Greenwood Capital Associates LLC Sells 8,340 Shares of Seagate Technology Holdings plc (NASDAQ:STX)

Greenwood Capital Associates LLC lessened its stake in shares of Seagate Technology Holdings plc (NASDAQ:STX - Free Report) by 48.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,818 shares of the data storage provider's stock after selling 8,340 shares during the period. Greenwood Capital Associates LLC's holdings in Seagate Technology were worth $749,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. GPS Wealth Strategies Group LLC grew its holdings in shares of Seagate Technology by 26.3% during the first quarter. GPS Wealth Strategies Group LLC now owns 1,263 shares of the data storage provider's stock valued at $107,000 after buying an additional 263 shares in the last quarter. Fifth Third Bancorp boosted its position in Seagate Technology by 3.6% during the 1st quarter. Fifth Third Bancorp now owns 35,449 shares of the data storage provider's stock worth $3,011,000 after acquiring an additional 1,235 shares during the period. CX Institutional purchased a new position in Seagate Technology during the 1st quarter valued at about $113,000. SG Americas Securities LLC increased its holdings in shares of Seagate Technology by 293.9% in the 1st quarter. SG Americas Securities LLC now owns 20,491 shares of the data storage provider's stock valued at $1,741,000 after purchasing an additional 15,289 shares during the period. Finally, Avanza Fonder AB purchased a new stake in shares of Seagate Technology in the first quarter worth approximately $1,220,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

Seagate Technology Trading Up 1.0%

Seagate Technology stock traded up $1.20 on Friday, reaching $127.27. 3,000,832 shares of the stock were exchanged, compared to its average volume of 3,067,709. Seagate Technology Holdings plc has a twelve month low of $63.19 and a twelve month high of $132.23. The firm has a fifty day moving average price of $98.91 and a two-hundred day moving average price of $95.11. The stock has a market cap of $27.01 billion, a PE ratio of 23.27 and a beta of 1.40.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.14 billion. During the same period in the previous year, the company posted $0.33 earnings per share. The firm's revenue for the quarter was up 30.5% on a year-over-year basis. Equities analysts anticipate that Seagate Technology Holdings plc will post 6.83 EPS for the current fiscal year.

Seagate Technology announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 22nd that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the data storage provider to repurchase up to 21.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Seagate Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Wednesday, June 25th will be issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend is Wednesday, June 25th. Seagate Technology's dividend payout ratio (DPR) is presently 41.62%.

Insiders Place Their Bets

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $84.56, for a total transaction of $1,691,200.00. Following the sale, the chief executive officer now directly owns 555,677 shares of the company's stock, valued at approximately $46,988,047.12. The trade was a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction, the director now directly owns 5,055 shares of the company's stock, valued at approximately $591,485.55. The trade was a 12.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 393,192 shares of company stock worth $46,303,128 in the last ninety days. Insiders own 0.81% of the company's stock.

Analysts Set New Price Targets

STX has been the subject of a number of research analyst reports. 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 research report on Wednesday, April 30th. Wall Street Zen lowered Seagate Technology from a "buy" rating to a "hold" rating in a report on Friday, May 30th. Cantor Fitzgerald boosted their target price on Seagate Technology from $110.00 to $125.00 and gave the company a "neutral" rating in a research note on Monday, May 19th. Wells Fargo & Company raised their price target on Seagate Technology from $105.00 to $122.00 and gave the stock an "equal weight" rating in a research note on Friday, May 23rd. Finally, Citigroup boosted their price target on Seagate Technology from $105.00 to $125.00 and gave the company a "buy" rating in a research note on Tuesday, May 20th. One analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $119.42.

Seagate Technology Company 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.