Allspring Global Investments Holdings LLC Buys 39,231 Shares of Seagate Technology Holdings PLC (NASDAQ:STX)

Allspring Global Investments Holdings LLC grew its stake in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 350.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 50,416 shares of the data storage provider's stock after purchasing an additional 39,231 shares during the period. Allspring Global Investments Holdings LLC's holdings in Seagate Technology were worth $4,262,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Ameriflex Group Inc. purchased a new position in 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 acquired a new position in shares of Seagate Technology during the fourth quarter valued at approximately $27,000. Golden State Wealth Management LLC increased its holdings in shares of Seagate Technology by 2,200.0% in the first quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider's stock valued at $39,000 after purchasing an additional 440 shares during the last quarter. Finally, Menard Financial Group LLC purchased a new position in Seagate Technology in the fourth quarter worth approximately $50,000. 92.87% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on STX shares. Barclays increased their price objective on Seagate Technology from $80.00 to $90.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 30th. Cantor Fitzgerald lifted their price objective on Seagate Technology from $110.00 to $125.00 and gave the company a "neutral" rating in a report on Monday, May 19th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $130.00 target price on shares of Seagate Technology in a research note on Friday, May 23rd. Morgan Stanley boosted their price target on Seagate Technology from $99.00 to $140.00 and gave the company an "overweight" rating in a report on Friday, May 23rd. Finally, Mizuho decreased their price target on shares of Seagate Technology from $115.00 to $95.00 and set an "outperform" rating for the company in a research report on Thursday, April 10th. One 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's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $119.42.

Insider Activity at Seagate Technology

In other news, CEO William D. Mosley sold 20,000 shares of the firm's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $144.66, for a total transaction of $2,893,200.00. Following the transaction, the chief executive officer owned 498,710 shares in the company, valued at approximately $72,143,388.60. This trade represents a 3.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ban Seng Teh sold 599 shares of Seagate Technology stock in a transaction on Monday, June 16th. The stock was sold at an average price of $130.00, for a total transaction of $77,870.00. Following the completion of the transaction, the executive vice president owned 10,329 shares in the company, valued at $1,342,770. This trade represents a 5.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 393,791 shares of company stock worth $47,582,998 in the last quarter. 0.81% of the stock is owned by corporate insiders.

Seagate Technology Trading Down 2.6%

STX traded down $3.93 on Tuesday, hitting $144.47. 472,992 shares of the company's stock were exchanged, compared to its average volume of 3,186,870. The stock has a fifty day moving average of $119.61 and a two-hundred day moving average of $99.87. Seagate Technology Holdings PLC has a twelve month low of $63.19 and a twelve month high of $152.16. The firm has a market cap of $30.66 billion, a PE ratio of 20.82 and a beta of 1.45.

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

Seagate Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Wednesday, June 25th will be given a $0.72 dividend. The ex-dividend date is Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a yield of 1.99%. Seagate Technology's payout ratio is 41.62%.

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

Seagate Technology 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.