Seagate Technology Holdings PLC $STX Shares Bought by Aberdeen Group plc

Key Points

• Aberdeen Group plc significantly increased its holdings in Seagate Technology by 125.2% in the first quarter, acquiring a total of 158,006 shares worth approximately $13.29 million.
• Recent quarterly earnings showed Seagate Technology reported $2.59 EPS, exceeding analysts' expectations and achieving revenue of $2.44 billion, a 29.5% increase from the previous year.
• Seagate Technology has authorized a $5.00 billion stock repurchase plan, indicating confidence in its current stock value and future performance.

Aberdeen Group plc raised its stake in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 125.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 158,006 shares of the data storage provider's stock after purchasing an additional 87,855 shares during the period. Aberdeen Group plc owned 0.07% of Seagate Technology worth $13,290,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Kovitz Investment Group Partners LLC increased its stake in Seagate Technology by 1,673.5% in the first quarter. Kovitz Investment Group Partners LLC now owns 119,872 shares of the data storage provider's stock valued at $10,183,000 after purchasing an additional 113,113 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in shares of Seagate Technology by 4.5% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 25,600 shares of the data storage provider's stock valued at $2,175,000 after acquiring an additional 1,100 shares during the period. Trust Asset Management LLC acquired a new stake in shares of Seagate Technology in the first quarter valued at approximately $204,000. Public Sector Pension Investment Board boosted its holdings in shares of Seagate Technology by 6.9% in the first quarter. Public Sector Pension Investment Board now owns 32,862 shares of the data storage provider's stock valued at $2,792,000 after acquiring an additional 2,135 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of Seagate Technology in the first quarter valued at approximately $17,058,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

STX has been the subject of several research analyst reports. The Goldman Sachs Group initiated coverage on Seagate Technology in a report on Thursday, July 10th. They issued a "buy" rating and a $170.00 price objective for the company. BNP Paribas Exane raised Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 price objective for the company in a report on Friday, May 16th. Wedbush reaffirmed an "outperform" rating and set a $140.00 price target on shares of Seagate Technology in a report on Wednesday, May 21st. UBS Group increased their price target on Seagate Technology from $85.00 to $155.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Finally, Rosenblatt Securities increased their price target on Seagate Technology from $185.00 to $200.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Fourteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $151.44.

Seagate Technology Stock Performance

NASDAQ:STX traded down $3.80 during trading hours on Thursday, hitting $154.60. The company's stock had a trading volume of 2,299,965 shares, compared to its average volume of 3,503,156. The business's 50-day moving average is $147.04 and its two-hundred day moving average is $112.89. The company has a market capitalization of $32.88 billion, a PE ratio of 22.84, a PEG ratio of 1.00 and a beta of 1.50. Seagate Technology Holdings PLC has a 52-week low of $63.19 and a 52-week high of $159.36.

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 firm had revenue of $2.44 billion during the quarter, compared to analysts' expectations of $2.40 billion. Seagate Technology had a negative return on equity of 169.60% and a net margin of 16.15%.Seagate Technology's revenue was up 29.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.05 earnings per share. Seagate Technology has set its Q1 2026 guidance at 2.100-2.500 EPS. As a group, analysts predict that Seagate Technology Holdings PLC will post 6.83 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Tuesday, September 30th will be given a $0.72 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.9%. Seagate Technology's dividend payout ratio (DPR) is currently 42.54%.

Seagate Technology declared that its board has approved 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 purchase up to 21.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its stock is undervalued.

Insider Transactions at Seagate Technology

In other news, Director Michael R. Cannon sold 24,190 shares of the firm's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $119.00, for a total value of $2,878,610.00. Following the completion of the transaction, the director owned 10,835 shares in the company, valued at $1,289,365. This trade represents a 69.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Ban Seng Teh sold 63,418 shares of Seagate Technology stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $125.00, for a total value of $7,927,250.00. Following the sale, the executive vice president owned 14,658 shares of the company's stock, valued at approximately $1,832,250. This represents a 81.23% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 343,414 shares of company stock worth $43,661,770. Corporate insiders own 0.81% of the company's stock.

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.