ING Groep NV Buys Shares of 14,522 Seagate Technology Holdings PLC $STX

Key Points

• ING Groep NV opened a new position in Seagate Technology, buying 14,522 shares worth about $4.0 million in the fourth quarter.
• Several analysts raised their price targets on STX, and the stock now carries a Moderate Buy consensus with an average target price of $788.29.
• Seagate reported strong quarterly results, including EPS of $4.10 versus $3.51 expected and revenue of $3.11 billion, while also announcing a quarterly dividend of $0.74 per share.

ING Groep NV bought a new stake in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 14,522 shares of the data storage provider's stock, valued at approximately $3,999,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Gateway Investment Advisers LLC increased its holdings in Seagate Technology by 1.8% in the fourth quarter. Gateway Investment Advisers LLC now owns 1,399 shares of the data storage provider's stock valued at $385,000 after buying an additional 25 shares in the last quarter. Trajan Wealth LLC increased its stake in shares of Seagate Technology by 1.9% during the 4th quarter. Trajan Wealth LLC now owns 1,325 shares of the data storage provider's stock worth $365,000 after purchasing an additional 25 shares in the last quarter. EWA LLC increased its stake in shares of Seagate Technology by 2.1% during the 4th quarter. EWA LLC now owns 1,370 shares of the data storage provider's stock worth $377,000 after purchasing an additional 28 shares in the last quarter. SVB Wealth LLC increased its stake in shares of Seagate Technology by 0.9% during the 4th quarter. SVB Wealth LLC now owns 3,347 shares of the data storage provider's stock worth $922,000 after purchasing an additional 29 shares in the last quarter. Finally, Fielder Capital Group LLC increased its stake in shares of Seagate Technology by 2.7% during the 4th quarter. Fielder Capital Group LLC now owns 1,217 shares of the data storage provider's stock worth $335,000 after purchasing an additional 32 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on STX shares. Mizuho raised their price objective on shares of Seagate Technology from $875.00 to $1,090.00 and gave the stock an "outperform" rating in a research note on Monday. Wells Fargo & Company raised their price objective on shares of Seagate Technology from $700.00 to $900.00 and gave the stock an "equal weight" rating in a research note on Monday, June 1st. Weiss Ratings reissued a "buy (b)" rating on shares of Seagate Technology in a research note on Friday, March 27th. UBS Group raised their price objective on shares of Seagate Technology from $515.00 to $545.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 29th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Seagate Technology from $525.00 to $775.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Seagate Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $788.29.

Insider Activity at Seagate Technology

In other Seagate Technology news, EVP Ban Seng Teh sold 8,003 shares of Seagate Technology stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $817.28, for a total value of $6,540,691.84. Following the transaction, the executive vice president owned 3,691 shares in the company, valued at $3,016,580.48. This trade represents a 68.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP John Christopher Morris sold 5,626 shares of Seagate Technology stock in a transaction on Monday, May 4th. The shares were sold at an average price of $738.37, for a total transaction of $4,154,069.62. Following the completion of the transaction, the executive vice president owned 11,954 shares in the company, valued at approximately $8,826,474.98. This trade represents a 32.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 155,187 shares of company stock worth $108,267,701 in the last 90 days. Company insiders own 0.79% of the company's stock.

Seagate Technology Stock Up 3.5%

STX stock opened at $876.77 on Tuesday. The stock has a market capitalization of $196.60 billion, a P/E ratio of 83.19 and a beta of 2.04. The company has a debt-to-equity ratio of 3.16, a quick ratio of 0.85 and a current ratio of 1.33. Seagate Technology Holdings PLC has a one year low of $124.63 and a one year high of $966.80. The company has a 50 day moving average price of $671.46 and a two-hundred day moving average price of $459.98.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The data storage provider reported $4.10 earnings per share for the quarter, beating analysts' consensus estimates of $3.51 by $0.59. The company had revenue of $3.11 billion for the quarter, compared to analyst estimates of $2.96 billion. Seagate Technology had a net margin of 21.60% and a return on equity of 1,005.65%. Seagate Technology's revenue for the quarter was up 44.1% on a year-over-year basis. During the same quarter last year, the business earned $1.90 EPS. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. As a group, sell-side analysts expect that Seagate Technology Holdings PLC will post 14.1 EPS for the current year.

Seagate Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 7th. Shareholders of record on Wednesday, June 24th will be issued a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Wednesday, June 24th. Seagate Technology's dividend payout ratio (DPR) is 28.08%.

About Seagate Technology

Seagate Technology NASDAQ: STX is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm's product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate's products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.

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