Seagate Technology Holdings PLC $STX Stock Position Cut by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC decreased its holdings in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 23.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 52,087 shares of the data storage provider's stock after selling 15,654 shares during the quarter. Commonwealth Equity Services LLC's holdings in Seagate Technology were worth $48,042,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in STX. Wellington Management Group LLP boosted its stake in shares of Seagate Technology by 2,655.9% in the 2nd quarter. Wellington Management Group LLP now owns 2,414,136 shares of the data storage provider's stock valued at $2,329,641,000 after purchasing an additional 2,326,538 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Seagate Technology by 3,872.1% during the 1st quarter. Janus Henderson Group PLC now owns 967,528 shares of the data storage provider's stock valued at $378,985,000 after purchasing an additional 943,170 shares during the last quarter. Amundi increased its position in Seagate Technology by 32.2% during the 1st quarter. Amundi now owns 965,565 shares of the data storage provider's stock worth $378,267,000 after purchasing an additional 235,359 shares in the last quarter. Hsbc Holdings PLC increased its position in Seagate Technology by 119.7% during the 1st quarter. Hsbc Holdings PLC now owns 378,527 shares of the data storage provider's stock worth $147,753,000 after purchasing an additional 206,196 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in Seagate Technology during the 3rd quarter worth approximately $183,464,000. Institutional investors own 92.87% of the company's stock.

Key Seagate Technology News

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

Insider Buying and Selling at Seagate Technology

In other news, CFO Gianluca Romano sold 49,984 shares of the firm's stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $772.16, for a total transaction of $38,595,645.44. Following the completion of the transaction, the chief financial officer owned 70,756 shares of the company's stock, valued at approximately $54,634,952.96. This trade represents a 41.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Morris sold 15,466 shares of Seagate Technology stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $772.15, for a total transaction of $11,942,071.90. Following the transaction, the executive vice president owned 31,132 shares in the company, valued at approximately $24,038,573.80. This trade represents a 33.19% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 447,108 shares of company stock worth $356,049,743 over the last ninety days. Insiders own 0.51% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on STX shares. Wells Fargo & Company dropped their price objective on shares of Seagate Technology from $865.00 to $820.00 and set an "overweight" rating for the company in a research note on Wednesday, October 28th. Argus boosted their target price on shares of Seagate Technology from $750.00 to $900.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Weiss Ratings downgraded shares of Seagate Technology from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, November 2nd. JPMorgan Chase & Co. increased their price target on Seagate Technology from $1,095.00 to $1,240.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Finally, Citigroup cut their price objective on Seagate Technology from $1,300.00 to $1,050.00 and set a "buy" rating on the stock in a report on Wednesday, October 28th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $1,000.88.

Seagate Technology Stock Performance

Seagate Technology stock opened at $460.99 on Friday. The business has a 50 day moving average of $769.59 and a 200-day moving average of $693.82. Seagate Technology Holdings PLC has a 1 year low of $228.61 and a 1 year high of $1,145.00. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.82 and a quick ratio of 1.25. The company has a market capitalization of $105.83 billion, a P/E ratio of 24.21 and a beta of 2.16.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its earnings results on Tuesday, October 27th. The data storage provider reported $7.68 EPS for the quarter, topping 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 business had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $4.15 billion. During the same period last year, the company earned $2.61 EPS. The firm's revenue was up 61.0% compared to the same quarter last year. On average, equities research analysts predict that Seagate Technology Holdings PLC will post 37.96 earnings per share for the current year.

Seagate Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 7th. Shareholders of record on Wednesday, December 23rd will be given a $0.76 dividend. This is an increase from Seagate Technology's previous quarterly dividend of $0.74. The ex-dividend date is Wednesday, December 23rd. This represents a $3.04 annualized dividend and a yield of 0.7%. Seagate Technology's dividend payout ratio is currently 15.97%.

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.

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