Seagate Technology Holdings plc (NASDAQ:STX) EVP Ban Seng Teh Sells 63,418 Shares

Seagate Technology Holdings plc (NASDAQ:STX - Get Free Report) EVP Ban Seng Teh sold 63,418 shares of the stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $125.00, for a total value of $7,927,250.00. Following the transaction, the executive vice president now owns 14,658 shares in the company, valued at $1,832,250. This trade represents a 81.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Tuesday, June 3rd, Ban Seng Teh sold 11,309 shares of Seagate Technology stock. The shares were sold at an average price of $120.00, for a total value of $1,357,080.00.
• 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 value of $483,115.00.

Seagate Technology Price Performance

Shares of STX traded up $0.01 during mid-day trading on Friday, reaching $127.71. 1,649,991 shares of the company's stock were exchanged, compared to its average volume of 3,010,808. The stock has a market capitalization of $27.10 billion, a PE ratio of 23.35 and a beta of 1.32. Seagate Technology Holdings plc has a 52-week low of $63.19 and a 52-week high of $129.95. The business's fifty day simple moving average is $92.48 and its 200-day simple moving average is $93.96.

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 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%. During the same period last year, the company earned $0.33 earnings per share. The company's revenue for the quarter was up 30.5% on a year-over-year basis. Equities research 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 share buyback plan on Thursday, May 22nd that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the data storage provider to reacquire up to 21.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Seagate Technology Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on STX. Rosenblatt Securities reissued a "buy" rating and issued a $130.00 price objective on shares of Seagate Technology in a report on Friday, May 23rd. Mizuho lowered their price target on Seagate Technology from $115.00 to $95.00 and set an "outperform" rating for the company in a research report on Thursday, April 10th. Wells Fargo & Company increased their target price on shares of Seagate Technology from $105.00 to $122.00 and gave the stock an "equal weight" rating in a report on Friday, May 23rd. Barclays raised their target price 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, Cantor Fitzgerald boosted their price target on shares of Seagate Technology from $110.00 to $125.00 and gave the stock a "neutral" rating in a report on Monday, May 19th. One analyst has rated the stock with a sell rating, eight have issued 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 a consensus target price of $118.89.

Institutional Trading of Seagate Technology

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Seagate Technology by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 28,743,126 shares of the data storage provider's stock worth $2,441,729,000 after acquiring an additional 769,009 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Seagate Technology by 12.9% during the first quarter. JPMorgan Chase & Co. now owns 18,920,792 shares of the data storage provider's stock worth $1,607,321,000 after purchasing an additional 2,161,191 shares during the last quarter. Sanders Capital LLC boosted its position in Seagate Technology by 1.0% during the fourth quarter. Sanders Capital LLC now owns 16,530,152 shares of the data storage provider's stock worth $1,426,717,000 after purchasing an additional 162,561 shares in the last quarter. Capital Research Global Investors grew its holdings in Seagate Technology by 56.5% in the fourth quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider's stock valued at $1,348,262,000 after purchasing an additional 5,640,443 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Seagate Technology by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 4,295,225 shares of the data storage provider's stock valued at $370,013,000 after buying an additional 132,713 shares in 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.