NewEdge Wealth LLC Sells 3,567 Shares of Seagate Technology Holdings PLC $STX

Key Points

• NewEdge Wealth LLC reduced its Seagate Technology stake by 22.5% in Q1, selling 3,567 shares and ending with 12,269 shares valued at about $4.81 million.
• Seagate reported better-than-expected quarterly results, with EPS of $4.10 versus $3.51 expected and revenue of $3.11 billion versus $2.96 billion expected, while revenue rose 44.1% year over year.
• Analyst sentiment remains mostly positive, with 22 Buy ratings and 5 Hold ratings; the consensus price target is $898.52 even as some firms recently adjusted their targets and one downgraded the stock to Hold.

NewEdge Wealth LLC cut its holdings in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 22.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 12,269 shares of the data storage provider's stock after selling 3,567 shares during the quarter. NewEdge Wealth LLC's holdings in Seagate Technology were worth $4,807,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Rakuten Securities Inc. raised its stake in shares of Seagate Technology by 884.2% in the second quarter. Rakuten Securities Inc. now owns 187 shares of the data storage provider's stock worth $27,000 after acquiring an additional 168 shares during the last quarter. Salomon & Ludwin LLC increased its holdings in shares of Seagate Technology by 124.4% in the fourth quarter. Salomon & Ludwin LLC now owns 92 shares of the data storage provider's stock valued at $27,000 after purchasing an additional 51 shares in the last quarter. Avion Wealth raised its position in Seagate Technology by 343.5% in the 4th quarter. Avion Wealth now owns 102 shares of the data storage provider's stock worth $28,000 after purchasing an additional 79 shares during the last quarter. Concord Wealth Partners bought a new position in Seagate Technology in the 4th quarter worth approximately $28,000. Finally, Quarry LP acquired a new position in Seagate Technology during the 4th quarter worth $31,000. 92.87% of the stock is owned by institutional investors.

Seagate Technology Stock Performance

Shares of NASDAQ:STX opened at $913.36 on Friday. Seagate Technology Holdings PLC has a fifty-two week low of $138.30 and a fifty-two week high of $1,145.00. The company has a market capitalization of $204.80 billion, a price-to-earnings ratio of 86.66 and a beta of 2.04. 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 firm's 50 day simple moving average is $892.03 and its 200 day simple moving average is $608.50.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its earnings results on Tuesday, April 28th. The data storage provider reported $4.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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%.Seagate Technology's revenue for the quarter was up 44.1% compared to the same quarter last year. During the same period in the prior 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 forecast that Seagate Technology Holdings PLC will post 14.14 earnings per share for the current year.

Seagate Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Wednesday, June 24th were issued a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Wednesday, June 24th. Seagate Technology's dividend payout ratio is 28.08%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on STX shares. Zacks Research cut Seagate Technology from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 29th. Citigroup upped their price target on Seagate Technology from $1,150.00 to $1,240.00 and gave the company a "buy" rating in a research note on Monday, July 13th. TD Cowen raised their price target on Seagate Technology from $500.00 to $850.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. The Goldman Sachs Group lifted their price objective on Seagate Technology from $385.00 to $700.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Finally, Melius Research initiated coverage on Seagate Technology in a report on Monday, June 29th. They set a "buy" rating and a $1,600.00 price objective for the company. Twenty-two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $898.52.

Insider Transactions at Seagate Technology

In related news, CEO William D. Mosley sold 9,343 shares of Seagate Technology stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $924.42, for a total value of $8,636,856.06. Following the sale, the chief executive officer owned 311,517 shares of the company's stock, valued at approximately $287,972,545.14. This trade represents a 2.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ban Seng Teh sold 989 shares of the business's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $880.19, for a total value of $870,507.91. Following the completion of the sale, the executive vice president owned 4,290 shares in the company, valued at $3,776,015.10. The trade was a 18.73% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 151,069 shares of company stock worth $126,191,753. Company insiders own 0.79% of the company's stock.

Seagate Technology Company 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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