USA Financial Formulas Buys New Holdings in Seagate Technology Holdings PLC $STX

Key Points

• USA Financial Formulas initiated a Seagate Technology position worth approximately $1.49 million, while institutional investors collectively own 92.87% of the company.
• Analysts maintain a “Moderate Buy” consensus, with 22 Buy ratings and five Holds; the average price target is $973.40, despite recent target reductions and market volatility.
• Seagate exceeded quarterly expectations with $5.71 in EPS and $3.63 billion in revenue, but the stock was trading down 7.5% and insiders sold roughly $378.8 million in shares during the last quarter.

USA Financial Formulas bought a new position in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 1,617 shares of the data storage provider's stock, valued at approximately $1,491,000. Seagate Technology comprises 0.3% of USA Financial Formulas' investment portfolio, making the stock its 24th largest position.

Other hedge funds also recently made changes to their positions in the company. NewEdge Advisors LLC increased its position in Seagate Technology by 85.9% during the 1st quarter. NewEdge Advisors LLC now owns 22,046 shares of the data storage provider's stock valued at $8,637,000 after purchasing an additional 10,190 shares during the period. UNICOM Systems Inc. raised its holdings in Seagate Technology by 18.2% in the 2nd quarter. UNICOM Systems Inc. now owns 43,500 shares of the data storage provider's stock worth $41,978,000 after purchasing an additional 6,700 shares in the last quarter. Financial Insights Inc. bought a new position in Seagate Technology in the 2nd quarter worth $706,000. Silverleafe Capital Partners LLC bought a new position in Seagate Technology in the 3rd quarter worth $820,000. Finally, Contravisory Investment Management Inc. raised its holdings in Seagate Technology by 590.3% in the 2nd quarter. Contravisory Investment Management Inc. now owns 1,774 shares of the data storage provider's stock worth $1,712,000 after purchasing an additional 1,517 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Rosenblatt Securities raised their target price on shares of Seagate Technology from $1,300.00 to $1,400.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. Bank of America boosted their price target on shares of Seagate Technology from $1,000.00 to $1,150.00 and gave the company a "buy" rating in a research report on Wednesday, July 1st. Wedbush boosted their price target on shares of Seagate Technology from $825.00 to $1,000.00 and gave the company an "outperform" rating in a research report on Wednesday, July 29th. Sanford C. Bernstein reissued an "outperform" rating and issued a $1,350.00 price target on shares of Seagate Technology in a research note on Wednesday, July 29th. Finally, Susquehanna raised their price objective on shares of Seagate Technology from $775.00 to $875.00 and gave the stock a "neutral" rating in a report on Wednesday, July 29th. Twenty-two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $973.40.

Seagate Technology Trading Down 7.5%

NASDAQ STX opened at $639.01 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.67 and a debt-to-equity ratio of 1.56. Seagate Technology Holdings PLC has a twelve month low of $209.00 and a twelve month high of $1,145.00. The firm has a market capitalization of $145.30 billion, a PE ratio of 46.04 and a beta of 2.06. The stock's 50 day moving average is $842.38 and its 200 day moving average is $801.46.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The data storage provider reported $5.71 earnings per share for the quarter, topping the consensus estimate of $5.10 by $0.61. The company had revenue of $3.63 billion for the quarter, compared to analysts' expectations of $3.50 billion. Seagate Technology had a return on equity of 369.98% and a net margin of 26.11%. The firm's revenue for the quarter was up 48.5% on a year-over-year basis. During the same period in the prior year, the firm earned $2.59 earnings per share. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. Research analysts forecast that Seagate Technology Holdings PLC will post 35.70 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 7th. Stockholders of record on Thursday, September 24th were issued a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Thursday, September 24th. Seagate Technology's payout ratio is 21.33%.

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 dated 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 sale, the executive vice president directly owned 5,810 shares of the company's stock, valued at $4,543,884.80. This represents a 90.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William D. Mosley sold 11,002 shares of the company's stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $935.60, for a total transaction of $10,293,471.20. Following the completion of the sale, the chief executive officer directly owned 362,108 shares in the company, valued at $338,788,244.80. This represents a 2.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 466,959 shares of company stock worth $378,840,741. Corporate insiders own 0.51% of the company's stock.

Key Seagate Technology News

Here are the key news stories impacting Seagate Technology this week:

• Positive Sentiment: Wells Fargo lowered its price target to $865 from $1,180 but retained an “overweight” rating, implying substantial upside from current levels. The reduced target reflects a more cautious outlook, while the continued bullish rating suggests analysts believe market fears have become overdone. Seagate and Western Digital Stocks Have Tanked on Toshiba Fears. Wells Fargo Is Still Bullish.
• Positive Sentiment: Seagate’s 44TB Mozaic 4 drives could support further gross-margin expansion through higher storage density, improved cost efficiency and strong cloud-storage demand. This strengthens the potential earnings benefit from artificial-intelligence-related data growth. Can Seagate's 44TB Mozaic 4 Drives Lift Gross Margins Further?
• Positive Sentiment: Despite the sector selloff, commentary points to a potentially long runway for data-storage demand as cloud providers and AI systems require increasing capacity. Seagate Could Have a Long Runway as Data Storage Demand Explodes
• Neutral Sentiment: The Wells Fargo target reduction highlights greater uncertainty around industry pricing, competition and the pace of AI-related spending, even though the firm sees an attractive risk-reward profile.
• Negative Sentiment: Investors remain concerned that Toshiba-related developments and rising competition could pressure Seagate and Western Digital, while a broader technology and AI-trade selloff is adding to the sector’s volatility. These fears are the main drivers weighing on STX today. WDC, STX Stocks Headed For Third Straight Weekly Loss

Seagate Technology Profile

Seagate Technology Holdings plc NASDAQ: STX is a data storage company that develops and manufactures mass-capacity storage products and solutions. Its portfolio is centered on hard disk drives (HDDs) used in cloud data centers, enterprise systems, network-attached storage, video and imaging applications, and personal computers.

The company also provides storage-related services and solutions designed to help organizations store, manage, protect, and access large volumes of digital information.

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