Insider Selling: Seagate Technology Holdings plc (NASDAQ:STX) CEO Sells 20,000 Shares of Stock

Seagate Technology Holdings plc (NASDAQ:STX - Get Free Report) CEO William D. Mosley sold 20,000 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $118.88, for a total value of $2,377,600.00. Following the sale, the chief executive officer now directly owns 515,677 shares of the company's stock, valued at $61,303,681.76. The trade was a 3.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Seagate Technology Stock Down 0.3%

NASDAQ:STX traded down $0.33 on Friday, reaching $127.37. The stock had a trading volume of 1,907,191 shares, compared to its average volume of 3,011,767. Seagate Technology Holdings plc has a 1-year low of $63.19 and a 1-year high of $129.95. The stock has a fifty day moving average price of $92.48 and a 200-day moving average price of $93.96. The company has a market capitalization of $27.03 billion, a P/E ratio of 23.31 and a beta of 1.32.

Seagate Technology (NASDAQ:STX - Get Free Report) last announced its earnings results on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.75 by $0.15. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The company had revenue of $2.16 billion for the quarter, compared to analysts' expectations of $2.14 billion. During the same quarter in the prior year, the business earned $0.33 earnings per share. The business's revenue for the quarter was up 30.5% on a year-over-year basis. Sell-side analysts predict that Seagate Technology Holdings plc will post 6.83 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

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

Seagate Technology declared that its board has initiated a stock repurchase program on Thursday, May 22nd that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the data storage provider to buy up to 21.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board believes its shares are undervalued.

Institutional Investors Weigh In On Seagate Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Ameriflex Group Inc. acquired a new position in shares of Seagate Technology during the fourth quarter valued at $26,000. Elequin Capital LP bought a new stake in Seagate Technology during the 4th quarter worth about $27,000. Fourth Dimension Wealth LLC acquired a new position in Seagate Technology during the 4th quarter valued at about $27,000. Wayfinding Financial LLC bought a new position in shares of Seagate Technology in the 1st quarter valued at about $31,000. Finally, Golden State Wealth Management LLC boosted its stake in shares of Seagate Technology by 2,200.0% in the 1st quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider's stock valued at $39,000 after purchasing an additional 440 shares during the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have issued reports on STX. Rosenblatt Securities restated a "buy" rating and set a $130.00 price target on shares of Seagate Technology in a report on Friday, May 23rd. Wall Street Zen lowered Seagate Technology from a "buy" rating to a "hold" rating in a report on Friday, May 30th. UBS Group lifted their price target on Seagate Technology from $80.00 to $85.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 30th. Wells Fargo & Company increased their price objective on Seagate Technology from $105.00 to $122.00 and gave the company an "equal weight" rating in a research report on Friday, May 23rd. Finally, Morgan Stanley boosted their target price on shares of Seagate Technology from $99.00 to $140.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Seagate Technology currently has a consensus rating of "Moderate Buy" and a consensus target price 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.