James Ci Lee Sells 3,509 Shares of Seagate Technology Holdings PLC (NASDAQ:STX) Stock

Key Points

• Insider James Ci Lee sold 3,509 shares of Seagate Technology at an average price of $154.74, reducing his ownership by 73.15% to just 1,288 shares.
• Seagate reported an EPS of $2.59 for the last quarter, exceeding analysts' expectations, with revenue increasing by 29.5% year-over-year.
• The company has authorized a $5 billion share buyback plan, indicating management's belief that the shares are undervalued.

Seagate Technology Holdings PLC (NASDAQ:STX - Get Free Report) insider James Ci Lee sold 3,509 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $154.74, for a total value of $542,982.66. Following the transaction, the insider directly owned 1,288 shares in the company, valued at $199,305.12. This trade represents a 73.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

James Ci Lee also recently made the following trade(s):

• On Friday, August 1st, James Ci Lee sold 1,116 shares of Seagate Technology stock. The stock was sold at an average price of $153.36, for a total transaction of $171,149.76.

Seagate Technology Stock Performance

Shares of NASDAQ STX remained flat at $154.81 during midday trading on Monday. 2,509,635 shares of the company were exchanged, compared to its average volume of 4,026,595. The firm has a market capitalization of $32.85 billion, a P/E ratio of 22.87, a price-to-earnings-growth ratio of 0.98 and a beta of 1.50. The stock's 50 day moving average is $138.28 and its 200-day moving average is $107.87. Seagate Technology Holdings PLC has a fifty-two week low of $63.19 and a fifty-two week high of $157.62.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.40 billion. Seagate Technology had a net margin of 16.15% and a negative return on equity of 169.60%. The business's revenue for the quarter was up 29.5% on a year-over-year basis. During the same quarter last year, the business earned $1.05 earnings per share. As a group, equities analysts anticipate that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current fiscal year.

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

Seagate Technology Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on STX. Wall Street Zen lowered shares of Seagate Technology from a "buy" rating to a "hold" rating in a report on Friday, May 30th. Bank of America raised 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. Susquehanna raised their price objective on Seagate Technology from $68.00 to $80.00 and gave the company a "negative" rating in a research note on Wednesday, July 30th. Barclays upped their target price on Seagate Technology from $90.00 to $125.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Finally, Citigroup raised their price target on shares of Seagate Technology from $140.00 to $170.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $151.44.

Institutional Investors Weigh In On Seagate Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. Ameriflex Group Inc. acquired a new stake in shares of Seagate Technology during the 4th quarter valued at $26,000. Elequin Capital LP purchased a new stake in shares of Seagate Technology during the fourth quarter valued at $27,000. Fourth Dimension Wealth LLC purchased a new stake in shares of Seagate Technology during the fourth quarter valued at $27,000. Harbor Asset Planning Inc. acquired a new position in shares of Seagate Technology in the 2nd quarter valued at $27,000. Finally, Wayfinding Financial LLC purchased a new position in Seagate Technology in the 1st quarter worth about $31,000. 92.87% of the stock is owned by institutional investors and hedge funds.

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.

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