Insider Selling: Seagate Technology (NASDAQ:STX) CEO Sells $15,405,510.30 in Stock

Key Points

• CEO William Mosley sold 18,138 Seagate shares for approximately $15.4 million, reducing his position by 5.73% to 298,483 shares.
• Seagate shares fell 6.5% to $794.65, despite the company recently beating quarterly earnings and revenue expectations; revenue rose 48.5% year over year.
• The company declared a quarterly dividend of $0.74 per share, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $986.

Seagate Technology Holdings PLC (NASDAQ:STX - Get Free Report) CEO William Mosley sold 18,138 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $849.35, for a total value of $15,405,510.30. Following the sale, the chief executive officer owned 298,483 shares of the company's stock, valued at $253,516,536.05. This trade represents a 5.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Seagate Technology Trading Down 6.5%

Shares of Seagate Technology stock traded down $55.35 on Monday, reaching $794.65. 3,203,008 shares of the company were exchanged, compared to its average volume of 4,427,493. The stock has a fifty day moving average price of $893.23 and a 200-day moving average price of $683.35. The firm has a market capitalization of $180.11 billion, a price-to-earnings ratio of 57.25 and a beta of 2.06. The company has a current ratio of 1.67, a quick ratio of 1.17 and a debt-to-equity ratio of 1.56. Seagate Technology Holdings PLC has a fifty-two week low of $158.68 and a fifty-two week high of $1,145.00.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The data storage provider reported $5.71 earnings per share for the quarter, beating analysts' consensus estimates of $5.10 by $0.61. The business had revenue of $3.63 billion during the quarter, compared to analyst estimates of $3.50 billion. Seagate Technology had a return on equity of 369.98% and a net margin of 26.11%.Seagate Technology's revenue for the quarter was up 48.5% on a year-over-year basis. During the same quarter last year, the company posted $2.59 EPS. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. On average, analysts expect that Seagate Technology Holdings PLC will post 34.42 EPS for the current year.

Seagate Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 7th. Shareholders of record on Thursday, September 24th will be paid a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Thursday, September 24th. Seagate Technology's payout ratio is 21.33%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of STX. California State Teachers Retirement System boosted its stake in shares of Seagate Technology by 102,975.8% during the 2nd quarter. California State Teachers Retirement System now owns 316,744,845 shares of the data storage provider's stock worth $305,658,775,000 after acquiring an additional 316,437,552 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Seagate Technology by 2,655.9% in the 2nd quarter. Wellington Management Group LLP now owns 2,414,136 shares of the data storage provider's stock valued at $2,329,641,000 after acquiring an additional 2,326,538 shares in the last quarter. Norges Bank acquired a new stake in Seagate Technology in the 4th quarter worth approximately $498,363,000. Soroban Capital Partners LP boosted its position in Seagate Technology by 1,468.1% during the second quarter. Soroban Capital Partners LP now owns 1,417,600 shares of the data storage provider's stock worth $204,602,000 after purchasing an additional 1,327,197 shares during the period. Finally, Janus Henderson Group PLC grew its holdings in Seagate Technology by 3,872.1% during the first quarter. Janus Henderson Group PLC now owns 967,528 shares of the data storage provider's stock valued at $378,985,000 after purchasing an additional 943,170 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Wall Street Zen downgraded Seagate Technology from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 15th. Susquehanna raised their price objective on Seagate Technology from $775.00 to $875.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 29th. Wedbush lifted their target price on Seagate Technology from $825.00 to $1,000.00 and gave the company an "outperform" rating in a research note on Wednesday, July 29th. Weiss Ratings reissued a "buy (b)" rating on shares of Seagate Technology in a research report on Wednesday, June 24th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $1,300.00 price target on shares of Seagate Technology in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, Seagate Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $986.00.

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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