John Christopher Morris Sells 9,354 Shares of Seagate Technology (NASDAQ:STX) Stock

Key Points

• Seagate EVP John Christopher Morris sold 9,354 shares for approximately $8.21 million under a pre-arranged Rule 10b5-1 plan, reducing his direct ownership by 29.19% to 22,693 shares. He has also sold additional shares in several recent transactions.
• Seagate shares rose 4.8% to $919.84, while the company reported quarterly EPS of $5.71 and revenue of $3.63 billion, exceeding analyst expectations and reflecting 48.5% year-over-year revenue growth.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $986, and Seagate declared a quarterly dividend of $0.74 per share, equivalent to a 0.3% annualized yield.

Seagate Technology Holdings PLC (NASDAQ:STX - Get Free Report) EVP John Morris sold 9,354 shares of the firm's stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $877.91, for a total transaction of $8,211,970.14. Following the completion of the transaction, the executive vice president directly owned 22,693 shares in the company, valued at $19,922,411.63. This represents a 29.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

John Christopher Morris also recently made the following trade(s):

• On Tuesday, September 15th, John Morris sold 15,466 shares of Seagate Technology stock. The shares were sold at an average price of $772.15, for a total transaction of $11,942,071.90.
• On Monday, September 14th, John Morris sold 493 shares of Seagate Technology stock. The shares were sold at an average price of $781.23, for a total transaction of $385,146.39.
• On Thursday, September 10th, John Morris sold 572 shares of Seagate Technology stock. The shares were sold at an average price of $862.13, for a total value of $493,138.36.
• On Friday, August 21st, John Morris sold 3,516 shares of Seagate Technology stock. The stock was sold at an average price of $849.35, for a total value of $2,986,314.60.
• On Thursday, August 20th, John Morris sold 523 shares of Seagate Technology stock. The stock was sold at an average price of $835.54, for a total transaction of $436,987.42.
• On Monday, August 3rd, John Morris sold 168 shares of Seagate Technology stock. The stock was sold at an average price of $817.76, for a total transaction of $137,383.68.

Seagate Technology Stock Up 4.8%

Shares of NASDAQ STX traded up $42.51 during mid-day trading on Tuesday, reaching $919.84. The company had a trading volume of 5,266,265 shares, compared to its average volume of 4,356,078. The firm has a 50 day simple moving average of $842.44 and a two-hundred day simple moving average of $745.49. 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 52-week low of $209.00 and a 52-week high of $1,145.00. The stock has a market cap of $209.16 billion, a P/E ratio of 66.27 and a beta of 2.06.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The data storage provider reported $5.71 EPS for the quarter, beating analysts' consensus estimates of $5.10 by $0.61. Seagate Technology had a net margin of 26.11% and a return on equity of 369.98%. The company had revenue of $3.63 billion for the quarter, compared to analyst estimates of $3.50 billion. During the same period in the previous year, the business posted $2.59 earnings per share. Seagate Technology's quarterly revenue was up 48.5% on a year-over-year basis. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. Sell-side analysts predict that Seagate Technology Holdings PLC will post 35.7 earnings per share for the current year.

Seagate Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Investors of record on Thursday, September 24th will be given a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Thursday, September 24th. Seagate Technology's dividend payout ratio (DPR) is currently 21.33%.

Hedge Funds Weigh In On Seagate Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. NewEdge Advisors LLC lifted its position in Seagate Technology by 85.9% during the 1st quarter. NewEdge Advisors LLC now owns 22,046 shares of the data storage provider's stock worth $8,637,000 after buying an additional 10,190 shares in the last quarter. USA Financial Formulas acquired a new stake in shares of Seagate Technology in the first quarter valued at approximately $1,328,000. Financial Insights Inc. bought a new position in Seagate Technology in the 2nd quarter worth approximately $706,000. UNICOM Systems Inc. raised its position in Seagate Technology by 18.2% in the 2nd quarter. UNICOM Systems Inc. now owns 43,500 shares of the data storage provider's stock worth $41,978,000 after purchasing an additional 6,700 shares during the last quarter. Finally, Contravisory Investment Management Inc. lifted its holdings in Seagate Technology by 590.3% during the 2nd quarter. Contravisory Investment Management Inc. now owns 1,774 shares of the data storage provider's stock worth $1,712,000 after buying an additional 1,517 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on STX shares. Sanford C. Bernstein reissued an "outperform" rating and set a $1,350.00 price target on shares of Seagate Technology in a research report on Wednesday, July 29th. Mizuho raised their target price on shares of Seagate Technology from $875.00 to $1,090.00 and gave the stock an "outperform" rating in a report on Monday, June 8th. Rosenblatt Securities raised their price target on shares of Seagate Technology from $1,300.00 to $1,400.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Melius Research assumed coverage on shares of Seagate Technology in a report on Monday, June 29th. They issued a "buy" rating and a $1,600.00 price objective for the company. Finally, Morgan Stanley lifted their price objective on shares of Seagate Technology from $1,035.00 to $1,187.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $986.00.

About Seagate Technology

Seagate Technology Holdings plc is a data storage technology company that develops and manufactures mass-capacity storage solutions for businesses and consumers. Its product portfolio is centered on hard disk drives (HDDs), which are used in cloud data centers, enterprise systems, network-attached storage, video and imaging applications, and personal computing.

The company also offers solid-state drives (SSDs), external storage products, storage systems, and related data-management and recovery services.

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