Insider Selling: Seagate Technology Holdings PLC (NASDAQ:STX) EVP Sells 1,724 Shares of Stock

Key Points

• Ban Seng Teh, EVP of Seagate Technology, recently sold 1,724 shares at an average price of $151.61, reducing his holdings by 21.90% to 6,147 shares remaining.
• Seagate Technology announced a quarterly dividend of $0.72 per share, with a yield of 1.9%, payable on October 9th.
• The company reported a 29.5% increase in revenue year-over-year, with earnings per share of $2.59, surpassing analysts' expectations of $2.45.

Seagate Technology Holdings PLC (NASDAQ:STX - Get Free Report) EVP Ban Seng Teh sold 1,724 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $151.61, for a total value of $261,375.64. Following the sale, the executive vice president owned 6,147 shares in the company, valued at approximately $931,946.67. This represents a 21.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Ban Seng Teh also recently made the following trade(s):

• On Friday, August 1st, Ban Seng Teh sold 5,905 shares of Seagate Technology stock. The stock was sold at an average price of $155.00, for a total value of $915,275.00.
• On Friday, July 11th, Ban Seng Teh sold 1,725 shares of Seagate Technology stock. The stock was sold at an average price of $144.00, for a total value of $248,400.00.
• On Monday, June 16th, Ban Seng Teh sold 599 shares of Seagate Technology stock. The stock was sold at an average price of $130.00, for a total value of $77,870.00.
• On Monday, June 9th, Ban Seng Teh sold 3,594 shares of Seagate Technology stock. The stock was sold at an average price of $130.00, for a total value of $467,220.00.
• On Wednesday, June 4th, Ban Seng Teh sold 63,418 shares of Seagate Technology stock. The stock was sold at an average price of $125.00, for a total value of $7,927,250.00.
• On Tuesday, June 3rd, Ban Seng Teh sold 11,309 shares of Seagate Technology stock. The stock was sold at an average price of $120.00, for a total value of $1,357,080.00.
• On Tuesday, May 27th, Ban Seng Teh sold 4,201 shares of Seagate Technology stock. The stock was sold at an average price of $115.00, for a total value of $483,115.00.

Seagate Technology Trading Up 2.6%

Shares of NASDAQ:STX traded up $3.90 on Tuesday, reaching $155.59. 2,361,646 shares of the company traded hands, compared to its average volume of 3,966,424. The business's 50-day simple moving average is $142.97 and its 200 day simple moving average is $110.17. Seagate Technology Holdings PLC has a 52 week low of $63.19 and a 52 week high of $158.00. The stock has a market capitalization of $33.09 billion, a P/E ratio of 20.98, a price-to-earnings-growth ratio of 0.96 and a beta of 1.50.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The data storage provider reported $2.59 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.45 by $0.14. Seagate Technology had a negative return on equity of 169.60% and a net margin of 16.15%. The firm had revenue of $2.44 billion for the quarter, compared to analysts' expectations of $2.40 billion. During the same period last year, the firm earned $1.05 earnings per share. The company's revenue for the quarter was up 29.5% compared to the same quarter last year. Sell-side analysts expect that Seagate Technology Holdings PLC will post 6.83 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Tuesday, September 30th. Seagate Technology's dividend payout ratio is currently 42.54%.

Seagate Technology announced that its board has authorized a share buyback program on Thursday, May 22nd that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the data storage provider to purchase up to 21.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its stock is undervalued.

Institutional Trading of Seagate Technology

A number of institutional investors have recently modified their holdings of STX. Raymond James Financial Inc. purchased a new stake in shares of Seagate Technology during the fourth quarter worth about $22,961,000. Rockefeller Capital Management L.P. lifted its holdings in Seagate Technology by 2.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 11,583 shares of the data storage provider's stock worth $1,000,000 after buying an additional 269 shares during the period. Townsquare Capital LLC lifted its holdings in Seagate Technology by 5.7% in the fourth quarter. Townsquare Capital LLC now owns 4,743 shares of the data storage provider's stock worth $409,000 after buying an additional 257 shares during the period. SageView Advisory Group LLC lifted its holdings in Seagate Technology by 20.4% in the fourth quarter. SageView Advisory Group LLC now owns 2,867 shares of the data storage provider's stock worth $247,000 after buying an additional 486 shares during the period. Finally, Mariner LLC lifted its holdings in Seagate Technology by 3.0% in the fourth quarter. Mariner LLC now owns 42,226 shares of the data storage provider's stock worth $3,645,000 after buying an additional 1,238 shares during the period. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Cantor Fitzgerald upgraded Seagate Technology from a "neutral" rating to an "overweight" rating and set a $175.00 price objective on the stock in a research report on Wednesday, July 30th. Morgan Stanley increased their target price on Seagate Technology from $167.00 to $168.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Bank of America increased their target price on Seagate Technology from $145.00 to $165.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Rosenblatt Securities increased their target price on Seagate Technology from $185.00 to $200.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Finally, Wall Street Zen cut Seagate Technology from a "buy" rating to a "hold" rating in a research note on Friday, May 30th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $151.44.

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.

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