Seagate Technology (NASDAQ:STX) EVP John Christopher Morris Sells 2,675 Shares of Stock

Key Points

• Seagate EVP John Christopher Morris sold 2,675 shares for about $1.74 million, reducing his direct stake by 11.33% to 20,933 shares. The sale was made under a pre-arranged Rule 10b5-1 plan.
• Seagate reported quarterly EPS of $7.68, beating the $7.44 consensus, while revenue of $4.23 billion rose 61% year over year and also topped estimates.
• The company raised its quarterly dividend from $0.74 to $0.76 per share, equivalent to $3.04 annually.

Seagate Technology Holdings PLC (NASDAQ:STX - Get Free Report) EVP John Morris sold 2,675 shares of the company's stock in a transaction dated Friday, October 30th. The stock was sold at an average price of $650.15, for a total value of $1,739,151.25. Following the completion of the sale, the executive vice president directly owned 20,933 shares of the company's stock, valued at $13,609,589.95. The trade was a 11.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Monday, September 21st, John Morris sold 9,354 shares of Seagate Technology stock. The shares were sold at an average price of $877.91, for a total value of $8,211,970.14.
• 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 value of $11,942,071.90.
• On Monday, September 14th, John Morris sold 493 shares of Seagate Technology stock. The stock was sold at an average price of $781.23, for a total value of $385,146.39.
• On Thursday, September 10th, John Morris sold 572 shares of Seagate Technology stock. The stock was 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 shares were sold at an average price of $835.54, for a total transaction of $436,987.42.

Seagate Technology Stock Up 2.1%

Shares of STX traded up $12.62 during mid-day trading on Tuesday, reaching $606.38. 4,726,788 shares of the stock traded hands, compared to its average volume of 4,481,508. The stock has a fifty day simple moving average of $793.96 and a 200 day simple moving average of $689.79. Seagate Technology Holdings PLC has a 12-month low of $228.61 and a 12-month high of $1,145.00. The company has a quick ratio of 1.17, a current ratio of 1.82 and a debt-to-equity ratio of 0.68. The firm has a market cap of $137.88 billion, a price-to-earnings ratio of 31.85 and a beta of 2.06.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its earnings results on Tuesday, October 27th. The data storage provider reported $7.68 earnings per share for the quarter, beating the consensus estimate of $7.44 by $0.24. The business had revenue of $4.23 billion during the quarter, compared to the consensus estimate of $4.15 billion. Seagate Technology had a net margin of 31.86% and a return on equity of 252.47%. The business's quarterly revenue was up 61.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.61 earnings per share. Sell-side analysts expect that Seagate Technology Holdings PLC will post 37.44 EPS for the current fiscal year.

Seagate Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 7th. Shareholders of record on Wednesday, December 23rd will be issued a $0.76 dividend. The ex-dividend date is Wednesday, December 23rd. This represents a $3.04 dividend on an annualized basis and a yield of 0.5%. This is an increase from Seagate Technology's previous quarterly dividend of $0.74. Seagate Technology's dividend payout ratio (DPR) is presently 15.55%.

Institutional Investors Weigh In On Seagate Technology

A number of institutional investors have recently modified their holdings of the business. StoneX Group Inc. grew its holdings in shares of Seagate Technology by 61.7% during the third quarter. StoneX Group Inc. now owns 1,538 shares of the data storage provider's stock valued at $1,394,000 after purchasing an additional 587 shares during the last quarter. Kornitzer Capital Management Inc. KS raised its position in shares of Seagate Technology by 23.6% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 1,885 shares of the data storage provider's stock worth $1,739,000 after purchasing an additional 360 shares during the period. Pictet Asset Management Holding SA lifted its holdings in shares of Seagate Technology by 46.4% in the 3rd quarter. Pictet Asset Management Holding SA now owns 203,667 shares of the data storage provider's stock worth $187,839,000 after purchasing an additional 64,530 shares during the last quarter. Formidable Asset Management LLC bought a new stake in shares of Seagate Technology in the 3rd quarter worth approximately $342,000. Finally, Plancorp LLC boosted its position in Seagate Technology by 42.8% during the 3rd quarter. Plancorp LLC now owns 971 shares of the data storage provider's stock valued at $896,000 after purchasing an additional 291 shares during the period. Institutional investors own 92.87% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on STX shares. Susquehanna lowered their target price on Seagate Technology from $925.00 to $765.00 and set a "neutral" rating for the company in a research note on Wednesday, October 28th. Bank of America boosted their price target on Seagate Technology from $1,150.00 to $1,200.00 and gave the stock a "buy" rating in a research note on Wednesday, October 21st. Sanford C. Bernstein reiterated an "outperform" rating and set a $1,350.00 price objective on shares of Seagate Technology in a research note on Wednesday, July 29th. Morgan Stanley cut their price objective on Seagate Technology from $1,200.00 to $1,148.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 28th. Finally, Wall Street Zen upgraded Seagate Technology from a "buy" rating to a "strong-buy" rating in a research note on Saturday, September 26th. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $1,000.88.

Trending Headlines about Seagate Technology

Here are the key news stories impacting Seagate Technology this week:

• Positive Sentiment: Seagate’s reported $1.2 billion debt paydown, strong free cash flow and higher dividend point to greater capacity for shareholder returns. The article notes that valuation remains a concern. Seagate's $1.2 Billion Debt Paydown: What Comes Next for Investors?
• Positive Sentiment: Seagate’s fiscal second-quarter outlook points to stronger revenue and earnings, supported by cloud demand, pricing and an accelerating HAMR drive rollout. Execution remains important to delivering that growth. Seagate Q2 Outlook Signals Stronger Growth as HAMR Ramp Accelerates
• Neutral Sentiment: A broader rebound in chip stocks provided a more favorable backdrop for technology shares, though the article does not identify a Seagate-specific catalyst. Micron, Nvidia, and AMD lead chip stocks' rebound
• Neutral Sentiment: A look at Seagate’s decade-long returns highlights its past outperformance, but leaves open whether AI-driven demand can sustain further gains. Seagate Was Supposed to Lose to SSDs
• Negative Sentiment: Despite stronger operating results, STX has fallen sharply over the past month. Analysts cite its rich valuation and risks around executing on growth as reasons investors may remain cautious. STX Falls as Risks Test AI Storage Momentum

About Seagate Technology

Seagate Technology Holdings plc NASDAQ: STX is a data storage company that develops and manufactures mass-capacity storage products and solutions. Its portfolio is centered on hard disk drives (HDDs) used in cloud data centers, enterprise systems, network-attached storage, video and imaging applications, and personal computers.

The company also provides storage-related services and solutions designed to help organizations store, manage, protect, and access large volumes of digital information.

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