Eastern Bank Has $67.48 Million Stock Holdings in Seagate Technology Holdings PLC $STX

Key Points

• Eastern Bank increased its Seagate Technology stake by 14.1% in the second quarter, owning 69,932 shares valued at approximately $67.48 million. Institutional investors collectively own 92.87% of the company.
• Seagate reported stronger-than-expected quarterly results, with earnings of $5.71 per share and revenue of $3.63 billion, up 48.5% year over year. The company also issued above-consensus guidance for the next quarter, supported by AI-related storage demand.
• Analysts maintain a bullish outlook, with a consensus “Moderate Buy” rating and an average price target of $986.00, although the stock’s elevated valuation and recent insider selling present potential risks.

Eastern Bank boosted its stake in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 14.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 69,932 shares of the data storage provider's stock after buying an additional 8,628 shares during the period. Seagate Technology makes up approximately 1.0% of Eastern Bank's holdings, making the stock its 28th biggest holding. Eastern Bank's holdings in Seagate Technology were worth $67,484,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA boosted its holdings in shares of Seagate Technology by 1,510.1% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,008,516 shares of the data storage provider's stock valued at $553,125,000 after buying an additional 1,883,769 shares during the period. Norges Bank acquired a new stake in shares of Seagate Technology during the fourth quarter worth $498,363,000. Soroban Capital Partners LP lifted its position in Seagate Technology by 1,468.1% in the 2nd quarter. Soroban Capital Partners LP now owns 1,417,600 shares of the data storage provider's stock valued at $204,602,000 after acquiring an additional 1,327,197 shares in the last quarter. Janus Henderson Group PLC lifted its position in Seagate Technology by 3,872.1% in the 1st quarter. Janus Henderson Group PLC now owns 967,528 shares of the data storage provider's stock valued at $378,985,000 after acquiring an additional 943,170 shares in the last quarter. Finally, Deutsche Bank AG boosted its stake in Seagate Technology by 102.0% in the 4th quarter. Deutsche Bank AG now owns 1,599,962 shares of the data storage provider's stock worth $440,614,000 after purchasing an additional 807,962 shares during the period. Institutional investors own 92.87% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on STX shares. Sanford C. Bernstein reissued an "outperform" rating and issued a $1,350.00 price target on shares of Seagate Technology in a research note on Wednesday, July 29th. China Renaissance upped their price objective on Seagate Technology from $802.00 to $983.00 in a research report on Friday, June 12th. Loop Capital increased their price objective on Seagate Technology from $950.00 to $1,140.00 and gave the stock a "buy" rating in a report on Friday, May 15th. BNP Paribas Exane lifted their target price on Seagate Technology from $530.00 to $860.00 and gave the company an "outperform" rating in a research report on Wednesday, April 29th. Finally, Rosenblatt Securities boosted their target price on Seagate Technology from $1,300.00 to $1,400.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $986.00.

More Seagate Technology News

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

• Positive Sentiment: Long-term AI orders are improving visibility. BNP Paribas highlighted unusually strong, long-term customer commitments, suggesting Seagate may have better revenue visibility than is typical for a cyclical storage company. That could support more durable growth and justify a favorable outlook. BNP Paribas Resets Seagate Target After Stunning AI Signal
• Positive Sentiment: Recent results and guidance exceeded expectations. Seagate reported quarterly earnings of $5.71 per share versus the $5.10 consensus estimate, while revenue of $3.63 billion topped forecasts of $3.50 billion and increased 48.5% year over year. Its $7.10-$7.50 per-share outlook for the next quarter also came in above expectations, reinforcing the AI-driven demand story. Seagate Rallies on Strong Q4 Results and Guidance
• Positive Sentiment: Industry AI spending remains a tailwind. Big Tech is expected to spend more than $750 billion on AI infrastructure in 2026, potentially benefiting Seagate and other storage suppliers as demand for data-center capacity expands. The Zacks Analyst Blog Highlights Micron, Seagate, Western Digital, Sandisk and Vertiv
• Neutral Sentiment: Executive selling was disclosed. EVP James Ci Lee sold 694 shares worth approximately $609,000 under a pre-arranged Rule 10b5-1 trading plan. The sale reduced his holdings by two-thirds, but the scheduled nature of the transaction limits its significance as a signal about management’s outlook.
• Negative Sentiment: Storage stocks faced broad sector pressure. Seagate declined alongside Western Digital, Micron and other memory names as investors cooled on the group. The move suggests profit-taking and concerns about cyclical demand or elevated valuations, with STX trading at a high earnings multiple after a substantial rally. Seagate and Western Digital Dive as Memory Stocks Cool

Insider Activity at Seagate Technology

In related news, EVP Ban Seng Teh sold 989 shares of the business's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $880.19, for a total transaction of $870,507.91. Following the transaction, the executive vice president directly owned 4,290 shares in the company, valued at approximately $3,776,015.10. The trade was a 18.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Gianluca Romano sold 903 shares of the company's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $880.19, for a total transaction of $794,811.57. Following the sale, the chief financial officer directly owned 42,860 shares in the company, valued at $37,724,943.40. This trade represents a 2.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 143,860 shares of company stock worth $120,918,795. Insiders own 0.79% of the company's stock.

Seagate Technology Price Performance

Shares of NASDAQ STX opened at $831.06 on Tuesday. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.67 and a quick ratio of 1.17. The business has a 50-day moving average of $897.28 and a 200-day moving average of $633.59. The stock has a market capitalization of $186.35 billion, a price-to-earnings ratio of 59.87 and a beta of 2.06. Seagate Technology Holdings PLC has a fifty-two week low of $144.75 and a fifty-two week high of $1,145.00.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its earnings results on Tuesday, July 28th. The data storage provider reported $5.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.10 by $0.61. Seagate Technology had a return on equity of 369.98% and a net margin of 26.11%.The business had revenue of $3.63 billion for the quarter, compared to analyst estimates of $3.50 billion. During the same quarter in the prior year, the company posted $2.59 earnings per share. Seagate Technology's revenue was up 48.5% on a year-over-year basis. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. As a group, sell-side analysts predict that Seagate Technology Holdings PLC will post 33.08 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Stockholders of record on Thursday, September 24th will be paid a dividend of $0.74 per share. The ex-dividend date is Thursday, September 24th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.4%. Seagate Technology's dividend payout ratio is currently 21.33%.

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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