Seagate Technology Holdings plc (NASDAQ:STX) CEO William D. Mosley Sells 20,000 Shares

Seagate Technology Holdings plc (NASDAQ:STX) CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction dated 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 transaction, the chief executive officer now owns 515,677 shares in the company, valued at approximately $61,303,681.76. This represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Seagate Technology Stock Performance

STX opened at $127.64 on Thursday. Seagate Technology Holdings plc has a 52-week low of $63.19 and a 52-week high of $127.69. The firm has a market capitalization of $27.09 billion, a PE ratio of 23.33 and a beta of 1.32. The business’s 50-day simple moving average is $91.63 and its 200 day simple moving average is $93.74.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share (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 business 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 company posted $0.33 earnings per share. Seagate Technology’s revenue was up 30.5% on a year-over-year basis. On average, research analysts forecast that Seagate Technology Holdings plc will post 6.83 earnings per share for the current year.

Seagate Technology declared that its board has approved a stock repurchase plan on Thursday, May 22nd that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the data storage provider to buy up to 21.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Seagate Technology Announces Dividend

The firm also recently declared 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 2.26%. The ex-dividend date is Wednesday, June 25th. Seagate Technology’s dividend payout ratio (DPR) is presently 41.62%.

Wall Street Analysts Forecast Growth

STX has been the topic of several recent analyst reports. UBS Group lifted 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. BNP Paribas upgraded Seagate Technology from a “strong sell” rating to a “hold” rating in a report on Friday, May 16th. Morgan Stanley lifted their target price on Seagate Technology from $99.00 to $140.00 and gave the stock an “overweight” rating 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. Finally, Bank of America boosted their price target on Seagate Technology from $125.00 to $135.00 and gave the company a “buy” rating in a report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Seagate Technology currently has an average rating of “Moderate Buy” and a consensus price target of $118.89.

Hedge Funds Weigh In On Seagate Technology

Institutional investors and hedge funds have recently made changes to their positions in the company. MBB Public Markets I LLC acquired a new stake in Seagate Technology during the first quarter worth approximately $300,000. United Services Automobile Association acquired a new stake in Seagate Technology during the first quarter worth approximately $385,000. Meiji Yasuda Asset Management Co Ltd. grew its position in Seagate Technology by 6.2% during the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,314 shares of the data storage provider’s stock worth $366,000 after buying an additional 250 shares in the last quarter. Jones Financial Companies Lllp grew its position in Seagate Technology by 77.4% during the first quarter. Jones Financial Companies Lllp now owns 17,351 shares of the data storage provider’s stock worth $1,474,000 after buying an additional 7,569 shares in the last quarter. Finally, Panoramic Capital LLC grew its position in Seagate Technology by 591.8% during the first quarter. Panoramic Capital LLC now owns 131,433 shares of the data storage provider’s stock worth $11,165,000 after buying an additional 112,433 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Seagate Technology Company Profile

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.