NewEdge Wealth LLC Grows Position in Seagate Technology Holdings PLC $STX

Key Points

• NewEdge Wealth LLC boosted its stake in Seagate Technology by 23.5% in the fourth quarter, adding 3,013 shares for a total of 15,836 shares valued at about $4.36 million.
• Seagate has seen strong analyst support, with multiple firms raising targets or ratings; the current consensus is a “Moderate Buy” and the average price target is $709.13.
• The company reported better-than-expected quarterly results, with 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.

NewEdge Wealth LLC increased its position in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 23.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,836 shares of the data storage provider's stock after buying an additional 3,013 shares during the quarter. NewEdge Wealth LLC's holdings in Seagate Technology were worth $4,361,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Salomon & Ludwin LLC grew its stake in Seagate Technology by 124.4% during the 4th quarter. Salomon & Ludwin LLC now owns 92 shares of the data storage provider's stock worth $27,000 after buying an additional 51 shares during the last quarter. Rakuten Securities Inc. grew its stake in Seagate Technology by 884.2% during the 2nd quarter. Rakuten Securities Inc. now owns 187 shares of the data storage provider's stock worth $27,000 after buying an additional 168 shares during the last quarter. Armstrong Advisory Group Inc. purchased a new position in Seagate Technology during the 4th quarter worth approximately $28,000. Avion Wealth grew its stake in Seagate Technology by 343.5% during the 4th quarter. Avion Wealth now owns 102 shares of the data storage provider's stock worth $28,000 after buying an additional 79 shares during the last quarter. Finally, Concord Wealth Partners purchased a new position in Seagate Technology during the 4th quarter worth approximately $28,000. Hedge funds and other institutional investors own 92.87% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Weiss Ratings restated a "buy (b)" rating on shares of Seagate Technology in a research note on Friday, March 27th. Zacks Research upgraded Seagate Technology from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 1st. JPMorgan Chase & Co. raised their price target on Seagate Technology from $525.00 to $775.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 29th. Loop Capital raised their price target on Seagate Technology from $700.00 to $800.00 and gave the stock a "buy" rating in a research note on Thursday, April 23rd. Finally, Jefferies Financial Group restated a "hold" rating on shares of Seagate Technology in a research note on Wednesday, February 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $709.13.

Insiders Place Their Bets

In other news, CEO William D. Mosley sold 20,000 shares of the firm's stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $420.73, for a total value of $8,414,600.00. Following the completion of the sale, the chief executive officer directly owned 355,591 shares of the company's stock, valued at $149,607,801.43. This trade represents a 5.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Tilenius sold 1,580 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $766.61, for a total value of $1,211,243.80. Following the completion of the sale, the director directly owned 10,664 shares of the company's stock, valued at $8,175,129.04. This represents a 12.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 102,723 shares of company stock worth $53,301,684. Corporate insiders own 0.79% of the company's stock.

Seagate Technology Stock Up 6.6%

STX opened at $834.01 on Tuesday. The company has a debt-to-equity ratio of 3.16, a current ratio of 1.33 and a quick ratio of 0.85. The business has a 50 day simple moving average of $492.12 and a 200-day simple moving average of $378.05. The stock has a market capitalization of $187.01 billion, a P/E ratio of 79.13 and a beta of 1.98. Seagate Technology Holdings PLC has a 12 month low of $100.00 and a 12 month high of $841.31.

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

Seagate Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 7th. Stockholders of record on Wednesday, June 24th will be issued a $0.74 dividend. This represents a $2.96 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Wednesday, June 24th. Seagate Technology's dividend payout ratio (DPR) is currently 28.08%.

Seagate Technology Profile

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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