Seagate Technology Holdings PLC $STX Shares Sold by AXQ Capital LP

Key Points

• AXQ Capital LP reduced its Seagate Technology stake by 30.6% in the second quarter, selling 2,685 shares and retaining 6,089 shares valued at approximately $5.9 million. Institutional investors collectively own 92.87% of the company.
• Seagate reported strong quarterly results, with EPS of $5.71 and revenue of $3.63 billion, exceeding analyst expectations; revenue increased 48.5% year over year. The company also declared a quarterly dividend of $0.74 per share.
• Analysts maintain a generally positive outlook, with the stock receiving a consensus “Moderate Buy” rating and an average price target of $986. However, company insiders sold 191,765 shares worth about $161.9 million over the past three months.

AXQ Capital LP lessened its stake in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 30.6% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,089 shares of the data storage provider's stock after selling 2,685 shares during the quarter. Seagate Technology makes up about 0.6% of AXQ Capital LP's portfolio, making the stock its 11th biggest holding. AXQ Capital LP's holdings in Seagate Technology were worth $5,876,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rakuten Securities Inc. raised its position in shares of Seagate Technology by 884.2% in the second quarter. Rakuten Securities Inc. now owns 187 shares of the data storage provider's stock valued at $27,000 after buying an additional 168 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC lifted its stake in Seagate Technology by 23.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 80 shares of the data storage provider's stock worth $31,000 after purchasing an additional 15 shares in the last quarter. Quarry LP acquired a new position in shares of Seagate Technology during the 4th quarter worth approximately $31,000. WealthCollab LLC boosted its holdings in shares of Seagate Technology by 27.4% during the 1st quarter. WealthCollab LLC now owns 93 shares of the data storage provider's stock worth $36,000 after purchasing an additional 20 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Seagate Technology in the fourth quarter valued at approximately $37,000. Hedge funds and other institutional investors own 92.87% of the company's stock.

Seagate Technology Stock Down 1.2%

Seagate Technology stock opened at $798.61 on Friday. The firm has a market capitalization of $181.00 billion, a P/E ratio of 57.54 and a beta of 2.06. The company has a current ratio of 1.67, a quick ratio of 1.17 and a debt-to-equity ratio of 1.56. Seagate Technology Holdings PLC has a twelve month low of $175.82 and a twelve month high of $1,145.00. The stock's fifty day simple moving average is $852.94 and its 200-day simple moving average is $708.76.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its earnings results on Tuesday, July 28th. The data storage provider reported $5.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.10 by $0.61. Seagate Technology had a return on equity of 369.98% and a net margin of 26.11%.The firm had revenue of $3.63 billion during the quarter, compared to analyst estimates of $3.50 billion. During the same period last year, the business posted $2.59 earnings per share. Seagate Technology's revenue was up 48.5% compared to the same quarter last year. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. As a group, equities analysts expect that Seagate Technology Holdings PLC will post 35.7 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 7th. Investors of record on Thursday, September 24th will be paid a dividend of $0.74 per share. The ex-dividend date is Thursday, September 24th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.4%. Seagate Technology's payout ratio is presently 21.33%.

Insider Activity

In related news, CFO Gianluca Romano sold 14,091 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $811.25, for a total value of $11,431,323.75. Following the transaction, the chief financial officer owned 21,543 shares of the company's stock, valued at $17,476,758.75. This represents a 39.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP James Lee sold 9,013 shares of the company's stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $794.84, for a total value of $7,163,892.92. Following the completion of the transaction, the executive vice president directly owned 347 shares of the company's stock, valued at $275,809.48. This trade represents a 96.29% 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. In the last three months, insiders have sold 191,765 shares of company stock worth $161,865,249. 0.79% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

STX has been the subject of a number of analyst reports. Mizuho upped their price objective on shares of Seagate Technology from $875.00 to $1,090.00 and gave the company an "outperform" rating in a report on Monday, June 8th. Argus raised their price objective on Seagate Technology from $750.00 to $900.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Fox Advisors lowered shares of Seagate Technology from an "overweight" rating to an "equal weight" rating in a report on Monday, June 22nd. Zacks Research upgraded shares of Seagate Technology from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 28th. Finally, Wells Fargo & Company upped their target price on shares of Seagate Technology from $1,100.00 to $1,180.00 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $986.00.

About Seagate Technology

Seagate Technology NASDAQ: STX is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm's product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate's products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.

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