Frank Rimerman Advisors LLC Buys New Position in Seagate Technology Holdings PLC (NASDAQ:STX)

Key Points

• Frank Rimerman Advisors LLC made a new investment of approximately $215,000 in Seagate Technology Holdings PLC, acquiring 2,536 shares in the first quarter of 2023.
• Seagate Technology recently reported an earnings per share (EPS) of $2.59, exceeding analysts' expectations of $2.45 for the quarter, and their quarterly revenue increased by 29.5% year-over-year.
• The company has authorized a share buyback plan to repurchase up to $5.00 billion in outstanding shares, equating to approximately 21.6% of its shares, indicating management believes the stock is undervalued.

Frank Rimerman Advisors LLC bought a new stake in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,536 shares of the data storage provider's stock, valued at approximately $215,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Tidal Investments LLC lifted its holdings in shares of Seagate Technology by 133.1% in the 4th quarter. Tidal Investments LLC now owns 12,681 shares of the data storage provider's stock valued at $1,094,000 after purchasing an additional 7,240 shares during the last quarter. Personal CFO Solutions LLC purchased a new position in shares of Seagate Technology during the 1st quarter worth $223,000. Amalgamated Bank raised its position in shares of Seagate Technology by 0.8% in the 1st quarter. Amalgamated Bank now owns 29,964 shares of the data storage provider's stock worth $2,545,000 after buying an additional 243 shares during the period. Alps Advisors Inc. increased its holdings in Seagate Technology by 10.2% in the 1st quarter. Alps Advisors Inc. now owns 278,831 shares of the data storage provider's stock valued at $23,687,000 after purchasing an additional 25,817 shares in the last quarter. Finally, Teacher Retirement System of Texas purchased a new stake in Seagate Technology during the 1st quarter worth $2,626,000. Institutional investors and hedge funds own 92.87% of the company's stock.

Insider Buying and Selling

In other news, CFO Gianluca Romano sold 26,816 shares of Seagate Technology stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $117.58, for a total transaction of $3,153,025.28. Following the transaction, the chief financial officer directly owned 38,082 shares of the company's stock, valued at $4,477,681.56. The trade was a 41.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael R. Cannon sold 24,190 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $119.00, for a total value of $2,878,610.00. Following the completion of the transaction, the director directly owned 10,835 shares in the company, valued at approximately $1,289,365. This represents a 69.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 430,270 shares of company stock worth $53,173,431 over the last three months. 0.81% of the stock is owned by corporate insiders.

Seagate Technology Stock Down 0.8%

NASDAQ STX traded down $1.19 during trading hours on Thursday, reaching $155.73. 2,319,565 shares of the company were exchanged, compared to its average volume of 3,960,893. Seagate Technology Holdings PLC has a 1 year low of $63.19 and a 1 year high of $158.00. The business's 50 day simple moving average is $143.55 and its 200-day simple moving average is $110.49. The stock has a market capitalization of $33.12 billion, a P/E ratio of 23.00, a P/E/G ratio of 0.98 and a beta of 1.50.

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

Seagate Technology declared that its board has initiated a share buyback plan on Thursday, May 22nd that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the data storage provider to buy up to 21.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Seagate Technology Dividend Announcement

The business also recently disclosed 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. The ex-dividend date is Tuesday, September 30th. This represents a $2.88 dividend on an annualized basis and a yield of 1.8%. Seagate Technology's payout ratio is presently 42.54%.

Analysts Set New Price Targets

A number of research firms recently commented on STX. Susquehanna lifted their price target on Seagate Technology from $68.00 to $80.00 and gave the stock a "negative" rating in a research note on Wednesday, July 30th. Robert W. Baird raised their price objective on shares of Seagate Technology from $120.00 to $188.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Benchmark upped their price objective on shares of Seagate Technology from $128.00 to $165.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Bank of America lifted their price target on Seagate Technology from $145.00 to $165.00 and gave the company a "buy" rating in a report on Monday, July 14th. Finally, BNP Paribas upgraded shares of Seagate Technology from a "strong sell" rating to a "hold" rating in a report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Seagate Technology currently has an average rating of "Moderate Buy" and an average target price of $151.44.

Seagate Technology 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.