Seagate Technology Holdings PLC $STX Shares Sold by Rafferty Asset Management LLC

Key Points

• Rafferty Asset Management LLC has reduced its stake in Seagate Technology Holdings PLC by 19.9%, selling 14,756 shares and now owning 59,245 shares worth approximately $5 million.
• Seagate reported earnings of $2.59 per share for the latest quarter, exceeding estimates, with revenue increasing 29.5% year-over-year to $2.44 billion.
• The company has announced a $5 billion share buyback program, indicating that the board believes its shares are undervalued.

Rafferty Asset Management LLC reduced its stake in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 19.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 59,245 shares of the data storage provider's stock after selling 14,756 shares during the quarter. Rafferty Asset Management LLC's holdings in Seagate Technology were worth $5,033,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in STX. Ameriflex Group Inc. purchased a new stake in shares of Seagate Technology during the 4th quarter worth $26,000. Elequin Capital LP acquired a new position in Seagate Technology in the 4th quarter worth about $27,000. Fourth Dimension Wealth LLC purchased a new position in Seagate Technology in the 4th quarter valued at about $27,000. Wayfinding Financial LLC acquired a new stake in shares of Seagate Technology in the first quarter valued at about $31,000. Finally, Golden State Wealth Management LLC boosted its stake in 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 worth $39,000 after buying an additional 440 shares during the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Seagate Technology

In related news, CEO William D. Mosley sold 54,347 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $130.19, for a total transaction of $7,075,435.93. Following the transaction, the chief executive officer directly owned 515,677 shares of the company's stock, valued at $67,135,988.63. This represents a 9.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ban Seng Teh sold 63,418 shares of the business's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $125.00, for a total value of $7,927,250.00. Following the completion of the sale, the executive vice president owned 14,658 shares in the company, valued at approximately $1,832,250. The trade was a 81.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 181,130 shares of company stock valued at $24,376,221. Insiders own 0.81% of the company's stock.

Seagate Technology Stock Up 1.6%

Shares of NASDAQ STX traded up $2.62 during mid-day trading on Tuesday, hitting $170.02. 2,246,066 shares of the company were exchanged, compared to its average volume of 3,848,568. The firm has a market cap of $36.16 billion, a price-to-earnings ratio of 25.11, a price-to-earnings-growth ratio of 1.03 and a beta of 1.53. Seagate Technology Holdings PLC has a 1-year low of $63.19 and a 1-year high of $173.41. The stock has a 50 day simple moving average of $151.98 and a 200-day simple moving average of $116.45.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The data storage provider reported $2.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.45 by $0.14. The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.40 billion. Seagate Technology had a net margin of 16.15% and a negative return on equity of 169.60%. Seagate Technology's revenue for the quarter was up 29.5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.05 earnings per share. Seagate Technology has set its Q1 2026 guidance at 2.100-2.500 EPS. Analysts anticipate that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current fiscal year.

Seagate Technology announced that its Board of Directors has initiated a share buyback program on Thursday, May 22nd that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the data storage provider to repurchase up to 21.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its stock is undervalued.

Seagate Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Tuesday, September 30th. Seagate Technology's dividend payout ratio is presently 42.54%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on STX. Susquehanna boosted their price target on shares of Seagate Technology from $68.00 to $80.00 and gave the company a "negative" rating in a research report on Wednesday, July 30th. Robert W. Baird raised their price objective on shares of Seagate Technology from $120.00 to $188.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. BNP Paribas Exane raised Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 price target for the company in a research report on Friday, May 16th. Benchmark raised their price objective on Seagate Technology from $128.00 to $165.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Finally, TD Cowen lifted their price objective on Seagate Technology from $135.00 to $175.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Fourteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $154.50.

About Seagate Technology

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.