Tidal Investments LLC Boosts Stock Position in Seagate Technology Holdings plc (NASDAQ:STX)

Tidal Investments LLC raised its position in shares of Seagate Technology Holdings plc (NASDAQ:STX - Free Report) by 133.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,681 shares of the data storage provider's stock after acquiring an additional 7,240 shares during the period. Tidal Investments LLC's holdings in Seagate Technology were worth $1,094,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital Research Global Investors increased its stake in Seagate Technology by 56.5% during the fourth quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider's stock worth $1,348,262,000 after acquiring an additional 5,640,443 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Seagate Technology by 6.9% in the 4th quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider's stock worth $2,414,446,000 after purchasing an additional 1,814,821 shares during the period. Marshall Wace LLP bought a new position in shares of Seagate Technology during the 4th quarter valued at approximately $77,341,000. Junto Capital Management LP bought a new position in shares of Seagate Technology during the 4th quarter valued at approximately $60,303,000. Finally, Janus Henderson Group PLC raised its holdings in Seagate Technology by 2,853.4% during the 4th quarter. Janus Henderson Group PLC now owns 670,976 shares of the data storage provider's stock valued at $57,925,000 after buying an additional 648,257 shares during the period. 92.87% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Ban Seng Teh sold 4,201 shares of Seagate Technology stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $115.00, for a total transaction of $483,115.00. Following the completion of the sale, the executive vice president now owns 22,999 shares of the company's stock, valued at $2,644,885. The trade was a 15.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William D. Mosley sold 70,000 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $109.47, for a total transaction of $7,662,900.00. Following the transaction, the chief executive officer now directly owns 485,677 shares of the company's stock, valued at $53,167,061.19. This represents a 12.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 111,057 shares of company stock valued at $11,685,976 over the last ninety days. 0.81% of the stock is currently owned by insiders.

Seagate Technology Stock Performance

NASDAQ:STX traded up $0.34 during midday trading on Thursday, reaching $117.68. 1,610,070 shares of the stock traded hands, compared to its average volume of 2,985,098. The stock has a market capitalization of $24.97 billion, a PE ratio of 21.51 and a beta of 1.32. Seagate Technology Holdings plc has a 12-month low of $63.19 and a 12-month high of $119.25. The business has a 50-day moving average of $88.25 and a two-hundred day moving average of $92.97.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.75 by $0.15. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The firm had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.14 billion. During the same quarter in the prior year, the business posted $0.33 EPS. The business's revenue for the quarter was up 30.5% compared to the same quarter last year. Research analysts anticipate that Seagate Technology Holdings plc will post 6.83 earnings per share for the current year.

Seagate Technology announced that its board has approved a stock repurchase plan on Thursday, May 22nd that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the data storage provider to repurchase up to 21.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Seagate Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Wednesday, June 25th will be paid a dividend of $0.72 per share. The ex-dividend date of this dividend is Wednesday, June 25th. This represents a $2.88 annualized dividend and a dividend yield of 2.45%. Seagate Technology's payout ratio is currently 41.62%.

Wall Street Analysts Forecast Growth

STX has been the subject of several recent analyst reports. Bank of America lifted their price objective on shares of Seagate Technology from $125.00 to $135.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Wells Fargo & Company lifted their price target on shares of Seagate Technology from $105.00 to $122.00 and gave the stock an "equal weight" rating in a research note on Friday, May 23rd. Cantor Fitzgerald increased their price objective on shares of Seagate Technology from $110.00 to $125.00 and gave the stock a "neutral" rating in a research report on Monday, May 19th. Citigroup raised their price objective on shares of Seagate Technology from $105.00 to $125.00 and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Finally, Wall Street Zen raised Seagate Technology from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $118.89.

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.