Hsbc Holdings PLC Sells 116,114 Shares of Seagate Technology Holdings PLC $STX

Key Points

• HSBC Holdings PLC reduced its stake in Seagate Technology by 49.3%, selling 116,114 shares, leaving it with a total of 119,249 shares valued at approximately $9.95 million.
• A recent report from Barclays raised the price target for Seagate Technology shares from $90.00 to $125.00, while other firms have set targets as high as $200.00, indicating a generally positive outlook for the stock.
• Seagate Technology announced a quarterly dividend of $0.72 per share and initiated a $5 billion share buyback program, which suggests the company's board believes its stock is undervalued.

Hsbc Holdings PLC lessened its stake in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 49.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 119,249 shares of the data storage provider's stock after selling 116,114 shares during the period. Hsbc Holdings PLC owned approximately 0.06% of Seagate Technology worth $9,953,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in STX. Johnson Financial Group Inc. boosted its stake in shares of Seagate Technology by 22.7% in the 4th quarter. Johnson Financial Group Inc. now owns 606 shares of the data storage provider's stock worth $52,000 after buying an additional 112 shares during the last quarter. B. Riley Wealth Advisors Inc. lifted its holdings in Seagate Technology by 0.9% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 15,247 shares of the data storage provider's stock valued at $1,327,000 after acquiring an additional 134 shares during the period. QRG Capital Management Inc. boosted its position in Seagate Technology by 1.2% in the first quarter. QRG Capital Management Inc. now owns 10,876 shares of the data storage provider's stock worth $924,000 after purchasing an additional 134 shares during the last quarter. Prosperity Consulting Group LLC grew its stake in shares of Seagate Technology by 4.5% during the 4th quarter. Prosperity Consulting Group LLC now owns 3,459 shares of the data storage provider's stock valued at $299,000 after purchasing an additional 150 shares during the period. Finally, Blair William & Co. IL increased its position in shares of Seagate Technology by 5.9% during the 1st quarter. Blair William & Co. IL now owns 2,835 shares of the data storage provider's stock valued at $241,000 after purchasing an additional 157 shares during the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on STX. Barclays raised their price objective on shares of Seagate Technology from $90.00 to $125.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. TD Cowen lifted their price target on shares of Seagate Technology from $135.00 to $175.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Rosenblatt Securities boosted their price objective on shares of Seagate Technology from $185.00 to $200.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. Bank of America raised their target price on Seagate Technology from $145.00 to $165.00 and gave the stock a "buy" rating in a report on Monday, July 14th. Finally, Wedbush reiterated an "outperform" rating and set a $140.00 target price on shares of Seagate Technology in a research report on Wednesday, May 21st. Fourteen investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Seagate Technology has an average rating of "Moderate Buy" and an average target price of $151.44.

Insider Activity at Seagate Technology

In other news, Director Jay L. Geldmacher sold 2,500 shares of the firm's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $150.50, for a total transaction of $376,250.00. Following the completion of the transaction, the director owned 352 shares in the company, valued at $52,976. This trade represents a 87.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO William D. Mosley sold 20,000 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $153.75, for a total value of $3,075,000.00. Following the completion of the sale, the chief executive officer owned 478,912 shares in the company, valued at $73,632,720. This represents a 4.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 343,414 shares of company stock valued at $43,661,770. 0.81% of the stock is currently owned by insiders.

Seagate Technology Stock Up 3.0%

NASDAQ STX opened at $159.21 on Monday. Seagate Technology Holdings PLC has a twelve month low of $63.19 and a twelve month high of $160.57. The business has a 50-day moving average price of $147.68 and a 200-day moving average price of $113.58. The firm has a market cap of $33.86 billion, a price-to-earnings ratio of 23.52, a price-to-earnings-growth ratio of 0.98 and a beta of 1.50.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The data storage provider reported $2.59 EPS for the quarter, topping analysts' consensus estimates of $2.45 by $0.14. Seagate Technology had a negative return on equity of 169.60% and a net margin of 16.15%.The company had revenue of $2.44 billion for the quarter, compared to analysts' expectations of $2.40 billion. During the same period in the previous year, the firm earned $1.05 EPS. The firm's revenue was up 29.5% compared to the same quarter last year. Seagate Technology has set its Q1 2026 guidance at 2.100-2.500 EPS. Research analysts expect that Seagate Technology Holdings PLC will post 6.83 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, September 30th. Seagate Technology's dividend payout ratio (DPR) is presently 42.54%.

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

About Seagate Technology

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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