Seagate Technology Holdings PLC (NASDAQ:STX) CEO William D. Mosley Sells 20,000 Shares

Seagate Technology Holdings PLC (NASDAQ:STX - Get Free Report) CEO William D. Mosley sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $144.66, for a total value of $2,893,200.00. Following the transaction, the chief executive officer owned 498,710 shares in the company, valued at approximately $72,143,388.60. This represents a 3.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Seagate Technology Stock Performance

Shares of NASDAQ STX traded up $6.90 during trading on Wednesday, reaching $151.94. The stock had a trading volume of 6,702,555 shares, compared to its average volume of 3,168,685. The company has a market cap of $32.24 billion, a P/E ratio of 21.96 and a beta of 1.44. Seagate Technology Holdings PLC has a fifty-two week low of $63.19 and a fifty-two week high of $151.98. The business's 50-day moving average price is $114.14 and its 200-day moving average price is $98.19.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.75 by $0.15. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. Seagate Technology had a negative return on equity of 105.02% and a net margin of 17.49%. Seagate Technology's revenue was up 30.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.33 EPS. Analysts forecast that Seagate Technology Holdings PLC will post 6.83 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The company 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. The ex-dividend date is Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.90%. Seagate Technology's payout ratio is 41.62%.

Seagate Technology declared that its board has approved a stock repurchase plan on Thursday, May 22nd that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the data storage provider to buy up to 21.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on STX shares. Mizuho reduced their price objective on Seagate Technology from $115.00 to $95.00 and set an "outperform" rating on the stock in a research report on Thursday, April 10th. Bank of America lifted their price target on Seagate Technology from $135.00 to $145.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Morgan Stanley upped their price objective on shares of Seagate Technology from $99.00 to $140.00 and gave the company an "overweight" rating in a report on Friday, May 23rd. UBS Group lifted their target price on shares of Seagate Technology from $80.00 to $85.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 30th. Finally, BNP Paribas Exane raised shares of Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 price target for the company in a research note on Friday, May 16th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $119.42.

Hedge Funds Weigh In On Seagate Technology

Several large investors have recently bought and sold shares of the business. Capital Research Global Investors boosted its position in shares of Seagate Technology by 56.5% during the 4th quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider's stock worth $1,348,262,000 after acquiring an additional 5,640,443 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Seagate Technology by 12.9% in the first quarter. JPMorgan Chase & Co. now owns 18,920,792 shares of the data storage provider's stock valued at $1,607,321,000 after purchasing an additional 2,161,191 shares in the last quarter. Vanguard Group Inc. increased its stake in Seagate Technology by 6.9% in the fourth quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider's stock valued at $2,414,446,000 after purchasing an additional 1,814,821 shares during the last quarter. Wellington Management Group LLP raised its holdings in Seagate Technology by 3,339.4% during the first quarter. Wellington Management Group LLP now owns 933,996 shares of the data storage provider's stock worth $79,343,000 after purchasing an additional 906,840 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Seagate Technology in the 4th quarter valued at $77,341,000. Hedge funds and other institutional investors own 92.87% of the company's stock.

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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