Seagate Technology Holdings plc (NASDAQ:STX) CEO William D. Mosley Sells 50,000 Shares

Seagate Technology Holdings plc (NASDAQ:STX - Get Free Report) CEO William D. Mosley sold 50,000 shares of Seagate Technology stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $120.27, for a total value of $6,013,500.00. Following the transaction, the chief executive officer now owns 515,677 shares in the company, valued at approximately $62,020,472.79. This represents a 8.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Seagate Technology Stock Performance

Seagate Technology stock traded down $0.33 during midday trading on Friday, reaching $127.37. The stock had a trading volume of 1,907,191 shares, compared to its average volume of 3,011,767. The stock has a market capitalization of $27.03 billion, a PE ratio of 23.31 and a beta of 1.32. Seagate Technology Holdings plc has a twelve month low of $63.19 and a twelve month high of $129.95. The stock's 50-day simple moving average is $92.48 and its 200 day simple moving average is $93.96.

Seagate Technology (NASDAQ:STX - Get Free Report) last released 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. The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.14 billion. Seagate Technology had a net margin of 14.67% and a negative return on equity of 63.48%. The business's quarterly revenue was up 30.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.33 earnings per share. Equities analysts predict that Seagate Technology Holdings plc will post 6.83 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

The firm 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 dividend of $0.72 per share. The ex-dividend date of this dividend is Wednesday, June 25th. This represents a $2.88 annualized dividend and a dividend yield of 2.26%. Seagate Technology's dividend payout ratio is presently 41.62%.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in STX. Vanguard Group Inc. grew its stake in Seagate Technology by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 28,743,126 shares of the data storage provider's stock valued at $2,441,729,000 after acquiring an additional 769,009 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Seagate Technology by 12.9% in the 1st quarter. JPMorgan Chase & Co. now owns 18,920,792 shares of the data storage provider's stock valued at $1,607,321,000 after buying an additional 2,161,191 shares during the period. Sanders Capital LLC lifted its position in Seagate Technology by 1.0% in the 4th quarter. Sanders Capital LLC now owns 16,530,152 shares of the data storage provider's stock worth $1,426,717,000 after buying an additional 162,561 shares in the last quarter. Capital Research Global Investors boosted its stake in shares of Seagate Technology by 56.5% during the 4th quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider's stock valued at $1,348,262,000 after buying an additional 5,640,443 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of Seagate Technology by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 4,295,225 shares of the data storage provider's stock valued at $370,013,000 after acquiring an additional 132,713 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Cantor Fitzgerald lifted their price objective on Seagate Technology from $110.00 to $125.00 and gave the company a "neutral" rating in a research note on Monday, May 19th. Morgan Stanley lifted their price objective on shares of Seagate Technology from $99.00 to $140.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. BNP Paribas raised Seagate Technology from a "strong sell" rating to a "hold" rating in a report on Friday, May 16th. Wedbush reaffirmed an "outperform" rating and set a $140.00 price objective on shares of Seagate Technology in a research report on Wednesday, May 21st. Finally, Wall Street Zen cut shares of Seagate Technology from a "buy" rating to a "hold" rating in a research note on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $118.89.

Seagate Technology Company Profile

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.