Seagate Technology Holdings plc (NASDAQ:STX - Get Free Report)'s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $132.45 and last traded at $132.99, with a volume of 347509 shares. The stock had previously closed at $131.04.
Wall Street Analysts Forecast Growth
STX has been the subject of a number of research reports. Wall Street Zen cut Seagate Technology from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. UBS Group raised their price objective on shares of Seagate Technology from $80.00 to $85.00 and gave the stock a "neutral" rating in a report on Wednesday, April 30th. BNP Paribas upgraded Seagate Technology from a "strong sell" rating to a "hold" rating in a research report on Friday, May 16th. Rosenblatt Securities reiterated a "buy" rating and issued a $130.00 price target on shares of Seagate Technology in a research note on Friday, May 23rd. Finally, Barclays boosted their price objective on Seagate Technology from $80.00 to $90.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 30th. One investment 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's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $119.42.
Read Our Latest Research Report on Seagate Technology
Seagate Technology Stock Performance
The company has a fifty day moving average of $100.20 and a two-hundred day moving average of $95.24. The company has a market cap of $27.74 billion, a PE ratio of 23.87 and a beta of 1.40.
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. The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.14 billion. Seagate Technology had a net margin of 14.67% and a negative return on equity of 63.48%. The firm's revenue for the quarter was up 30.5% on a year-over-year basis. During the same quarter last year, the business posted $0.33 EPS. On average, equities 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. Shareholders of record on Wednesday, June 25th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend is Wednesday, June 25th. Seagate Technology's payout ratio is 41.62%.
Seagate Technology declared that its Board of Directors has initiated a stock 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 buy up to 21.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.
Insiders Place Their Bets
In other Seagate Technology news, CEO William D. Mosley sold 70,000 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $109.47, for a total transaction of $7,662,900.00. Following the completion of the sale, the chief executive officer now directly owns 485,677 shares in the company, valued at approximately $53,167,061.19. The trade was a 12.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Judy Bruner sold 10,446 shares of the firm's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $108.71, for a total value of $1,135,584.66. Following the completion of the sale, the director now directly owns 12,268 shares of the company's stock, valued at $1,333,654.28. This trade represents a 45.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 393,192 shares of company stock worth $46,303,128. Corporate insiders own 0.81% of the company's stock.
Hedge Funds Weigh In On Seagate Technology
Institutional investors have recently bought and sold shares of the company. Tidal Investments LLC lifted its holdings in Seagate Technology by 133.1% during the 4th quarter. Tidal Investments LLC now owns 12,681 shares of the data storage provider's stock worth $1,094,000 after buying an additional 7,240 shares in the last quarter. Norges Bank purchased a new position in Seagate Technology in the fourth quarter valued at $25,729,000. Asset Management One Co. Ltd. boosted its holdings in Seagate Technology by 9.9% in the fourth quarter. Asset Management One Co. Ltd. now owns 84,222 shares of the data storage provider's stock valued at $7,360,000 after purchasing an additional 7,599 shares during the period. Allworth Financial LP grew its stake in Seagate Technology by 207.0% during the 4th quarter. Allworth Financial LP now owns 5,774 shares of the data storage provider's stock worth $498,000 after purchasing an additional 3,893 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in Seagate Technology by 9,116.6% during the 1st quarter. GAMMA Investing LLC now owns 257,144 shares of the data storage provider's stock worth $21,844,000 after purchasing an additional 254,354 shares during the period. 92.87% of the stock is owned by institutional investors and hedge funds.
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.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Seagate Technology, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Seagate Technology wasn't on the list.
While Seagate Technology currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
