Insider Selling: Seagate Technology Holdings plc (NASDAQ:STX) EVP Sells 11,309 Shares of Stock

Seagate Technology Holdings plc (NASDAQ:STX - Get Free Report) EVP Ban Seng Teh sold 11,309 shares of the company's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $120.00, for a total value of $1,357,080.00. Following the sale, the executive vice president now owns 18,613 shares of the company's stock, valued at $2,233,560. This trade represents a 37.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Ban Seng Teh also recently made the following trade(s):

• On Wednesday, June 4th, Ban Seng Teh sold 63,418 shares of Seagate Technology stock. The shares were sold at an average price of $125.00, for a total transaction of $7,927,250.00.
• On Tuesday, May 27th, Ban Seng Teh sold 4,201 shares of Seagate Technology stock. The stock was sold at an average price of $115.00, for a total transaction of $483,115.00.

Seagate Technology Stock Performance

Shares of Seagate Technology stock traded down $0.03 on Friday, hitting $127.67. The company's stock had a trading volume of 1,768,396 shares, compared to its average volume of 3,011,105. The company has a market capitalization of $27.09 billion, a price-to-earnings ratio of 23.34 and a beta of 1.32. Seagate Technology Holdings plc has a 1 year low of $63.19 and a 1 year high of $129.95. The firm has a fifty day moving average price of $92.48 and a 200-day moving average price of $93.96.

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

Seagate Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Investors 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 dividend payout ratio is presently 41.62%.

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

Wall Street Analysts Forecast Growth

STX has been the subject of a number of recent analyst reports. Wells Fargo & Company raised their price objective on Seagate Technology from $105.00 to $122.00 and gave the stock an "equal weight" rating in a research report on Friday, May 23rd. BNP Paribas Exane upgraded shares of Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 price objective on the stock in a report on Friday, May 16th. Cantor Fitzgerald increased their price objective on shares of Seagate Technology from $110.00 to $125.00 and gave the company a "neutral" rating in a research report on Monday, May 19th. Barclays boosted their target price on shares of Seagate Technology from $80.00 to $90.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 30th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $130.00 price target on shares of Seagate Technology in a report on Friday, May 23rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, Seagate Technology has an average rating of "Moderate Buy" and an average price target of $118.89.

Institutional Trading of Seagate Technology

Several large investors have recently added to or reduced their stakes in the stock. Ameriflex Group Inc. acquired a new position in Seagate Technology in the fourth quarter valued at about $26,000. Elequin Capital LP acquired a new position in Seagate Technology during the fourth quarter worth $27,000. Fourth Dimension Wealth LLC acquired a new stake in shares of Seagate Technology in the fourth quarter valued at $27,000. Wayfinding Financial LLC purchased a new stake in shares of Seagate Technology in the 1st quarter valued at $31,000. Finally, Golden State Wealth Management LLC lifted its stake in Seagate Technology by 2,200.0% during the 1st quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider's stock worth $39,000 after acquiring an additional 440 shares in the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

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.