Seagate Technology Holdings PLC (NASDAQ:STX) Shares Sold by Allianz Asset Management GmbH

Allianz Asset Management GmbH cut its stake in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 2.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 984,274 shares of the data storage provider's stock after selling 23,405 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.46% of Seagate Technology worth $83,614,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of STX. Ameriflex Group Inc. purchased a new position in Seagate Technology in the 4th quarter valued at about $26,000. Elequin Capital LP purchased a new position in Seagate Technology in the 4th quarter worth approximately $27,000. Fourth Dimension Wealth LLC purchased a new position in Seagate Technology in the 4th quarter worth approximately $27,000. Wayfinding Financial LLC purchased a new position in Seagate Technology in the 1st quarter worth approximately $31,000. Finally, Golden State Wealth Management LLC lifted its stake in Seagate Technology by 2,200.0% in the 1st quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider's stock worth $39,000 after purchasing an additional 440 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Seagate Technology Price Performance

Shares of Seagate Technology stock traded down $3.04 during trading on Tuesday, hitting $146.59. 3,044,348 shares of the stock were exchanged, compared to its average volume of 3,273,483. The stock has a market cap of $31.11 billion, a price-to-earnings ratio of 25.98 and a beta of 1.45. The firm's 50-day moving average price is $130.33 and its 200 day moving average price is $104.02. Seagate Technology Holdings PLC has a 12-month low of $63.19 and a 12-month high of $152.16.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its earnings results on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, topping analysts' consensus estimates of $1.75 by $0.15. Seagate Technology had a negative return on equity of 105.02% and a net margin of 17.49%. The business had revenue of $2.16 billion for the quarter, compared to analysts' expectations of $2.14 billion. During the same quarter in the previous year, the firm earned $0.33 earnings per share. The business's revenue was up 30.5% compared to the same quarter last year. As a group, research analysts forecast that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current year.

Seagate Technology declared that its Board of Directors has authorized a stock repurchase program on Thursday, May 22nd that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the data storage provider to repurchase up to 21.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Seagate Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Stockholders of record on Wednesday, June 25th were issued a $0.72 dividend. The ex-dividend date of this dividend was Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.96%. Seagate Technology's payout ratio is 41.62%.

Insider Activity

In other news, EVP Ban Seng Teh sold 1,725 shares of the business's stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $144.00, for a total transaction of $248,400.00. Following the transaction, the executive vice president directly owned 12,052 shares in the company, valued at $1,735,488. The trade was a 12.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Stephanie Tilenius sold 2,693 shares of the company's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $128.04, for a total transaction of $344,811.72. Following the transaction, the director owned 12,244 shares in the company, valued at $1,567,721.76. The trade was a 18.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 395,516 shares of company stock valued at $47,831,398. Insiders own 0.81% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on STX shares. BNP Paribas Exane raised shares of Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 target price on the stock in a research note on Friday, May 16th. Barclays lifted their price target on shares of Seagate Technology from $80.00 to $90.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 30th. Morgan Stanley lifted their price target on shares of Seagate Technology from $140.00 to $167.00 and gave the company an "overweight" rating in a research report on Monday, July 14th. Mizuho reduced their price target on shares of Seagate Technology from $115.00 to $95.00 and set an "outperform" rating on the stock in a research report on Thursday, April 10th. Finally, UBS Group lifted their price target on shares of Seagate Technology from $85.00 to $155.00 and gave the company a "neutral" rating in a research report on Monday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $133.68.

Seagate Technology Company Profile

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.