Pinpoint Asset Management Singapore Pte. Ltd. Acquires New Shares in Seagate Technology Holdings PLC $STX

Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in Seagate Technology Holdings PLC (NASDAQ:STX) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 35,354 shares of the data storage provider’s stock, valued at approximately $5,103,000. Seagate Technology accounts for approximately 0.9% of Pinpoint Asset Management Singapore Pte. Ltd.’s portfolio, making the stock its 20th largest position.

A number of other hedge funds and other institutional investors also recently made changes to their positions in STX. Inceptionr LLC grew its holdings in Seagate Technology by 195.8% during the 2nd quarter. Inceptionr LLC now owns 9,570 shares of the data storage provider’s stock valued at $1,381,000 after buying an additional 6,335 shares in the last quarter. J.W. Cole Advisors Inc. purchased a new stake in shares of Seagate Technology in the 2nd quarter valued at about $280,000. Advisors Asset Management Inc. grew its holdings in shares of Seagate Technology by 16.6% during the second quarter. Advisors Asset Management Inc. now owns 1,068 shares of the data storage provider’s stock worth $154,000 after purchasing an additional 152 shares in the last quarter. Steward Partners Investment Advisory LLC increased its position in shares of Seagate Technology by 9.3% in the second quarter. Steward Partners Investment Advisory LLC now owns 13,987 shares of the data storage provider’s stock worth $2,019,000 after purchasing an additional 1,195 shares during the last quarter. Finally, CreativeOne Wealth LLC raised its stake in Seagate Technology by 7.8% in the second quarter. CreativeOne Wealth LLC now owns 18,389 shares of the data storage provider’s stock valued at $2,654,000 after purchasing an additional 1,331 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors.

Insider Transactions at Seagate Technology

In related news, EVP John Christopher Morris sold 15,347 shares of the firm’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $195.80, for a total value of $3,004,942.60. Following the sale, the executive vice president directly owned 9,843 shares of the company’s stock, valued at $1,927,259.40. This trade represents a 60.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Ban Seng Teh sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $270.00, for a total value of $1,620,000.00. Following the transaction, the executive vice president directly owned 12,041 shares of the company’s stock, valued at $3,251,070. The trade was a 33.26% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 131,261 shares of company stock valued at $34,210,708. Company insiders own 0.79% of the company’s stock.

Seagate Technology Stock Performance

NASDAQ:STX opened at $261.89 on Wednesday. Seagate Technology Holdings PLC has a fifty-two week low of $63.19 and a fifty-two week high of $297.88. The firm has a market cap of $55.93 billion, a PE ratio of 33.62, a price-to-earnings-growth ratio of 1.17 and a beta of 1.63. The business has a 50 day moving average price of $241.61 and a 200-day moving average price of $179.52.

Seagate Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Shareholders of record on Wednesday, December 24th will be issued a $0.74 dividend. This is a boost from Seagate Technology’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend is Wednesday, December 24th. This represents a $2.96 dividend on an annualized basis and a yield of 1.1%. Seagate Technology’s payout ratio is 38.00%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on STX shares. Bank of America increased their price target on shares of Seagate Technology from $275.00 to $320.00 and gave the stock a “buy” rating in a report on Thursday, November 20th. Argus raised their price target on Seagate Technology from $170.00 to $300.00 and gave the company a “strong-buy” rating in a research report on Thursday, October 30th. Fox Advisors upped their price objective on Seagate Technology from $245.00 to $270.00 in a report on Wednesday, October 29th. Wells Fargo & Company boosted their target price on Seagate Technology from $240.00 to $250.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 29th. Finally, Rosenblatt Securities increased their price target on shares of Seagate Technology from $250.00 to $270.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Seagate Technology has an average rating of “Moderate Buy” and an average price target of $283.41.

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.