Seagate Technology Holdings PLC $STX Shares Sold by Maverick Capital Ltd.

Key Points

• Maverick Capital Ltd. has significantly reduced its stakes in Seagate Technology, selling 17,849 shares and retaining only 5,713 shares, which are valued at approximately $485,000.
• Seagate Technology reported a quarterly EPS of $2.59, surpassing analyst expectations, with revenue of $2.44 billion, a 29.5% increase year-over-year.
• The company's board has approved a $5 billion share repurchase program, indicating management's belief that the stock is undervalued.

Maverick Capital Ltd. lessened its position in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 75.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,713 shares of the data storage provider's stock after selling 17,849 shares during the quarter. Maverick Capital Ltd.'s holdings in Seagate Technology were worth $485,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in STX. AXA S.A. grew its position in Seagate Technology by 465.4% during the fourth quarter. AXA S.A. now owns 19,150 shares of the data storage provider's stock valued at $1,653,000 after buying an additional 15,763 shares during the period. Centiva Capital LP acquired a new stake in Seagate Technology during the fourth quarter valued at $566,000. Cetera Investment Advisers grew its position in Seagate Technology by 3.8% during the fourth quarter. Cetera Investment Advisers now owns 55,069 shares of the data storage provider's stock valued at $4,753,000 after buying an additional 2,038 shares during the period. DigitalBridge Group Inc. grew its position in shares of Seagate Technology by 69.0% in the fourth quarter. DigitalBridge Group Inc. now owns 478,490 shares of the data storage provider's stock valued at $41,298,000 after purchasing an additional 195,282 shares during the period. Finally, Deutsche Bank AG grew its position in shares of Seagate Technology by 53.7% in the fourth quarter. Deutsche Bank AG now owns 1,130,761 shares of the data storage provider's stock valued at $97,596,000 after purchasing an additional 394,908 shares during the period. Institutional investors and hedge funds own 92.87% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on STX. Barclays raised their price objective on Seagate Technology from $125.00 to $180.00 and gave the company an "equal weight" rating in a report on Thursday, August 28th. Wedbush restated an "outperform" rating and set a $140.00 price target on shares of Seagate Technology in a research report on Wednesday, May 21st. Wells Fargo & Company boosted their price target on shares of Seagate Technology from $122.00 to $160.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 17th. Benchmark boosted their price target on shares of Seagate Technology from $128.00 to $165.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Finally, Susquehanna boosted their price target on shares of Seagate Technology from $68.00 to $80.00 and gave the stock a "negative" rating in a research report on Wednesday, July 30th. Fourteen investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Seagate Technology currently has a consensus rating of "Moderate Buy" and an average target price of $154.50.

Insider Activity

In other Seagate Technology news, insider James Ci Lee sold 1,116 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $153.36, for a total value of $171,149.76. Following the sale, the insider directly owned 257 shares of the company's stock, valued at approximately $39,413.52. This represents a 81.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Ban Seng Teh sold 1,724 shares of the firm's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $151.61, for a total value of $261,375.64. Following the transaction, the executive vice president directly owned 6,147 shares in the company, valued at approximately $931,946.67. The trade was a 21.90% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,019 shares of company stock valued at $16,104,159. 0.81% of the stock is currently owned by company insiders.

Seagate Technology Price Performance

Shares of NASDAQ:STX traded up $4.18 during midday trading on Friday, reaching $188.16. 3,760,377 shares of the company's stock were exchanged, compared to its average volume of 2,534,018. The firm's 50 day simple moving average is $155.22 and its two-hundred day simple moving average is $118.49. The stock has a market cap of $40.02 billion, a price-to-earnings ratio of 27.79, a P/E/G ratio of 1.16 and a beta of 1.53. Seagate Technology Holdings PLC has a fifty-two week low of $63.19 and a fifty-two week high of $189.23.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The data storage provider reported $2.59 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.45 by $0.14. The firm had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.40 billion. Seagate Technology had a negative return on equity of 169.60% and a net margin of 16.15%.The company's quarterly revenue was up 29.5% on a year-over-year basis. During the same period last year, the company earned $1.05 EPS. Seagate Technology has set its Q1 2026 guidance at 2.100-2.500 EPS. Equities research analysts predict that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Tuesday, September 30th will be given a $0.72 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.5%. Seagate Technology's dividend payout ratio is currently 42.54%.

Seagate Technology declared that its Board of Directors has initiated a stock repurchase program on Thursday, May 22nd that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the data storage provider to reacquire up to 21.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is 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.