Seagate Technology (NASDAQ:STX) Shares Gap Down to $96.81

Seagate Technology Holdings plc (NASDAQ:STX - Get Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $96.81, but opened at $93.72. Seagate Technology shares last traded at $94.07, with a volume of 616,977 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Rosenblatt Securities upped their price objective on shares of Seagate Technology from $100.00 to $115.00 and gave the stock a "buy" rating in a report on Thursday, January 25th. Wedbush raised Seagate Technology from a "neutral" rating to an "outperform" rating and set a $100.00 price objective on the stock in a research note on Wednesday, May 1st. Barclays decreased their target price on Seagate Technology from $85.00 to $80.00 and set an "equal weight" rating for the company in a research report on Monday, April 22nd. Wells Fargo & Company lifted their price target on shares of Seagate Technology from $80.00 to $90.00 and gave the company an "equal weight" rating in a research report on Thursday, February 1st. Finally, Evercore ISI began coverage on shares of Seagate Technology in a report on Tuesday, February 27th. They set an "outperform" rating and a $110.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Seagate Technology currently has an average rating of "Hold" and an average target price of $95.50.

Seagate Technology Trading Down 3.3 %

The firm has a market cap of $19.66 billion, a P/E ratio of -72.56, a price-to-earnings-growth ratio of 194.89 and a beta of 1.06. The company's fifty day moving average price is $89.29 and its two-hundred day moving average price is $85.80.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its quarterly earnings data on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the prior year, the company posted ($0.43) earnings per share. Seagate Technology's quarterly revenue was down 11.0% compared to the same quarter last year. On average, analysts predict that Seagate Technology Holdings plc will post 0.4 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 20th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.99%. Seagate Technology's dividend payout ratio (DPR) is presently -217.05%.

Insider Buying and Selling

In other news, SVP John Christopher Morris sold 11,158 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the sale, the senior vice president now directly owns 17,767 shares of the company's stock, valued at $1,599,030. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Ban Seng Teh sold 9,703 shares of the firm's stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $95.00, for a total value of $921,785.00. Following the transaction, the executive vice president now owns 15,185 shares of the company's stock, valued at approximately $1,442,575. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John Christopher Morris sold 11,158 shares of the business's stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the sale, the senior vice president now directly owns 17,767 shares of the company's stock, valued at $1,599,030. The disclosure for this sale can be found here. 0.89% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Allworth Financial LP grew its stake in Seagate Technology by 26.8% in the third quarter. Allworth Financial LP now owns 1,491 shares of the data storage provider's stock valued at $98,000 after acquiring an additional 315 shares during the period. Teacher Retirement System of Texas increased its stake in Seagate Technology by 2.8% during the 3rd quarter. Teacher Retirement System of Texas now owns 14,438 shares of the data storage provider's stock worth $952,000 after purchasing an additional 387 shares in the last quarter. New Mexico Educational Retirement Board raised its holdings in Seagate Technology by 7.5% during the 3rd quarter. New Mexico Educational Retirement Board now owns 10,050 shares of the data storage provider's stock worth $663,000 after buying an additional 700 shares during the period. M&T Bank Corp lifted its stake in Seagate Technology by 6.0% in the third quarter. M&T Bank Corp now owns 10,303 shares of the data storage provider's stock valued at $679,000 after buying an additional 585 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its holdings in shares of Seagate Technology by 31.5% in the third quarter. Nisa Investment Advisors LLC now owns 34,213 shares of the data storage provider's stock valued at $2,256,000 after buying an additional 8,200 shares during the period. Institutional investors and hedge funds own 92.87% of the company's stock.

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.