Seagate Technology Holdings PLC $STX Shares Bought by Allspring Global Investments Holdings LLC

Key Points

• Allspring increased its Seagate stake by 39.7% in the third quarter, adding 48,549 shares and bringing its holding to 170,689 shares. Institutional investors and hedge funds collectively own 92.87% of the stock.
• Seagate’s latest quarterly results beat estimates: revenue rose 61% year over year to $4.23 billion, and EPS was $7.68 versus analysts’ $7.44 consensus. The company also forecast about $4.8 billion in fiscal second-quarter revenue.
• Insiders sold 447,108 shares worth about $356 million over the past quarter; some disclosed sales were made under pre-arranged Rule 10b5-1 plans. Analysts’ consensus rating is “Moderate Buy.”

Allspring Global Investments Holdings LLC increased its position in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 39.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 170,689 shares of the data storage provider's stock after purchasing an additional 48,549 shares during the period. Allspring Global Investments Holdings LLC owned about 0.07% of Seagate Technology worth $161,399,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Carret Asset Management LLC grew its stake in shares of Seagate Technology by 2.5% in the 3rd quarter. Carret Asset Management LLC now owns 1,250 shares of the data storage provider's stock valued at $1,153,000 after purchasing an additional 30 shares during the period. Almanack Investment Partners LLC. boosted its stake in Seagate Technology by 39.0% in the 3rd quarter. Almanack Investment Partners LLC. now owns 453 shares of the data storage provider's stock valued at $418,000 after buying an additional 127 shares in the last quarter. BCS Wealth Management boosted its stake in Seagate Technology by 5.7% in the 3rd quarter. BCS Wealth Management now owns 462 shares of the data storage provider's stock valued at $426,000 after buying an additional 25 shares in the last quarter. M Holdings Securities Inc. bought a new stake in Seagate Technology in the third quarter valued at $481,000. Finally, StoneX Group Inc. grew its position in Seagate Technology by 61.7% in the third quarter. StoneX Group Inc. now owns 1,538 shares of the data storage provider's stock valued at $1,394,000 after acquiring an additional 587 shares during the period. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about Seagate Technology

Here are the key news stories impacting Seagate Technology this week:

• Positive Sentiment: Recent fiscal first-quarter results beat estimates, with revenue of $4.23 billion and EPS of $7.72. Seagate also guided to about $4.8 billion in fiscal second-quarter revenue, supporting the growth case. Earnings Beat Might Change The Case For Seagate Stock
• Positive Sentiment: Growth-focused commentary argues Seagate has attributes that could support above-market performance, adding to the bullish earnings narrative. The articles do not specify additional catalysts. 3 Reasons Growth Investors Will Love Seagate
• Negative Sentiment: A report attributed a sharp decline in Seagate shares to insider selling, which can raise concerns about insiders’ confidence, even though selling alone does not establish their outlook. Seagate Technology Stock Falls on Insider Selling
• Negative Sentiment: Seagate and other AI-linked stocks faced pressure amid a wider AI-trade selloff and calls from a lawmaker to pause advanced AI development. That uncertainty may temper enthusiasm around data-storage demand tied to AI investment. Seagate Sinks as Lawmaker Urges a Pause on Advanced AI Development

Wall Street Analysts Forecast Growth

Several research firms have issued reports on STX. Evercore reiterated an "outperform" rating on shares of Seagate Technology in a research note on Wednesday, October 28th. Rosenblatt Securities reduced their target price on shares of Seagate Technology from $1,400.00 to $1,100.00 and set a "buy" rating on the stock in a research note on Monday, October 26th. UBS Group reaffirmed a "buy" rating on shares of Seagate Technology in a report on Monday, November 2nd. Wedbush reiterated an "outperform" rating and set a $1,000.00 target price on shares of Seagate Technology in a research report on Wednesday, October 28th. Finally, Sanford C. Bernstein reissued an "outperform" rating and set a $1,350.00 price target on shares of Seagate Technology in a report on Wednesday, July 29th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,000.88.

Insiders Place Their Bets

In other Seagate Technology news, EVP Ban Teh sold 52,730 shares of the company's stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $782.08, for a total transaction of $41,239,078.40. Following the transaction, the executive vice president owned 5,810 shares of the company's stock, valued at approximately $4,543,884.80. This represents a 90.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP John Morris sold 2,675 shares of the stock in a transaction on Friday, October 30th. The shares were sold at an average price of $650.15, for a total value of $1,739,151.25. Following the completion of the transaction, the executive vice president owned 20,933 shares in the company, valued at $13,609,589.95. The trade was a 11.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 447,108 shares of company stock valued at $356,049,743 over the last quarter. Company insiders own 0.51% of the company's stock.

Seagate Technology Price Performance

Shares of STX stock opened at $460.99 on Monday. The stock's fifty day moving average is $769.59 and its 200-day moving average is $693.82. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.25 and a current ratio of 1.82. The stock has a market capitalization of $105.82 billion, a PE ratio of 24.21 and a beta of 2.16. Seagate Technology Holdings PLC has a 52 week low of $228.61 and a 52 week high of $1,145.00.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly earnings data on Tuesday, October 27th. The data storage provider reported $7.68 earnings per share for the quarter, beating the consensus estimate of $7.44 by $0.24. Seagate Technology had a net margin of 31.86% and a return on equity of 252.47%. The firm had revenue of $4.23 billion during the quarter, compared to analysts' expectations of $4.15 billion. During the same quarter last year, the company posted $2.61 EPS. The company's quarterly revenue was up 61.0% compared to the same quarter last year. Equities research analysts expect that Seagate Technology Holdings PLC will post 37.96 EPS for the current fiscal year.

Seagate Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 7th. Stockholders of record on Wednesday, December 23rd will be paid a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 0.7%. This is an increase from Seagate Technology's previous quarterly dividend of $0.74. The ex-dividend date of this dividend is Wednesday, December 23rd. Seagate Technology's payout ratio is currently 15.55%.

Seagate Technology Company Profile

Seagate Technology develops and supplies data-storage products and solutions for businesses and consumers. Its portfolio includes hard disk drives (HDDs), solid-state drives, and storage systems designed for applications ranging from personal computing to large-scale data centers.

The company's products support cloud and enterprise storage, network-attached storage, video surveillance, gaming, and other uses that require digital data to be stored and accessed. Seagate also offers data-management and storage services through its Lyve platform.

Founded in 1979, Seagate has a long history in the hard disk drive industry.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.