Shares of Seagate Technology Holdings PLC (NASDAQ:STX - Get Free Report) hit a new 52-week high during trading on Monday . The stock traded as high as $133.89 and last traded at $133.08, with a volume of 4370949 shares. The stock had previously closed at $130.96.
Analyst Upgrades and Downgrades
Several analysts have recently commented on STX shares. Wells Fargo & Company increased their target price on Seagate Technology from $105.00 to $122.00 and gave the stock an "equal weight" rating in a report on Friday, May 23rd. BNP Paribas Exane upgraded Seagate Technology from an "underperform" rating to a "neutral" rating and set a $100.00 target price on the stock in a report on Friday, May 16th. UBS Group increased their target price on Seagate Technology from $80.00 to $85.00 and gave the stock a "neutral" rating in a report on Wednesday, April 30th. Wall Street Zen cut Seagate Technology from a "buy" rating to a "hold" rating in a report on Friday, May 30th. Finally, Mizuho cut their price target on Seagate Technology from $115.00 to $95.00 and set an "outperform" rating on the stock in a research note on Thursday, April 10th. One analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $119.42.
Check Out Our Latest Stock Analysis on Seagate Technology
Seagate Technology Price Performance
The firm has a 50 day simple moving average of $106.13 and a two-hundred day simple moving average of $96.37. The stock has a market cap of $28.24 billion, a price-to-earnings ratio of 19.23 and a beta of 1.40.
Seagate Technology (NASDAQ:STX - Get Free Report) last released 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. Seagate Technology had a negative return on equity of 105.02% and a net margin of 17.49%. The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.14 billion. During the same quarter in the prior year, the firm posted $0.33 earnings per share. The company's quarterly revenue was up 30.5% on a year-over-year basis. On average, sell-side analysts expect that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current fiscal year.
Seagate Technology Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Wednesday, June 25th will be paid a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend is Wednesday, June 25th. Seagate Technology's payout ratio is 41.62%.
Seagate Technology announced that its Board of Directors has initiated 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 purchase up to 21.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.
Insiders Place Their Bets
In other Seagate Technology news, CFO Gianluca Romano sold 26,816 shares of the stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $117.58, for a total value of $3,153,025.28. Following the completion of the sale, the chief financial officer now directly owns 38,082 shares in the company, valued at $4,477,681.56. This represents a 41.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ban Seng Teh sold 4,201 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $115.00, for a total value of $483,115.00. Following the completion of the sale, the executive vice president now owns 22,999 shares of the company's stock, valued at $2,644,885. This trade represents a 15.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 393,791 shares of company stock worth $46,380,998 over the last ninety days. 0.81% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of STX. Capital Research Global Investors grew its holdings in shares of Seagate Technology by 56.5% during 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. grew its holdings in shares of 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 buying an additional 2,161,191 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Seagate Technology by 6.9% during the fourth quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider's stock worth $2,414,446,000 after buying an additional 1,814,821 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Seagate Technology by 3,339.4% during the first quarter. Wellington Management Group LLP now owns 933,996 shares of the data storage provider's stock worth $79,343,000 after buying an additional 906,840 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Seagate Technology during the fourth quarter worth about $77,341,000. 92.87% of the stock is currently owned by institutional investors.
About Seagate Technology
(
Get Free Report)
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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