Seagate Technology Holdings PLC (NASDAQ:STX) Shares Sold by Zullo Investment Group Inc.

Zullo Investment Group Inc. trimmed its holdings in Seagate Technology Holdings PLC (NASDAQ:STX) by 7.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,996 shares of the data storage provider’s stock after selling 239 shares during the quarter. Zullo Investment Group Inc.’s holdings in Seagate Technology were worth $255,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in STX. Tidal Investments LLC raised its position in shares of Seagate Technology by 133.1% during the fourth quarter. Tidal Investments LLC now owns 12,681 shares of the data storage provider’s stock worth $1,094,000 after purchasing an additional 7,240 shares during the period. Amalgamated Bank boosted its position in shares of Seagate Technology by 0.8% in the 1st quarter. Amalgamated Bank now owns 29,964 shares of the data storage provider’s stock valued at $2,545,000 after purchasing an additional 243 shares during the period. Alps Advisors Inc. increased its stake in Seagate Technology by 10.2% in the 1st quarter. Alps Advisors Inc. now owns 278,831 shares of the data storage provider’s stock worth $23,687,000 after purchasing an additional 25,817 shares in the last quarter. Personal CFO Solutions LLC acquired a new stake in Seagate Technology during the 1st quarter worth about $223,000. Finally, Norges Bank purchased a new stake in Seagate Technology during the fourth quarter valued at about $25,729,000. Institutional investors own 92.87% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on STX. Morgan Stanley lifted 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. Wells Fargo & Company lifted their price objective on shares of Seagate Technology from $105.00 to $122.00 and gave the stock an “equal weight” rating in a research report on Friday, May 23rd. BNP Paribas upgraded Seagate Technology from a “strong sell” rating to a “hold” rating in a report on Friday, May 16th. Citigroup lifted their price target on Seagate Technology from $140.00 to $170.00 and gave the company a “buy” rating in a report on Friday. Finally, Wall Street Zen lowered Seagate Technology from a “buy” rating to a “hold” rating in a research report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Seagate Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $125.53.

Insider Activity at Seagate Technology

In other news, CEO William D. Mosley sold 70,000 shares of the company’s stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $109.47, for a total transaction of $7,662,900.00. Following the completion of the transaction, the chief executive officer owned 485,677 shares of the company’s stock, valued at approximately $53,167,061.19. This represents a 12.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Gianluca Romano sold 26,816 shares of the business’s stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $117.58, for a total value of $3,153,025.28. Following the transaction, the chief financial officer owned 38,082 shares in the company, valued at $4,477,681.56. This represents a 41.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 393,791 shares of company stock valued at $47,582,998 in the last 90 days. 0.81% of the stock is owned by company insiders.

Seagate Technology Stock Up 1.9%

Shares of STX opened at $147.18 on Friday. Seagate Technology Holdings PLC has a 12 month low of $63.19 and a 12 month high of $152.16. The company’s fifty day moving average is $124.06 and its 200-day moving average is $101.35. The firm has a market cap of $31.23 billion, a price-to-earnings ratio of 21.27 and a beta of 1.45.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.14 billion. Seagate Technology had a net margin of 17.49% and a negative return on equity of 105.02%. Seagate Technology’s revenue was up 30.5% compared to the same quarter last year. During the same period last year, the business posted $0.33 EPS. As a group, research 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 announced a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th were given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date of this dividend was Wednesday, June 25th. Seagate Technology’s dividend payout ratio (DPR) is currently 41.62%.

Seagate Technology announced that its Board of Directors has authorized a stock repurchase plan on Thursday, May 22nd that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the data storage provider to repurchase up to 21.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

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.