Vident Advisory LLC Acquires 2,432 Shares of Seagate Technology Holdings plc (NASDAQ:STX)

Vident Advisory LLC raised its stake in shares of Seagate Technology Holdings plc (NASDAQ:STX - Free Report) by 39.6% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,571 shares of the data storage provider's stock after purchasing an additional 2,432 shares during the period. Vident Advisory LLC's holdings in Seagate Technology were worth $740,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Capital Research Global Investors increased its stake in Seagate Technology by 56.5% in the 4th quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider's stock worth $1,348,262,000 after acquiring an additional 5,640,443 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Seagate Technology by 6.9% in the 4th quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider's stock worth $2,414,446,000 after buying an additional 1,814,821 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Seagate Technology in the 4th quarter worth about $77,341,000. Junto Capital Management LP purchased a new stake in shares of Seagate Technology during the 4th quarter valued at about $60,303,000. Finally, Janus Henderson Group PLC lifted its holdings in shares of Seagate Technology by 2,853.4% in the 4th quarter. Janus Henderson Group PLC now owns 670,976 shares of the data storage provider's stock valued at $57,925,000 after acquiring an additional 648,257 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company's stock.

Insider Activity

In related news, CEO William D. Mosley sold 20,000 shares of the firm's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $84.56, for a total value of $1,691,200.00. Following the transaction, the chief executive officer now owns 555,677 shares in the company, valued at $46,988,047.12. This trade represents a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kian Fatt Chong sold 6,410 shares of the stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $111.26, for a total value of $713,176.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 106,856 shares of company stock worth $11,202,861. 0.81% of the stock is currently owned by corporate insiders.

Seagate Technology Stock Up 0.2%

Shares of STX traded up $0.29 during trading hours on Wednesday, reaching $117.34. The company's stock had a trading volume of 4,090,122 shares, compared to its average volume of 2,990,497. Seagate Technology Holdings plc has a 1-year low of $63.19 and a 1-year high of $118.86. The firm has a market cap of $24.90 billion, a price-to-earnings ratio of 21.45 and a beta of 1.32. The company has a 50 day moving average of $88.25 and a two-hundred day moving average of $92.97.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.75 by $0.15. Seagate Technology had a net margin of 14.67% and a negative return on equity of 63.48%. The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.14 billion. During the same quarter last year, the firm earned $0.33 earnings per share. The company's revenue for the quarter was up 30.5% on a year-over-year basis. As a group, analysts forecast that Seagate Technology Holdings plc will post 6.83 EPS for the current fiscal year.

Seagate Technology declared that its board has authorized a stock buyback program on Thursday, May 22nd that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the data storage provider to purchase up to 21.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its stock is undervalued.

Seagate Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 2.45%. The ex-dividend date is Wednesday, June 25th. Seagate Technology's payout ratio is currently 41.62%.

Analyst Upgrades and Downgrades

STX has been the subject of a number of research analyst reports. UBS Group raised their price target on Seagate Technology from $80.00 to $85.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 30th. Wells Fargo & Company upped their target price on Seagate Technology from $105.00 to $122.00 and gave the company an "equal weight" rating in a research report on Friday, May 23rd. Citigroup raised their target price on Seagate Technology from $105.00 to $125.00 and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Morgan Stanley upped their price objective on Seagate Technology from $99.00 to $140.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. Finally, Wedbush restated an "outperform" rating and issued a $140.00 price target on shares of Seagate Technology in a research note on Wednesday, May 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Seagate Technology currently has an average rating of "Moderate Buy" and a consensus target price of $118.89.

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.