Gianluca Romano Sells 26,816 Shares of Seagate Technology Holdings plc (NASDAQ:STX) Stock

Seagate Technology Holdings plc (NASDAQ:STX - Get Free Report) CFO Gianluca Romano sold 26,816 shares of the business's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $117.58, for a total value of $3,153,025.28. Following the completion of the sale, the chief financial officer now directly owns 38,082 shares of the company's stock, valued at approximately $4,477,681.56. The trade was a 41.32% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Gianluca Romano also recently made the following trade(s):

• On Thursday, May 29th, Gianluca Romano sold 25,018 shares of Seagate Technology stock. The stock was sold at an average price of $117.31, for a total value of $2,934,861.58.

Seagate Technology Stock Performance

NASDAQ:STX traded up $4.08 on Tuesday, reaching $123.23. The company's stock had a trading volume of 4,833,616 shares, compared to its average volume of 3,000,469. Seagate Technology Holdings plc has a 1-year low of $63.19 and a 1-year high of $124.04. The business's 50-day moving average price is $90.78 and its two-hundred day moving average price is $93.51. The firm has a market cap of $26.15 billion, a PE ratio of 22.53 and a beta of 1.32.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, topping analysts' consensus estimates of $1.75 by $0.15. The business had revenue of $2.16 billion for 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 firm's quarterly revenue was up 30.5% on a year-over-year basis. During the same period last year, the business posted $0.33 earnings per share. As a group, sell-side analysts expect that Seagate Technology Holdings plc will post 6.83 EPS for the current year.

Seagate Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Wednesday, June 25th will be issued a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 2.34%. The ex-dividend date is Wednesday, June 25th. Seagate Technology's payout ratio is presently 41.62%.

Seagate Technology announced that its Board of Directors has initiated a share buyback plan on Thursday, May 22nd that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the data storage provider to purchase up to 21.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its shares are undervalued.

Institutional Investors Weigh In On Seagate Technology

A number of institutional investors and hedge funds have recently modified their holdings of STX. Tidal Investments LLC raised its stake in Seagate Technology by 133.1% in the fourth quarter. Tidal Investments LLC now owns 12,681 shares of the data storage provider's stock valued at $1,094,000 after buying an additional 7,240 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Seagate Technology by 9.5% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 48,834 shares of the data storage provider's stock valued at $4,215,000 after acquiring an additional 4,229 shares in the last quarter. Kingswood Wealth Advisors LLC increased its position in Seagate Technology by 87.9% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 8,578 shares of the data storage provider's stock worth $740,000 after acquiring an additional 4,014 shares during the period. Norges Bank acquired a new stake in Seagate Technology in the 4th quarter worth about $25,729,000. Finally, Asset Management One Co. Ltd. grew its position in shares of Seagate Technology by 9.9% during the 4th quarter. Asset Management One Co. Ltd. now owns 84,222 shares of the data storage provider's stock worth $7,360,000 after purchasing an additional 7,599 shares in the last quarter. 92.87% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Barclays upped their price objective on shares of Seagate Technology from $80.00 to $90.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 30th. Bank of America lifted their price objective on Seagate Technology from $125.00 to $135.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Wells Fargo & Company increased their price target on shares of Seagate Technology from $105.00 to $122.00 and gave the stock an "equal weight" rating in a research report on Friday, May 23rd. Wall Street Zen downgraded Seagate Technology from a "buy" rating to a "hold" rating in a report on Friday. Finally, BNP Paribas Exane raised 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. One analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $118.89.

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.