Handelsbanken Fonder AB Lowers Stake in Seagate Technology Holdings plc (NASDAQ:STX)

Handelsbanken Fonder AB lowered its position in Seagate Technology Holdings plc (NASDAQ:STX - Free Report) by 10.0% during the first quarter, according to its most recent filing with the SEC. The firm owned 81,554 shares of the data storage provider's stock after selling 9,104 shares during the period. Handelsbanken Fonder AB's holdings in Seagate Technology were worth $6,928,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. Ameriflex Group Inc. bought a new position in shares of Seagate Technology during the 4th quarter worth approximately $26,000. Elequin Capital LP acquired a new position in shares of Seagate Technology during the 4th quarter valued at $27,000. Fourth Dimension Wealth LLC acquired a new position in shares of Seagate Technology during the 4th quarter valued at $27,000. JFS Wealth Advisors LLC boosted its stake in Seagate Technology by 27.0% during the fourth quarter. JFS Wealth Advisors LLC now owns 532 shares of the data storage provider's stock worth $46,000 after acquiring an additional 113 shares in the last quarter. Finally, Human Investing LLC acquired a new stake in Seagate Technology in the fourth quarter worth $48,000. 92.87% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Yolanda Lee Conyers sold 750 shares of the business's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $117.01, for a total transaction of $87,757.50. Following the completion of the transaction, the director now directly owns 5,055 shares in the company, valued at $591,485.55. The trade was a 12.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Ban Seng Teh sold 3,594 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $130.00, for a total value of $467,220.00. Following the completion of the sale, the executive vice president now owns 11,064 shares in the company, valued at $1,438,320. This trade represents a 24.52% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 393,192 shares of company stock valued at $46,303,128. Corporate insiders own 0.81% of the company's stock.

Seagate Technology Price Performance

NASDAQ:STX traded up $1.20 on Friday, reaching $127.27. 3,000,832 shares of the company's stock were exchanged, compared to its average volume of 3,063,312. The firm has a market cap of $27.01 billion, a price-to-earnings ratio of 23.27 and a beta of 1.40. The stock has a fifty day simple moving average of $98.91 and a 200-day simple moving average of $95.11. Seagate Technology Holdings plc has a 52 week low of $63.19 and a 52 week high of $132.23.

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

Seagate Technology announced that its Board of Directors has initiated a share buyback plan on Thursday, May 22nd that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the data storage provider to reacquire up to 21.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Seagate Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th will be paid a dividend of $0.72 per share. The ex-dividend date is Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.26%. Seagate Technology's payout ratio is 41.62%.

Wall Street Analyst Weigh In

STX has been the subject of several research reports. Wall Street Zen downgraded Seagate Technology from a "buy" rating to a "hold" rating in a research note on Friday, May 30th. Morgan Stanley increased their price target on Seagate Technology from $99.00 to $140.00 and gave the stock an "overweight" rating in a report on Friday, May 23rd. Barclays boosted their price objective on Seagate Technology from $80.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, April 30th. Bank of America increased their target price on Seagate Technology from $135.00 to $145.00 and gave the stock a "buy" rating in a report on Monday. Finally, Wedbush reissued an "outperform" rating and issued a $140.00 price target on shares of Seagate Technology in a research report on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $119.42.

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.