SteelPeak Wealth LLC Buys Shares of 13,381 Seagate Technology Holdings PLC (NASDAQ:STX)

SteelPeak Wealth LLC bought a new stake in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 13,381 shares of the data storage provider's stock, valued at approximately $1,146,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in STX. Tidal Investments LLC boosted its position in shares of Seagate Technology by 133.1% in the fourth quarter. Tidal Investments LLC now owns 12,681 shares of the data storage provider's stock worth $1,094,000 after purchasing an additional 7,240 shares during the period. Amalgamated Bank boosted its position in shares of Seagate Technology by 0.8% in the first quarter. Amalgamated Bank now owns 29,964 shares of the data storage provider's stock worth $2,545,000 after purchasing an additional 243 shares during the period. Norges Bank bought a new position in shares of Seagate Technology in the fourth quarter worth approximately $25,729,000. Alps Advisors Inc. boosted its position in shares of Seagate Technology by 10.2% during the first quarter. Alps Advisors Inc. now owns 278,831 shares of the data storage provider's stock worth $23,687,000 after acquiring an additional 25,817 shares during the last quarter. Finally, Vontobel Holding Ltd. boosted its position in shares of Seagate Technology by 5.2% during the first quarter. Vontobel Holding Ltd. now owns 5,354 shares of the data storage provider's stock worth $450,000 after acquiring an additional 264 shares during the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Seagate Technology Trading Up 1.9%

Shares of STX opened at $147.18 on Friday. The company has a market cap of $31.23 billion, a P/E ratio of 21.27 and a beta of 1.45. Seagate Technology Holdings PLC has a twelve month low of $63.19 and a twelve month high of $152.16. The company's fifty day simple moving average is $124.06 and its 200-day simple moving average is $101.26.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.75 by $0.15. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. Seagate Technology had a net margin of 17.49% and a negative return on equity of 105.02%. The firm's revenue was up 30.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.33 EPS. Analysts predict that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current fiscal year.

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

Seagate Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th were paid a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend was Wednesday, June 25th. Seagate Technology's dividend payout ratio is presently 41.62%.

Insider Activity at Seagate Technology

In other Seagate Technology news, CFO Gianluca Romano sold 26,816 shares of the stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $117.58, for a total transaction of $3,153,025.28. Following the transaction, the chief financial officer directly owned 38,082 shares in the company, valued at $4,477,681.56. This represents a 41.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William D. Mosley sold 70,000 shares of the stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $109.47, for a total transaction of $7,662,900.00. Following the transaction, the chief executive officer owned 485,677 shares in the company, valued at approximately $53,167,061.19. The trade was a 12.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 393,791 shares of company stock worth $47,582,998. 0.81% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on STX shares. Barclays upped their target price on shares of Seagate Technology from $80.00 to $90.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 30th. Rosenblatt Securities restated a "buy" rating and set a $130.00 target price on shares of Seagate Technology in a research report on Friday, May 23rd. Wall Street Zen lowered shares of Seagate Technology from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Cantor Fitzgerald upped their target price on shares of Seagate Technology from $110.00 to $125.00 and gave the stock a "neutral" rating in a research report on Monday, May 19th. Finally, Morgan Stanley upped their target price on shares of Seagate Technology from $99.00 to $140.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $125.53.

Seagate Technology Company 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.

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