GAMMA Investing LLC Increases Position in Seagate Technology Holdings plc (NASDAQ:STX)

GAMMA Investing LLC raised its position in Seagate Technology Holdings plc (NASDAQ:STX - Free Report) by 9,116.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 257,144 shares of the data storage provider's stock after purchasing an additional 254,354 shares during the period. GAMMA Investing LLC owned approximately 0.12% of Seagate Technology worth $21,844,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Seagate Technology by 6.9% in the fourth quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider's stock worth $2,414,446,000 after purchasing an additional 1,814,821 shares in the last quarter. Sanders Capital LLC increased its holdings in shares of Seagate Technology by 1.0% during the 4th quarter. Sanders Capital LLC now owns 16,530,152 shares of the data storage provider's stock worth $1,426,717,000 after acquiring an additional 162,561 shares during the last quarter. Capital Research Global Investors lifted its position in Seagate Technology by 56.5% during the fourth quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider's stock worth $1,348,262,000 after acquiring an additional 5,640,443 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Seagate Technology by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 4,295,225 shares of the data storage provider's stock valued at $370,013,000 after acquiring an additional 132,713 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Seagate Technology by 14.6% during the fourth quarter. Invesco Ltd. now owns 2,761,534 shares of the data storage provider's stock worth $238,348,000 after purchasing an additional 352,300 shares during the period. Institutional investors own 92.87% of the company's stock.

Insider Activity at Seagate Technology

In other news, Director Yolanda Lee Conyers sold 750 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $117.01, for a total value of $87,757.50. Following the completion of the sale, the director now directly owns 5,055 shares of the company's stock, valued at $591,485.55. This represents a 12.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Stephanie Tilenius sold 2,693 shares of Seagate Technology stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $128.04, for a total value of $344,811.72. Following the transaction, the director now directly owns 12,244 shares in the company, valued at approximately $1,567,721.76. The trade was a 18.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 335,251 shares of company stock worth $38,760,472 in the last quarter. Company insiders own 0.81% of the company's stock.

Seagate Technology Price Performance

Shares of STX traded down $0.73 during trading hours on Friday, hitting $126.97. 4,375,188 shares of the stock were exchanged, compared to its average volume of 3,027,509. The firm has a market capitalization of $26.95 billion, a P/E ratio of 23.21 and a beta of 1.32. Seagate Technology Holdings plc has a fifty-two week low of $63.19 and a fifty-two week high of $129.95. The business has a 50-day moving average of $93.33 and a 200-day moving average of $94.16.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.75 by $0.15. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The firm had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.14 billion. During the same period last year, the company posted $0.33 EPS. The business's quarterly revenue was up 30.5% on a year-over-year basis. As a group, analysts forecast that Seagate Technology Holdings plc will post 6.83 earnings per share for the current fiscal year.

Seagate Technology declared that its board has initiated a share buyback program on Thursday, May 22nd that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the data storage provider to repurchase up to 21.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Seagate Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Wednesday, June 25th will be paid a $0.72 dividend. The ex-dividend date is Wednesday, June 25th. This represents a $2.88 annualized dividend and a dividend yield of 2.27%. Seagate Technology's dividend payout ratio is currently 41.62%.

Analyst Upgrades and Downgrades

STX has been the subject of several analyst reports. Morgan Stanley boosted their target price on shares of Seagate Technology from $99.00 to $140.00 and gave the company an "overweight" rating in a research report on Friday, May 23rd. Rosenblatt Securities reaffirmed a "buy" rating and issued a $130.00 price objective on shares of Seagate Technology in a research note on Friday, May 23rd. Wall Street Zen downgraded Seagate Technology from a "buy" rating to a "hold" rating in a research note on Friday, May 30th. Barclays increased their target price on shares of Seagate Technology from $80.00 to $90.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 30th. Finally, Wedbush reaffirmed an "outperform" rating and set a $140.00 price target on shares of Seagate Technology in a report on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Seagate Technology has an average rating of "Moderate Buy" and an average target price of $118.89.

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.