Seagate Technology Holdings plc (NASDAQ:STX) CFO Sells $2,934,861.58 in Stock

Seagate Technology Holdings plc (NASDAQ:STX - Get Free Report) CFO Gianluca Romano sold 25,018 shares of the business's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $117.31, for a total transaction of $2,934,861.58. Following the transaction, the chief financial officer now directly owns 38,082 shares in the company, valued at $4,467,399.42. This trade represents a 39.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Gianluca Romano also recently made the following trade(s):

• On Friday, May 30th, Gianluca Romano sold 26,816 shares of Seagate Technology stock. The stock was sold at an average price of $117.58, for a total transaction of $3,153,025.28.

Seagate Technology Stock Performance

Shares of NASDAQ:STX traded up $1.21 on Monday, hitting $119.15. The stock had a trading volume of 3,097,595 shares, compared to its average volume of 2,991,810. Seagate Technology Holdings plc has a twelve month low of $63.19 and a twelve month high of $119.73. The firm's 50 day moving average price is $90.06 and its 200-day moving average price is $93.30. The company has a market capitalization of $25.29 billion, a price-to-earnings ratio of 21.78 and a beta of 1.32.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its earnings results on Tuesday, April 29th. The data storage provider reported $1.90 EPS 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 company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the previous year, the company earned $0.33 EPS. The firm's revenue for the quarter was up 30.5% compared to the same quarter last year. As a group, sell-side analysts predict that Seagate Technology Holdings plc will post 6.83 EPS for the current year.

Seagate Technology announced that its Board of Directors has approved a stock buyback plan on Thursday, May 22nd that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the data storage provider to buy up to 21.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Seagate Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Wednesday, June 25th will be paid a $0.72 dividend. The ex-dividend date is Wednesday, June 25th. This represents a $2.88 annualized dividend and a dividend yield of 2.42%. Seagate Technology's dividend payout ratio is presently 41.62%.

Institutional Investors Weigh In On Seagate Technology

Several institutional investors and hedge funds have recently made changes to their positions in the company. Ameriflex Group Inc. bought a new position in shares of Seagate Technology in the fourth quarter worth about $26,000. Elequin Capital LP acquired a new position in shares of Seagate Technology during the fourth quarter worth approximately $27,000. Fourth Dimension Wealth LLC acquired a new position in shares of Seagate Technology during the fourth quarter worth approximately $27,000. Wayfinding Financial LLC acquired a new position in shares of Seagate Technology during the first quarter worth approximately $31,000. Finally, Golden State Wealth Management LLC lifted its position in shares of Seagate Technology by 2,200.0% during the first quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider's stock worth $39,000 after purchasing an additional 440 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on STX shares. Mizuho dropped their target price on shares of Seagate Technology from $115.00 to $95.00 and set an "outperform" rating on the stock in a research report on Thursday, April 10th. Barclays boosted 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. Bank of America boosted their target price on shares of Seagate Technology from $125.00 to $135.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Rosenblatt Securities reaffirmed a "buy" rating and set a $130.00 target price on shares of Seagate Technology in a research report on Friday, May 23rd. Finally, BNP Paribas raised shares of Seagate Technology from a "strong sell" rating to a "hold" rating in a research report on Friday, May 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $118.89.

About Seagate Technology

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.