Zweig DiMenna Associates LLC Trims Stock Holdings in Seagate Technology Holdings PLC $STX

Key Points

• Zweig DiMenna Associates cut its Seagate Technology stake by 1.6% in the fourth quarter, but still held 75,001 shares worth about $20.7 million at the time of filing.
• Insiders have been selling shares: EVP Ban Seng Teh and CFO Gianluca Romano both disclosed recent sales, and insiders sold 142,437 shares worth about $86.1 million over the past three months.
• Seagate posted strong results and raised expectations, beating quarterly EPS and revenue estimates, while analysts turned more bullish with multiple target hikes and a consensus rating of Moderate Buy.

Zweig DiMenna Associates LLC lowered its holdings in Seagate Technology Holdings PLC (NASDAQ:STX - Free Report) by 1.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 75,001 shares of the data storage provider's stock after selling 1,224 shares during the period. Seagate Technology comprises 1.3% of Zweig DiMenna Associates LLC's portfolio, making the stock its 20th largest position. Zweig DiMenna Associates LLC's holdings in Seagate Technology were worth $20,655,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Seagate Technology by 1.6% in the third quarter. Vanguard Group Inc. now owns 28,140,287 shares of the data storage provider's stock valued at $6,642,796,000 after purchasing an additional 442,749 shares during the last quarter. State Street Corp raised its stake in Seagate Technology by 3.1% during the third quarter. State Street Corp now owns 9,276,278 shares of the data storage provider's stock valued at $2,196,420,000 after buying an additional 274,913 shares in the last quarter. WCM Investment Management LLC acquired a new stake in Seagate Technology during the third quarter valued at approximately $1,187,621,000. Geode Capital Management LLC raised its stake in Seagate Technology by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 4,896,815 shares of the data storage provider's stock valued at $1,343,683,000 after buying an additional 234,436 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in Seagate Technology by 1,072.5% during the third quarter. Arrowstreet Capital Limited Partnership now owns 2,949,512 shares of the data storage provider's stock valued at $696,262,000 after buying an additional 2,697,957 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company's stock.

Insider Buying and Selling at Seagate Technology

In other news, EVP Ban Seng Teh sold 8,003 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $817.28, for a total transaction of $6,540,691.84. Following the sale, the executive vice president directly owned 3,691 shares in the company, valued at approximately $3,016,580.48. This represents a 68.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Gianluca Romano sold 1,902 shares of the firm's stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $770.00, for a total value of $1,464,540.00. Following the completion of the sale, the chief financial officer owned 40,945 shares in the company, valued at approximately $31,527,650. This represents a 4.44% decrease in their ownership of the stock. 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. In the last three months, insiders sold 142,437 shares of company stock worth $86,093,575. Corporate insiders own 0.79% of the company's stock.

Seagate Technology Stock Down 0.1%

Shares of Seagate Technology stock opened at $879.80 on Friday. 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 business's 50 day simple moving average is $612.03 and its 200-day simple moving average is $432.02. The stock has a market capitalization of $197.28 billion, a price-to-earnings ratio of 83.47 and a beta of 1.98. Seagate Technology Holdings PLC has a twelve month low of $116.28 and a twelve month high of $905.39.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The data storage provider reported $4.10 earnings per share for the quarter, topping analysts' consensus estimates of $3.51 by $0.59. The business had revenue of $3.11 billion for the quarter, compared to analysts' expectations 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 quarterly revenue was up 44.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.90 EPS. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. Equities research analysts forecast that Seagate Technology Holdings PLC will post 14.1 earnings per share for the current year.

Seagate Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 7th. Stockholders of record on Wednesday, June 24th will be given a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Wednesday, June 24th. Seagate Technology's dividend payout ratio is presently 28.08%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on STX. Argus upped their price objective on Seagate Technology from $450.00 to $750.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. JPMorgan Chase & Co. upped their price objective on Seagate Technology from $525.00 to $775.00 and gave the company an "overweight" rating in a research note on Wednesday, April 29th. BNP Paribas Exane upped their price objective 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 upped their price objective on Seagate Technology from $385.00 to $700.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. Finally, Mizuho upped their price objective on Seagate Technology from $565.00 to $700.00 and gave the company an "outperform" rating in a research note on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $746.63.

Seagate Technology Company 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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