Seagate Technology Holdings plc (NASDAQ:STX) EVP Ban Seng Teh Sells 4,201 Shares

Seagate Technology Holdings plc (NASDAQ:STX - Get Free Report) EVP Ban Seng Teh sold 4,201 shares of the stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $115.00, for a total transaction of $483,115.00. Following the transaction, the executive vice president now directly owns 22,999 shares in the company, valued at approximately $2,644,885. This represents a 15.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Seagate Technology Stock Performance

STX traded down $0.34 during trading on Friday, hitting $117.80. 4,352,617 shares of the stock were exchanged, compared to its average volume of 2,993,791. The firm has a 50 day simple moving average of $89.43 and a 200 day simple moving average of $93.21. The firm has a market cap of $25.00 billion, a price-to-earnings ratio of 21.54 and a beta of 1.32. Seagate Technology Holdings plc has a 1 year low of $63.19 and a 1 year high of $119.13.

Seagate Technology (NASDAQ:STX - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.75 by $0.15. The business 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 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 quarter in the prior year, the company earned $0.33 EPS. As a group, equities analysts anticipate that Seagate Technology Holdings plc will post 6.83 earnings per share for the current fiscal year.

Seagate Technology announced that its Board of Directors has authorized a stock repurchase program on Thursday, May 22nd that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the data storage provider to buy up to 21.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

Seagate Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Wednesday, June 25th will be given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date of this dividend is Wednesday, June 25th. Seagate Technology's dividend payout ratio (DPR) is 41.62%.

Institutional Investors Weigh In On Seagate Technology

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

Wall Street Analyst Weigh In

STX has been the topic of several recent research reports. Morgan Stanley increased their target price 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. Cantor Fitzgerald increased their target price on shares of Seagate Technology from $110.00 to $125.00 and gave the company a "neutral" rating in a report on Monday, May 19th. Rosenblatt Securities reaffirmed a "buy" rating and set a $130.00 target price on shares of Seagate Technology in a report on Friday, May 23rd. Citigroup raised their price target on shares of Seagate Technology from $105.00 to $125.00 and gave the stock a "buy" rating in a report on Tuesday, May 20th. Finally, Wall Street Zen lowered shares of Seagate Technology from a "buy" rating to a "hold" rating in a report on Friday. One 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. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $118.89.

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.