Inlet Private Wealth LLC Has $5.08 Million Stake in Seagate Technology Holdings PLC (NASDAQ:STX)

Key Points

• Inlet Private Wealth LLC has reduced its stake in Seagate Technology by 5.2%, now holding 59,850 shares valued at approximately $5.08 million, making it the firm's 26th largest holding.
• Seagate Technology's recent quarterly earnings exceeded analysts' estimates, reporting $1.90 EPS compared to the expected $1.75 EPS, with revenues of $2.16 billion, up 30.5% year-over-year.
• Several analysts have adjusted their price targets for Seagate, with Barclays suggesting a price increase to $90.00 and Citigroup raising their target to $170.00, contributing to an overall average target price of $134.38.

Inlet Private Wealth LLC decreased its position in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 5.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 59,850 shares of the data storage provider's stock after selling 3,250 shares during the period. Seagate Technology makes up 1.3% of Inlet Private Wealth LLC's holdings, making the stock its 26th biggest holding. Inlet Private Wealth LLC's holdings in Seagate Technology were worth $5,084,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Ameriflex Group Inc. acquired a new position in Seagate Technology in the fourth quarter valued at $26,000. Elequin Capital LP acquired a new position in shares of Seagate Technology during the fourth quarter valued at about $27,000. Fourth Dimension Wealth LLC acquired a new position in shares of Seagate Technology during the fourth quarter valued at about $27,000. Wayfinding Financial LLC acquired a new position in shares of Seagate Technology during the first quarter valued at about $31,000. Finally, Golden State Wealth Management LLC raised its holdings in shares of Seagate Technology by 2,200.0% during the first quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider's stock valued at $39,000 after purchasing an additional 440 shares during the period. Institutional investors and hedge funds own 92.87% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Barclays upped their price objective on shares of Seagate Technology from $80.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, April 30th. BNP Paribas upgraded shares of Seagate Technology from a "strong sell" rating to a "hold" rating in a report on Friday, May 16th. Citigroup upped their price objective on shares of Seagate Technology from $140.00 to $170.00 and gave the company a "buy" rating in a report on Friday, July 11th. Bank of America upped their price objective on shares of Seagate Technology from $145.00 to $165.00 and gave the company a "buy" rating in a report on Monday, July 14th. Finally, Wall Street Zen lowered shares of Seagate Technology from a "buy" rating to a "hold" rating in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $134.38.

Seagate Technology Stock Performance

Shares of STX stock opened at $150.89 on Monday. Seagate Technology Holdings PLC has a 52-week low of $63.19 and a 52-week high of $153.88. The company has a 50-day simple moving average of $133.87 and a two-hundred day simple moving average of $105.75. The company has a market capitalization of $32.02 billion, a price-to-earnings ratio of 21.80 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 (EPS) for the quarter, topping analysts' consensus estimates of $1.75 by $0.15. Seagate Technology had a net margin of 17.49% and a negative return on equity of 105.02%. The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same period in the prior year, the firm posted $0.33 EPS. The firm's quarterly revenue was up 30.5% compared to the same quarter last year. On average, sell-side analysts forecast that Seagate Technology Holdings PLC will post 6.83 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Wednesday, June 25th were given a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend was Wednesday, June 25th. Seagate Technology's payout ratio is 41.62%.

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

Insiders Place Their Bets

In other news, CEO William D. Mosley sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $144.66, for a total transaction of $2,893,200.00. Following the completion of the transaction, the chief executive officer directly owned 498,710 shares of the company's stock, valued at $72,143,388.60. This represents a 3.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ban Seng Teh sold 1,725 shares of the stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $144.00, for a total transaction of $248,400.00. Following the transaction, the executive vice president directly owned 12,052 shares of the company's stock, valued at $1,735,488. This represents a 12.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 395,516 shares of company stock valued at $47,831,398. Corporate insiders own 0.81% of the company's stock.

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.

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