosted their price target on Seagate Technology from $565.00 to $700.00 and gave the company an "outperform" rating in a research note on Wednesday, April 29th. Wedbush boosted their price target on Seagate Technology from $700.00 to $825.00 and gave the company an "outperform" rating in a research note on Monday, April 27th. Zacks Research upgraded Seagate Technology from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 1st. Finally, JPMorgan Chase & Co. boosted their price target on Seagate Technology from $525.00 to $775.00 and gave the company an "overweight" rating in a research note on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Seagate Technology presently has a consensus rating of "Moderate Buy" and an average target price of $733.71.

Seagate Technology News Roundup

Here are the key news stories impacting Seagate Technology this week:

• Positive Sentiment: Loop Capital raised its price target on Seagate Technology (STX) from $950 to $1,140 and reiterated a buy rating, signaling confidence that AI-driven storage demand and Seagate’s product mix can keep earnings momentum strong.
• Positive Sentiment: Recent market coverage continues to highlight Seagate as a beneficiary of booming AI data center spending, with strong enterprise storage demand and HAMR adoption supporting the company’s growth outlook.
• Neutral Sentiment: Seagate also remains in focus after reporting a strong earnings beat and raising guidance, which reinforces the view that fundamentals are improving even after a sharp run-up in the share price.
• Negative Sentiment: Investor sentiment may be pressured by recent insider selling, as EVP Ban Seng Teh sold shares in two transactions under a pre-arranged 10b5-1 plan, which can still be read cautiously by the market.
• Negative Sentiment: The planned retirement of Lead Independent Director Mike Cannon adds a governance change that could create some uncertainty, even though it does not directly affect operations.

Seagate Technology Company Profile

Seagate Technology NASDAQ: STX is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm's product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate's products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.

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