Seagate Technology Holdings plc (NASDAQ:STX) Director Michael R. Cannon Sells 24,190 Shares

Seagate Technology Holdings plc (NASDAQ:STX - Get Free Report) Director Michael R. Cannon sold 24,190 shares of Seagate Technology stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $119.00, for a total value of $2,878,610.00. Following the sale, the director now directly owns 10,835 shares of the company's stock, valued at approximately $1,289,365. The trade was a 69.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Seagate Technology Stock Performance

Shares of NASDAQ:STX traded down $0.73 during midday trading on Friday, hitting $126.97. The company's stock had a trading volume of 4,374,657 shares, compared to its average volume of 3,021,177. The stock's 50 day simple moving average is $92.48 and its 200 day simple moving average is $93.96. The stock has a market capitalization of $26.95 billion, a price-to-earnings ratio of 23.21 and a beta of 1.32. Seagate Technology Holdings plc has a fifty-two week low of $63.19 and a fifty-two week high of $129.95.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.75 by $0.15. The firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.14 billion. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The firm's revenue for the quarter was up 30.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.33 EPS. As a group, analysts anticipate that Seagate Technology Holdings plc will post 6.83 EPS for the current year.

Seagate Technology announced that its Board of Directors has initiated a stock repurchase program on Thursday, May 22nd that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the data storage provider to buy up to 21.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Seagate Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Wednesday, June 25th will be given a $0.72 dividend. The ex-dividend date of this dividend is Wednesday, June 25th. This represents a $2.88 annualized dividend and a dividend yield of 2.27%. Seagate Technology's dividend payout ratio is 41.62%.

Hedge Funds Weigh In On Seagate Technology

A number of institutional investors and hedge funds have recently bought and sold shares of STX. Spire Wealth Management grew its position in Seagate Technology by 5.6% in the 4th quarter. Spire Wealth Management now owns 2,430 shares of the data storage provider's stock worth $210,000 after purchasing an additional 129 shares during the last quarter. CENTRAL TRUST Co raised its position in shares of Seagate Technology by 110.7% during the fourth quarter. CENTRAL TRUST Co now owns 948 shares of the data storage provider's stock valued at $82,000 after buying an additional 498 shares during the last quarter. Yousif Capital Management LLC lifted its stake in shares of Seagate Technology by 0.4% in the fourth quarter. Yousif Capital Management LLC now owns 27,594 shares of the data storage provider's stock valued at $2,382,000 after buying an additional 121 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in Seagate Technology by 37.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,150 shares of the data storage provider's stock worth $1,760,000 after buying an additional 5,527 shares in the last quarter. Finally, Optimist Retirement Group LLC grew its position in Seagate Technology by 16.1% during the fourth quarter. Optimist Retirement Group LLC now owns 2,640 shares of the data storage provider's stock worth $228,000 after buying an additional 367 shares in the last quarter. Institutional investors own 92.87% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on STX shares. Cantor Fitzgerald raised their price target on Seagate Technology from $110.00 to $125.00 and gave the stock a "neutral" rating in a research note on Monday, May 19th. Wedbush reaffirmed an "outperform" rating and set a $140.00 price objective on shares of Seagate Technology in a research report on Wednesday, May 21st. Wall Street Zen cut shares of Seagate Technology from a "buy" rating to a "hold" rating in a research note on Friday, May 30th. Wells Fargo & Company increased their price target on shares of Seagate Technology from $105.00 to $122.00 and gave the stock an "equal weight" rating in a research note on Friday, May 23rd. Finally, Morgan Stanley raised their price target 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. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $118.89.

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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