Avala Global LP Sells 277,000 Shares of Seagate Technology Holdings plc (NASDAQ:STX)

Avala Global LP lowered its stake in Seagate Technology Holdings plc (NASDAQ:STX) by 53.1% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 244,695 shares of the data storage provider’s stock after selling 277,000 shares during the quarter. Seagate Technology comprises 1.8% of Avala Global LP’s portfolio, making the stock its 25th biggest holding. Avala Global LP owned 0.12% of Seagate Technology worth $26,801,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Victory Capital Management Inc. raised its stake in shares of Seagate Technology by 133.8% in the third quarter. Victory Capital Management Inc. now owns 171,952 shares of the data storage provider’s stock worth $18,834,000 after buying an additional 98,418 shares during the period. Versor Investments LP bought a new position in shares of Seagate Technology in the third quarter worth about $2,146,000. Lighthouse Investment Partners LLC purchased a new stake in shares of Seagate Technology during the second quarter worth about $499,000. Forte Capital LLC ADV grew its position in shares of Seagate Technology by 29.8% during the third quarter. Forte Capital LLC ADV now owns 28,972 shares of the data storage provider’s stock worth $3,173,000 after purchasing an additional 6,653 shares in the last quarter. Finally, Cetera Advisors LLC grew its position in shares of Seagate Technology by 129.4% during the first quarter. Cetera Advisors LLC now owns 13,036 shares of the data storage provider’s stock worth $1,213,000 after purchasing an additional 7,353 shares in the last quarter. Institutional investors own 92.87% of the company’s stock.

Insider Activity

In related news, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total transaction of $72,075.00. Following the transaction, the director now directly owns 3,034 shares in the company, valued at $291,567.40. The trade was a 19.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William D. Mosley sold 141,785 shares of the business’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $110.18, for a total value of $15,621,871.30. Following the transaction, the chief executive officer now owns 668,616 shares in the company, valued at approximately $73,668,110.88. This trade represents a 17.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 201,820 shares of company stock worth $21,892,856. 0.81% of the stock is currently owned by company insiders.

Seagate Technology Stock Up 1.3 %

Shares of NASDAQ STX opened at $101.33 on Monday. Seagate Technology Holdings plc has a twelve month low of $76.87 and a twelve month high of $115.32. The business has a fifty day simple moving average of $104.51 and a two-hundred day simple moving average of $102.01. The firm has a market cap of $21.43 billion, a PE ratio of 26.46 and a beta of 1.05.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The business had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same period last year, the business posted ($0.34) EPS. The business’s revenue was up 49.1% compared to the same quarter last year. On average, research analysts expect that Seagate Technology Holdings plc will post 7.18 earnings per share for the current year.

Seagate Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be issued a $0.72 dividend. The ex-dividend date is Friday, December 13th. This is an increase from Seagate Technology’s previous quarterly dividend of $0.70. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.84%. Seagate Technology’s dividend payout ratio (DPR) is currently 73.11%.

Analysts Set New Price Targets

STX has been the subject of several research analyst reports. Rosenblatt Securities increased their target price on Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Evercore ISI increased their target price on Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Cantor Fitzgerald reiterated a “neutral” rating and set a $125.00 target price on shares of Seagate Technology in a research report on Wednesday, October 23rd. Wedbush reiterated an “outperform” rating and set a $150.00 target price on shares of Seagate Technology in a research report on Wednesday, October 23rd. Finally, Northland Securities raised their price target on Seagate Technology from $142.00 to $144.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Seagate Technology presently has an average rating of “Moderate Buy” and a consensus target price of $118.83.

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.