Norges Bank Invests $498.36 Million in Seagate Technology Holdings PLC $STX

Key Points

• Norges Bank disclosed a new position in Seagate Technology, buying 1.81 million shares valued at about $498.4 million in the fourth quarter and ending with roughly 0.83% ownership.
• Seagate reported strong quarterly results, with earnings per share of $4.10 beating estimates and revenue of $3.11 billion topping expectations; revenue rose 44.1% year over year.
• Despite the upbeat fundamentals, the article notes heavy insider selling and a mixed analyst outlook, though Wall Street still rates the stock a “Moderate Buy” with a consensus price target of $746.63.

Norges Bank purchased a new position in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,809,661 shares of the data storage provider's stock, valued at approximately $498,363,000. Norges Bank owned about 0.83% of Seagate Technology at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of STX. Integrated Wealth Concepts LLC boosted its position in Seagate Technology by 168.0% during the first quarter. Integrated Wealth Concepts LLC now owns 7,177 shares of the data storage provider's stock worth $610,000 after acquiring an additional 4,499 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in Seagate Technology during the second quarter worth about $262,000. Cerity Partners LLC boosted its stake in Seagate Technology by 25.8% during the second quarter. Cerity Partners LLC now owns 36,682 shares of the data storage provider's stock worth $5,294,000 after buying an additional 7,517 shares during the last quarter. Sei Investments Co. boosted its stake in Seagate Technology by 64.8% during the second quarter. Sei Investments Co. now owns 8,543 shares of the data storage provider's stock worth $1,233,000 after buying an additional 3,358 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Seagate Technology by 0.4% during the second quarter. The Manufacturers Life Insurance Company now owns 127,887 shares of the data storage provider's stock worth $18,458,000 after buying an additional 462 shares during the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Seagate Technology Stock Performance

Shares of Seagate Technology stock opened at $879.80 on Monday. Seagate Technology Holdings PLC has a 52 week low of $116.28 and a 52 week high of $905.39. The business's fifty day simple moving average is $612.03 and its 200-day simple moving average is $432.99. The firm has a market cap of $197.28 billion, a PE ratio of 83.47 and a beta of 2.04. The company has a quick ratio of 0.85, a current ratio of 1.33 and a debt-to-equity ratio of 3.16.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced 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. Seagate Technology had a return on equity of 1,005.65% and a net margin of 21.60%.The business had revenue of $3.11 billion for the quarter, compared to analyst estimates of $2.96 billion. During the same quarter in the prior year, the company posted $1.90 EPS. The company's quarterly revenue was up 44.1% on a year-over-year basis. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. Equities analysts forecast that Seagate Technology Holdings PLC will post 14.1 earnings per share for the current year.

Seagate Technology Announces Dividend

The business also recently disclosed 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 0.3%. The ex-dividend date is Wednesday, June 24th. Seagate Technology's dividend payout ratio is currently 28.08%.

Insider Transactions at Seagate Technology

In other news, CFO Gianluca Romano sold 22,488 shares of the company's stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $774.22, for a total value of $17,410,659.36. Following the transaction, the chief financial officer directly owned 42,847 shares in the company, valued at approximately $33,173,004.34. This represents a 34.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, 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 8,003 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $817.28, for a total transaction of $6,540,691.84. Following the completion of the transaction, the executive vice president owned 3,691 shares in the company, valued at approximately $3,016,580.48. This represents a 68.44% decrease in their ownership of the stock. 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. In the last 90 days, insiders sold 122,437 shares of company stock worth $78,398,375. 0.79% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on STX. Jefferies Financial Group reissued a "hold" rating on shares of Seagate Technology in a research note on Wednesday, February 4th. UBS Group boosted their price objective on Seagate Technology from $515.00 to $545.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 29th. Bank of America boosted their price objective on Seagate Technology from $840.00 to $900.00 and gave the stock a "buy" rating in a research note on Tuesday, May 26th. TD Cowen boosted their price objective on Seagate Technology from $500.00 to $850.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Finally, Zacks Research upgraded shares of Seagate Technology from a "hold" rating to a "strong-buy" rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $746.63.

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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