Swiss Life Asset Management Ltd Sells 133,711 Shares of Seagate Technology Holdings PLC $STX

Key Points

• Swiss Life Asset Management cut its Seagate Technology stake by 60.7% in the fourth quarter, selling 133,711 shares and leaving it with 86,735 shares worth about $23.9 million.
• Seagate reported better-than-expected quarterly results, with EPS of $4.10 versus $3.51 expected and revenue of $3.11 billion versus $2.96 billion expected. Revenue rose 44.1% from a year earlier.
• Analysts are increasingly bullish on the stock, with multiple firms raising price targets and the consensus rating landing at “Moderate Buy” with an average target price of $709.13.

Swiss Life Asset Management Ltd trimmed its holdings in shares of Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 60.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 86,735 shares of the data storage provider's stock after selling 133,711 shares during the quarter. Swiss Life Asset Management Ltd's holdings in Seagate Technology were worth $23,886,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Integrated Wealth Concepts LLC boosted its position in Seagate Technology by 168.0% in the 1st quarter. Integrated Wealth Concepts LLC now owns 7,177 shares of the data storage provider's stock valued at $610,000 after buying an additional 4,499 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of Seagate Technology during the second quarter worth approximately $262,000. Cerity Partners LLC raised its stake in shares of Seagate Technology by 25.8% during the second quarter. Cerity Partners LLC now owns 36,682 shares of the data storage provider's stock valued at $5,294,000 after acquiring an additional 7,517 shares in the last quarter. Sei Investments Co. boosted its holdings in shares of Seagate Technology by 64.8% in the second quarter. Sei Investments Co. now owns 8,543 shares of the data storage provider's stock valued at $1,233,000 after purchasing an additional 3,358 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Seagate Technology by 0.4% in the second quarter. The Manufacturers Life Insurance Company now owns 127,887 shares of the data storage provider's stock valued at $18,458,000 after purchasing an additional 462 shares during the period. 92.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Argus raised their price objective on Seagate Technology from $450.00 to $750.00 and gave the stock a "buy" rating in a report on Thursday, April 30th. Evercore upped their target price on Seagate Technology from $550.00 to $750.00 and gave the stock an "outperform" rating in a report on Wednesday, April 29th. BNP Paribas Exane raised their price target on Seagate Technology from $530.00 to $860.00 and gave the company an "outperform" rating in a research note on Wednesday, April 29th. The Goldman Sachs Group lifted their price objective on Seagate Technology from $385.00 to $700.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Finally, Zacks Research raised shares of Seagate Technology from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $709.13.

Seagate Technology Stock Up 6.6%

Shares of NASDAQ STX opened at $834.01 on Tuesday. The company has a current ratio of 1.33, a quick ratio of 0.85 and a debt-to-equity ratio of 3.16. The stock has a market capitalization of $187.01 billion, a PE ratio of 79.13 and a beta of 1.98. The stock's fifty day simple moving average is $492.12 and its two-hundred day simple moving average is $378.05. Seagate Technology Holdings PLC has a 12-month low of $100.00 and a 12-month high of $841.31.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The data storage provider reported $4.10 EPS for the quarter, topping the consensus estimate of $3.51 by $0.59. The firm had revenue of $3.11 billion during the quarter, compared to analyst estimates of $2.96 billion. Seagate Technology had a return on equity of 1,005.65% and a net margin of 21.60%.The business's revenue for the quarter was up 44.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.90 EPS. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. As a group, analysts expect that Seagate Technology Holdings PLC will post 14.1 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 7th. Shareholders of record on Wednesday, June 24th will be issued a $0.74 dividend. The ex-dividend date is Wednesday, June 24th. This represents a $2.96 dividend on an annualized basis and a yield of 0.4%. Seagate Technology's payout ratio is currently 28.08%.

Insiders Place Their Bets

In other news, EVP John Christopher Morris sold 5,626 shares of Seagate Technology stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $738.37, for a total value of $4,154,069.62. Following the transaction, the executive vice president owned 11,954 shares of the company's stock, valued at $8,826,474.98. The trade was a 32.00% decrease in their position. The sale was disclosed in a filing 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, CFO Gianluca Romano sold 22,488 shares of the business's stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $774.22, for a total transaction of $17,410,659.36. Following the transaction, the chief financial officer owned 42,847 shares of the company's stock, valued at approximately $33,173,004.34. This trade represents a 34.42% decrease in their position. 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. Insiders sold a total of 102,723 shares of company stock valued at $53,301,684 in the last three months. 0.79% of the stock is currently owned by insiders.

Seagate Technology Profile

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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