Graypoint LLC reduced its stake in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 50.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,729 shares of the data storage provider's stock after selling 2,812 shares during the period. Graypoint LLC's holdings in Seagate Technology were worth $232,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Tidal Investments LLC grew its position in 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 acquiring an additional 7,240 shares in the last quarter. Personal CFO Solutions LLC acquired a new position in Seagate Technology in the 1st quarter valued at about $223,000. Amalgamated Bank grew its position in Seagate Technology by 0.8% in the 1st quarter. Amalgamated Bank now owns 29,964 shares of the data storage provider's stock valued at $2,545,000 after acquiring an additional 243 shares in the last quarter. Alps Advisors Inc. grew its position 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 acquiring an additional 25,817 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Seagate Technology during the fourth quarter worth about $25,729,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of equities analysts have recently commented on the company. Cantor Fitzgerald boosted their price objective on Seagate Technology from $110.00 to $125.00 and gave the stock a "neutral" rating in a research report on Monday, May 19th. Wall Street Zen downgraded Seagate Technology from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. The Goldman Sachs Group assumed coverage on Seagate Technology in a research report on Thursday, July 10th. They set a "buy" rating and a $170.00 price objective for the company. Morgan Stanley boosted their price objective on Seagate Technology from $140.00 to $167.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Finally, BNP Paribas Exane raised Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 price objective for the company in a research report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat, Seagate Technology currently has a consensus rating of "Moderate Buy" and an average price target of $130.00.
View Our Latest Stock Analysis on Seagate Technology
Seagate Technology Trading Up 1.6%
NASDAQ STX traded up $2.35 during mid-day trading on Friday, reaching $149.07. 3,336,513 shares of the company's stock traded hands, compared to its average volume of 3,269,810. Seagate Technology Holdings PLC has a 1-year low of $63.19 and a 1-year high of $152.16. The company has a fifty day simple moving average of $129.38 and a 200-day simple moving average of $103.60. The company has a market cap of $31.64 billion, a price-to-earnings ratio of 21.54 and a beta of 1.45.
Seagate Technology (NASDAQ:STX - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share for the quarter, beating analysts' consensus estimates of $1.75 by $0.15. Seagate Technology had a negative return on equity of 105.02% and a net margin of 17.49%. The firm had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.14 billion. During the same quarter last year, the firm earned $0.33 EPS. Seagate Technology's quarterly revenue was up 30.5% on a year-over-year basis. Equities research analysts forecast that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current fiscal year.
Seagate Technology Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Wednesday, June 25th were paid a dividend of $0.72 per share. The ex-dividend date of this dividend was Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a yield of 1.93%. Seagate Technology's dividend payout ratio (DPR) is presently 41.62%.
Seagate Technology declared that its Board of Directors has approved a stock repurchase program on Thursday, May 22nd that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the data storage provider to buy up to 21.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's management believes its shares are undervalued.
Insider Buying and Selling at Seagate Technology
In other news, Director Stephanie Tilenius sold 2,693 shares of Seagate Technology stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $128.04, for a total value of $344,811.72. Following the completion of the transaction, the director owned 12,244 shares in the company, valued at approximately $1,567,721.76. This trade represents a 18.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ban Seng Teh sold 1,725 shares of Seagate Technology stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $144.00, for a total value of $248,400.00. Following the completion of the transaction, the executive vice president owned 12,052 shares of the company's stock, valued at approximately $1,735,488. The trade was a 12.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 395,516 shares of company stock worth $47,831,398 in the last 90 days. 0.81% of the stock is owned by corporate insiders.
Seagate Technology Profile
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Free Report)
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.
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