Seagate Technology Holdings plc (NASDAQ:STX) Shares Sold by Sara Bay Financial

Sara Bay Financial decreased its position in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 6.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,882 shares of the data storage provider’s stock after selling 700 shares during the period. Seagate Technology accounts for approximately 0.4% of Sara Bay Financial’s portfolio, making the stock its 27th biggest holding. Sara Bay Financial’s holdings in Seagate Technology were worth $924,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in 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 during the period. Sanders Capital LLC grew its stake in shares of Seagate Technology by 1.0% in the 4th quarter. Sanders Capital LLC now owns 16,530,152 shares of the data storage provider’s stock valued at $1,426,717,000 after purchasing an additional 162,561 shares during the last quarter. Capital Research Global Investors grew its stake in shares of Seagate Technology by 56.5% in the 4th quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider’s stock valued at $1,348,262,000 after purchasing an additional 5,640,443 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Seagate Technology by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 4,295,225 shares of the data storage provider’s stock valued at $370,013,000 after purchasing an additional 132,713 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of Seagate Technology by 14.6% in the 4th quarter. Invesco Ltd. now owns 2,761,534 shares of the data storage provider’s stock valued at $238,348,000 after purchasing an additional 352,300 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Bank of America lifted their target price on Seagate Technology from $125.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, May 23rd. Wedbush reiterated an “outperform” rating and issued a $140.00 target price on shares of Seagate Technology in a research note on Wednesday, May 21st. BNP Paribas upgraded Seagate Technology from a “strong sell” rating to a “hold” rating in a research note on Friday, May 16th. Morgan Stanley lifted their target price on Seagate Technology from $99.00 to $140.00 and gave the company an “overweight” rating in a research note on Friday, May 23rd. Finally, UBS Group lifted their target price on Seagate Technology from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $118.89.

Insider Activity at Seagate Technology

In other Seagate Technology news, Director Michael R. Cannon sold 24,190 shares of the company’s stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $119.00, for a total value of $2,878,610.00. Following the transaction, the director now directly owns 10,835 shares in the company, valued at approximately $1,289,365. This represents a 69.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William D. Mosley sold 70,000 shares of the company’s stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $109.47, for a total value of $7,662,900.00. Following the completion of the transaction, the chief executive officer now owns 485,677 shares of the company’s stock, valued at $53,167,061.19. The trade was a 12.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 335,251 shares of company stock valued at $38,760,472 over the last quarter. Insiders own 0.81% of the company’s stock.

Seagate Technology Stock Performance

STX opened at $126.97 on Friday. The business’s fifty day moving average is $93.33 and its two-hundred day moving average is $94.16. The company has a market cap of $26.95 billion, a price-to-earnings ratio of 23.21 and a beta of 1.40. Seagate Technology Holdings plc has a one year low of $63.19 and a one year high of $129.96.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.75 by $0.15. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. Seagate Technology’s quarterly revenue was up 30.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.33 earnings per share. On average, analysts predict that Seagate Technology Holdings plc will post 6.83 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th will be paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date of this dividend is Wednesday, June 25th. Seagate Technology’s payout ratio is currently 41.62%.

Seagate Technology declared that its board has approved a stock buyback plan 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 plans are typically a sign that the company’s management believes its stock is undervalued.

Seagate Technology 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.