Insider Selling: Seagate Technology Holdings PLC (NASDAQ:STX) EVP Sells 5,905 Shares of Stock

Key Points

• Ban Seng Teh, the Executive Vice President of Seagate Technology, sold 5,905 shares at an average price of $155.00, resulting in a total transaction value of $915,275, and a 49% decrease in his ownership of the stock.
• Seagate Technology reported $2.59 EPS for the latest quarter, surpassing analysts' estimates, and saw a 29.5% increase in revenue compared to the same quarter last year.
• The company announced a quarterly dividend of $0.72, equating to a projected annualized dividend of $2.88 and a yield of 1.9%, to be paid on October 9th.

Seagate Technology Holdings PLC (NASDAQ:STX - Get Free Report) EVP Ban Seng Teh sold 5,905 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $155.00, for a total value of $915,275.00. Following the transaction, the executive vice president directly owned 6,147 shares in the company, valued at approximately $952,785. This represents a 49.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

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

• 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 transaction 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 transaction 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 transaction 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 transaction of $483,115.00.

Seagate Technology Price Performance

Shares of NASDAQ:STX remained flat at $154.81 during trading on Monday. 2,509,635 shares of the company were exchanged, compared to its average volume of 4,026,595. Seagate Technology Holdings PLC has a 1 year low of $63.19 and a 1 year high of $157.62. The company's 50 day moving average price is $138.28 and its 200 day moving average price is $107.87. The stock has a market cap of $32.85 billion, a PE ratio of 22.87, a PEG ratio of 0.98 and a beta of 1.50.

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

Seagate Technology announced that its board has authorized a share buyback program 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 programs are often a sign that the company's board of directors believes its stock is undervalued.

Seagate Technology Announces Dividend

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

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. BNP Paribas upgraded shares of Seagate Technology from a "strong sell" rating to a "hold" rating in a report on Friday, May 16th. The Goldman Sachs Group assumed coverage on shares of Seagate Technology in a report on Thursday, July 10th. They issued a "buy" rating and a $170.00 price objective for the company. TD Cowen boosted their price objective on shares of Seagate Technology from $135.00 to $175.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Wells Fargo & Company boosted their price objective on shares of Seagate Technology from $122.00 to $160.00 and gave the stock an "equal weight" rating in a report on Thursday, July 17th. Finally, Robert W. Baird boosted their price objective on shares of Seagate Technology from $120.00 to $188.00 and gave the stock an "outperform" rating in a report on Wednesday, July 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 stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $151.44.

Institutional Trading of Seagate Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in STX. American Century Companies Inc. increased its position in shares of Seagate Technology by 0.9% during the fourth quarter. American Century Companies Inc. now owns 29,099 shares of the data storage provider's stock worth $2,512,000 after acquiring an additional 246 shares during the period. Norges Bank purchased a new stake in shares of Seagate Technology during the 4th quarter valued at $25,729,000. World Investment Advisors increased its holdings in shares of Seagate Technology by 77.0% during the fourth quarter. World Investment Advisors now owns 3,510 shares of the data storage provider's stock valued at $303,000 after acquiring an additional 1,527 shares in the last quarter. Wells Fargo & Company MN lifted its stake in shares of Seagate Technology by 4.4% during the fourth quarter. Wells Fargo & Company MN now owns 996,394 shares of the data storage provider's stock worth $85,999,000 after buying an additional 41,567 shares during the period. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Seagate Technology during the fourth quarter worth $820,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

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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