Seagate Technology Holdings PLC $STX Stake Boosted by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Seagate Technology Holdings PLC (NASDAQ:STX) by 11.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 46,934 shares of the data storage provider’s stock after purchasing an additional 4,879 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Seagate Technology were worth $11,079,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. State Street Corp grew its stake in Seagate Technology by 5.0% during the 2nd quarter. State Street Corp now owns 9,001,365 shares of the data storage provider’s stock worth $1,305,499,000 after buying an additional 432,455 shares during the last quarter. Geode Capital Management LLC lifted its stake in Seagate Technology by 1.9% in the second quarter. Geode Capital Management LLC now owns 4,567,181 shares of the data storage provider’s stock valued at $656,066,000 after buying an additional 85,660 shares during the last quarter. Soroban Capital Partners LP boosted its holdings in shares of Seagate Technology by 1,468.1% during the second quarter. Soroban Capital Partners LP now owns 1,417,600 shares of the data storage provider’s stock valued at $204,602,000 after acquiring an additional 1,327,197 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Seagate Technology by 1.5% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,386,524 shares of the data storage provider’s stock valued at $200,117,000 after acquiring an additional 20,618 shares during the period. Finally, Norges Bank bought a new position in shares of Seagate Technology during the second quarter worth about $197,027,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

Seagate Technology Price Performance

NASDAQ STX opened at $304.01 on Friday. Seagate Technology Holdings PLC has a 12 month low of $63.19 and a 12 month high of $332.00. The firm has a market capitalization of $64.92 billion, a PE ratio of 39.03, a P/E/G ratio of 1.19 and a beta of 1.60. The company’s 50 day simple moving average is $278.12 and its 200 day simple moving average is $217.16.

Seagate Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 9th. Stockholders of record on Wednesday, December 24th were paid a $0.74 dividend. The ex-dividend date of this dividend was Wednesday, December 24th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 1.0%. This is a boost from Seagate Technology’s previous quarterly dividend of $0.72. Seagate Technology’s dividend payout ratio (DPR) is presently 38.00%.

Insiders Place Their Bets

In other news, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $272.91, for a total value of $204,682.50. Following the completion of the sale, the director owned 5,601 shares in the company, valued at $1,528,568.91. This represents a 11.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Stephanie Tilenius sold 2,046 shares of Seagate Technology stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $266.41, for a total value of $545,074.86. Following the transaction, the director directly owned 12,244 shares in the company, valued at approximately $3,261,924.04. The trade was a 14.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 132,555 shares of company stock valued at $36,743,207. 0.79% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

STX has been the topic of several recent research reports. Barclays lifted their price objective on shares of Seagate Technology from $200.00 to $240.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 29th. Benchmark lifted their price target on Seagate Technology from $255.00 to $325.00 and gave the company a “buy” rating in a report on Tuesday, December 16th. Wedbush boosted their price objective on Seagate Technology from $260.00 to $290.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 29th. Wells Fargo & Company raised their target price on Seagate Technology from $240.00 to $250.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 29th. Finally, Evercore ISI boosted their price target on Seagate Technology from $160.00 to $330.00 and gave the stock an “outperform” rating in a research report on Monday, October 13th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $293.13.

About Seagate Technology

Seagate Technology (NASDAQ: STX) is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm’s product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate’s products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.