Insider Selling: Seagate Technology Holdings plc (NASDAQ:STX) Director Sells 750 Shares of Stock

Seagate Technology Holdings plc (NASDAQ:STX - Get Free Report) Director Yolanda Lee Conyers sold 750 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $117.01, for a total transaction of $87,757.50. Following the completion of the transaction, the director now directly owns 5,055 shares in the company, valued at $591,485.55. This represents a 12.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Seagate Technology Price Performance

NASDAQ:STX traded down $0.28 during trading hours on Friday, hitting $127.42. 1,907,191 shares of the company were exchanged, compared to its average volume of 3,011,767. Seagate Technology Holdings plc has a 52-week low of $63.19 and a 52-week high of $129.95. The stock has a market capitalization of $27.04 billion, a price-to-earnings ratio of 23.31 and a beta of 1.32. The company's 50 day moving average price is $92.48 and its 200-day moving average price is $93.96.

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

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

Seagate Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Wednesday, June 25th will be paid a dividend of $0.72 per share. The ex-dividend date is Wednesday, June 25th. This represents a $2.88 annualized dividend and a yield of 2.26%. Seagate Technology's payout ratio is presently 41.62%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on STX shares. Citigroup lifted their target price on Seagate Technology from $105.00 to $125.00 and gave the company a "buy" rating in a research report on Tuesday, May 20th. Bank of America lifted their price objective on Seagate Technology from $125.00 to $135.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Rosenblatt Securities reiterated a "buy" rating and set a $130.00 target price on shares of Seagate Technology in a report on Friday, May 23rd. Barclays boosted their price target on shares of Seagate Technology from $80.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, April 30th. Finally, Wall Street Zen downgraded shares of Seagate Technology from a "buy" rating to a "hold" rating in a research note on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Seagate Technology has an average rating of "Moderate Buy" and a consensus target price of $118.89.

Institutional Investors Weigh In On Seagate Technology

A number of institutional investors and hedge funds have recently modified their holdings of the company. MBB Public Markets I LLC purchased a new position in Seagate Technology during the 1st quarter worth approximately $300,000. United Services Automobile Association purchased a new position in shares of Seagate Technology during the first quarter worth $385,000. Meiji Yasuda Asset Management Co Ltd. raised its holdings in shares of Seagate Technology by 6.2% during the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,314 shares of the data storage provider's stock worth $366,000 after purchasing an additional 250 shares during the last quarter. Jones Financial Companies Lllp lifted its position in Seagate Technology by 77.4% during the first quarter. Jones Financial Companies Lllp now owns 17,351 shares of the data storage provider's stock valued at $1,474,000 after purchasing an additional 7,569 shares during the period. Finally, Panoramic Capital LLC boosted its holdings in Seagate Technology by 591.8% in the first quarter. Panoramic Capital LLC now owns 131,433 shares of the data storage provider's stock valued at $11,165,000 after purchasing an additional 112,433 shares during the last quarter. Institutional investors and hedge funds 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.