Seagate Technology (NASDAQ:STX) Stock Price Down 6.8% - What's Next?

Key Points

• Seagate Technology shares fell 6.8% on Friday, trading as low as $835.50 after closing at $913.36 the previous session, with volume running above average.
• Despite the pullback, analysts remain broadly positive: 22 analysts rate STX a Buy, and the consensus price target is $898.52, with several firms recently raising their targets.
• The company recently posted strong quarterly results, beating EPS and revenue estimates, and also paid a $0.74 quarterly dividend, though insiders have been selling shares in recent weeks.

Seagate Technology Holdings PLC (NASDAQ:STX - Get Free Report) shares traded down 6.8% on Friday . The stock traded as low as $835.50 and last traded at $851.69. 5,080,386 shares were traded during mid-day trading, an increase of 18% from the average session volume of 4,313,049 shares. The stock had previously closed at $913.36.

Wall Street Analysts Forecast Growth

STX has been the topic of a number of research analyst reports. JPMorgan Chase & Co. increased their price objective on shares of Seagate Technology from $775.00 to $920.00 and gave the stock an "overweight" rating in a research report on Thursday, June 11th. China Renaissance boosted their target price on Seagate Technology from $802.00 to $983.00 in a research report on Friday, June 12th. Wedbush upped their price target on Seagate Technology from $700.00 to $825.00 and gave the stock an "outperform" rating in a research note on Monday, April 27th. The Goldman Sachs Group increased their price target on Seagate Technology from $385.00 to $700.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Finally, Melius Research assumed coverage on Seagate Technology in a research note on Monday, June 29th. They issued a "buy" rating and a $1,600.00 price objective for the company. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $898.52.

Seagate Technology Stock Performance

The firm has a market cap of $190.97 billion, a P/E ratio of 80.81 and a beta of 2.04. The company has a current ratio of 1.33, a quick ratio of 0.85 and a debt-to-equity ratio of 3.16. The company's 50-day moving average is $892.03 and its two-hundred day moving average is $608.50.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The data storage provider reported $4.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.51 by $0.59. The business had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $2.96 billion. Seagate Technology had a return on equity of 1,005.65% and a net margin of 21.60%.The company's quarterly revenue was up 44.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.90 EPS. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. As a group, equities analysts predict that Seagate Technology Holdings PLC will post 14.14 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Wednesday, June 24th were given a dividend of $0.74 per share. The ex-dividend date of this dividend was Wednesday, June 24th. This represents a $2.96 annualized dividend and a dividend yield of 0.3%. Seagate Technology's payout ratio is presently 28.08%.

Insider Buying and Selling

In other Seagate Technology news, CEO William D. Mosley sold 9,343 shares of Seagate Technology stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $924.42, for a total transaction of $8,636,856.06. Following the transaction, the chief executive officer directly owned 311,517 shares of the company's stock, valued at $287,972,545.14. The trade was a 2.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ban Seng Teh sold 989 shares of the company's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $880.19, for a total transaction of $870,507.91. Following the completion of the sale, the executive vice president owned 4,290 shares of the company's stock, valued at approximately $3,776,015.10. The trade was a 18.73% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 151,069 shares of company stock valued at $126,191,753. 0.79% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in STX. PFA Pension Forsikringsaktieselskab purchased a new stake in shares of Seagate Technology in the 4th quarter valued at about $23,882,000. New York State Teachers Retirement System boosted its position in shares of Seagate Technology by 5.0% during the 4th quarter. New York State Teachers Retirement System now owns 187,044 shares of the data storage provider's stock valued at $51,510,000 after acquiring an additional 8,991 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Seagate Technology by 1.2% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 518,806 shares of the data storage provider's stock worth $142,874,000 after purchasing an additional 6,028 shares in the last quarter. Praxis Investment Management Inc. grew its holdings in shares of Seagate Technology by 56.5% during the fourth quarter. Praxis Investment Management Inc. now owns 6,615 shares of the data storage provider's stock worth $1,822,000 after purchasing an additional 2,389 shares in the last quarter. Finally, Ritholtz Wealth Management increased its position in shares of Seagate Technology by 64.5% in the fourth quarter. Ritholtz Wealth Management now owns 21,321 shares of the data storage provider's stock worth $5,872,000 after purchasing an additional 8,358 shares during the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Seagate Technology Company Profile

Seagate Technology NASDAQ: STX is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm's product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate's products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.

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