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 Seagate Technology stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $117.31, for a total value of $2,934,861.58. Following the sale, the chief financial officer now directly owns 38,082 shares of the company's stock, valued at $4,467,399.42. This trade represents a 39.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 shares were sold at an average price of $117.58, for a total value of $3,153,025.28.

Seagate Technology Stock Up 3.4%

Shares of STX traded up $4.08 during trading hours on Tuesday, reaching $123.23. 4,833,616 shares of the company traded hands, compared to its average volume of 3,000,469. The stock has a market capitalization of $26.15 billion, a PE ratio of 22.53 and a beta of 1.32. The stock has a fifty day simple moving average of $90.78 and a 200 day simple moving average of $93.51. Seagate Technology Holdings plc has a fifty-two week low of $63.19 and a fifty-two week high of $124.04.

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

Seagate Technology declared that its Board of Directors has approved a share buyback program on Thursday, May 22nd that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the data storage provider to buy up to 21.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

Seagate Technology Announces Dividend

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 issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend is Wednesday, June 25th. Seagate Technology's payout ratio is currently 41.62%.

Wall Street Analyst Weigh In

STX has been the topic of several recent analyst reports. UBS Group increased their target price on shares of Seagate Technology from $80.00 to $85.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 30th. Wall Street Zen downgraded Seagate Technology from a "buy" rating to a "hold" rating in a research note on Friday. Wedbush restated an "outperform" rating and issued a $140.00 price objective on shares of Seagate Technology in a report on Wednesday, May 21st. BNP Paribas Exane raised shares of Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 target price for the company in a report on Friday, May 16th. Finally, Citigroup raised their price target on shares of Seagate Technology from $105.00 to $125.00 and gave the stock a "buy" rating in a research note on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Seagate Technology presently has a consensus rating of "Moderate Buy" and an average target price of $118.89.

Institutional Investors Weigh In On Seagate Technology

Large investors have recently modified their holdings of the stock. Ameriflex Group Inc. acquired a new position in shares of Seagate Technology in the 4th quarter valued at approximately $26,000. Elequin Capital LP bought a new stake in shares of Seagate Technology during the 4th quarter worth about $27,000. Fourth Dimension Wealth LLC acquired a new stake in shares of Seagate Technology in the fourth quarter valued at $27,000. Wayfinding Financial LLC bought a new stake in Seagate Technology during the first quarter worth approximately $31,000. Finally, Golden State Wealth Management LLC raised its holdings in Seagate Technology by 2,200.0% during the 1st quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider's stock worth $39,000 after buying an additional 440 shares during the period. Institutional investors and hedge funds own 92.87% of the company's stock.

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.