Seagate Technology Holdings PLC $STX Stock: Sanders Capital LLC Raises Stake

Key Points

• Sanders Capital slightly increased its Seagate stake, buying 3,080 shares to reach 3.49 million shares, worth about $3.22 billion and representing 3.2% of its portfolio.
• Seagate reported quarterly revenue of $4.23 billion and EPS of $7.68, both above analyst estimates, with revenue up 61% year over year. The company forecast roughly $4.8 billion in revenue for the next quarter.
• Despite the earnings beat, Seagate shares recently traded sharply lower, while insider sales drew attention. Analysts maintained a “Moderate Buy” consensus, with an average price target of $1,000.88.

Sanders Capital LLC raised its stake in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 0.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,490,299 shares of the data storage provider's stock after buying an additional 3,080 shares during the quarter. Seagate Technology comprises 3.2% of Sanders Capital LLC's portfolio, making the stock its 9th largest holding. Sanders Capital LLC owned approximately 1.53% of Seagate Technology worth $3,219,242,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its position in shares of Seagate Technology by 2,655.9% in the second 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 acquiring an additional 2,326,538 shares during the period. National Pension Service increased its holdings in Seagate Technology by 0.8% during the 2nd quarter. National Pension Service now owns 834,705 shares of the data storage provider's stock worth $805,490,000 after acquiring an additional 6,944 shares during the period. Janus Henderson Group PLC increased its holdings in 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 worth $378,985,000 after acquiring an additional 943,170 shares during the period. Amundi increased its holdings 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 acquiring an additional 235,359 shares during the period. Finally, Swiss National Bank lifted its stake in Seagate Technology by 9.6% in the 1st quarter. Swiss National Bank now owns 639,400 shares of the data storage provider's stock worth $250,491,000 after purchasing an additional 55,900 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company's stock.

Key Stories Impacting 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 analysts have commented on the stock. Susquehanna cut their price target on shares of Seagate Technology from $925.00 to $765.00 and set a "neutral" rating for the company in a report on Wednesday, October 28th. Robert W. Baird set a $1,350.00 price objective on Seagate Technology in a research note on Wednesday, October 28th. Sanford C. Bernstein reiterated an "outperform" rating and set a $1,350.00 price target on shares of Seagate Technology in a research report on Wednesday, July 29th. Argus boosted their price objective on Seagate Technology from $750.00 to $900.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Finally, Barclays boosted their price objective on Seagate Technology from $1,000.00 to $1,250.00 and gave the stock an "overweight" rating in a report on Thursday, July 30th. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Seagate Technology currently has a consensus rating of "Moderate Buy" and an average price target of $1,000.88.

Seagate Technology Price Performance

STX stock traded down $5.54 during mid-day trading on Friday, hitting $460.99. 8,272,008 shares of the stock were exchanged, compared to its average volume of 5,627,659. The business has a fifty day moving average price of $769.59 and a 200 day moving average price of $693.82. Seagate Technology Holdings PLC has a 12 month low of $228.61 and a 12 month 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 stock has a market capitalization of $105.82 billion, a price-to-earnings ratio of 24.21 and a beta of 2.16.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its quarterly earnings data on Tuesday, October 27th. The data storage provider reported $7.68 EPS for the quarter, beating the consensus estimate of $7.44 by $0.24. The firm had revenue of $4.23 billion for the quarter, compared to analyst estimates of $4.15 billion. Seagate Technology had a return on equity of 252.47% and a net margin of 31.86%. The company's revenue was up 61.0% on a year-over-year basis. During the same period in the prior year, the company earned $2.61 EPS. On average, sell-side analysts anticipate that Seagate Technology Holdings PLC will post 37.96 EPS for the current year.

Seagate Technology Increases Dividend

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

Insider Buying and Selling at Seagate Technology

In other news, EVP Ban Teh sold 52,730 shares of the company's stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $782.08, for a total value of $41,239,078.40. Following the completion of the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Mosley sold 97,889 shares of the business's stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $772.14, for a total value of $75,584,012.46. Following the completion of the sale, the chief executive officer owned 378,108 shares of the company's stock, valued at $291,952,311.12. The trade was a 20.57% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 447,108 shares of company stock valued at $356,049,743 over the last ninety days. Insiders own 0.51% of the company's stock.

Seagate Technology 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.

Want to see what other hedge funds are holding STX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Seagate Technology Holdings PLC (NASDAQ:STX - Free Report).

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.