Seagate Technology Holdings plc (NASDAQ:STX) Shares Bought by Berkshire Bank

Berkshire Bank raised its holdings in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 8.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,479 shares of the data storage provider’s stock after acquiring an additional 361 shares during the period. Berkshire Bank’s holdings in Seagate Technology were worth $380,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of STX. Capital Research Global Investors increased its holdings in 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 worth $1,348,262,000 after acquiring an additional 5,640,443 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of 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 in the last quarter. Marshall Wace LLP purchased a new stake in shares of Seagate Technology in the fourth quarter valued at about $77,341,000. Junto Capital Management LP purchased a new stake in shares of Seagate Technology in the fourth quarter valued at about $60,303,000. Finally, Janus Henderson Group PLC grew its holdings in shares of Seagate Technology by 2,853.4% in the fourth quarter. Janus Henderson Group PLC now owns 670,976 shares of the data storage provider’s stock valued at $57,925,000 after purchasing an additional 648,257 shares during the period. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Seagate Technology Price Performance

Shares of NASDAQ STX opened at $131.04 on Tuesday. Seagate Technology Holdings plc has a 1-year low of $63.19 and a 1-year high of $132.23. The stock has a fifty day moving average price of $100.20 and a 200 day moving average price of $95.24. The company has a market cap of $27.81 billion, a PE ratio of 23.96 and a beta of 1.40.

Seagate Technology (NASDAQ:STX) last released its quarterly 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. The business had revenue of $2.16 billion during 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%. The business’s revenue was up 30.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.33 EPS. Analysts anticipate that Seagate Technology Holdings plc will post 6.83 earnings per share for the current fiscal year.

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 issued a $0.72 dividend. 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 dividend payout ratio (DPR) is 41.62%.

Seagate Technology announced that its board has initiated a stock buyback plan 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 purchase up to 21.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research analysts have commented on STX shares. Citigroup upped their target price on shares of Seagate Technology from $105.00 to $125.00 and gave the company a “buy” rating in a research report on Tuesday, May 20th. Rosenblatt Securities reissued a “buy” rating and set a $130.00 price target on shares of Seagate Technology in a research report on Friday, May 23rd. Mizuho reduced their price target on shares of Seagate Technology from $115.00 to $95.00 and set an “outperform” rating on the stock in a research report on Thursday, April 10th. Wedbush reissued an “outperform” rating and set a $140.00 price target on shares of Seagate Technology in a research report on Wednesday, May 21st. Finally, Wells Fargo & Company upped their target price on shares of Seagate Technology from $105.00 to $122.00 and gave the stock an “equal weight” rating in a research note on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $119.42.

Insider Buying and Selling at Seagate Technology

In related news, CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $84.56, for a total transaction of $1,691,200.00. Following the transaction, the chief executive officer now directly owns 555,677 shares of the company’s stock, valued at approximately $46,988,047.12. The trade was a 3.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $117.01, for a total value of $87,757.50. Following the transaction, the director now directly owns 5,055 shares in the company, valued at $591,485.55. This trade represents a 12.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 393,192 shares of company stock worth $46,303,128 in the last 90 days. 0.81% of the stock is owned by company insiders.

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.