Seagate Technology Holdings plc (NASDAQ:STX) EVP Ban Seng Teh Sells 63,418 Shares of Stock

Seagate Technology Holdings plc (NASDAQ:STX) EVP Ban Seng Teh sold 63,418 shares of Seagate Technology stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $125.00, for a total value of $7,927,250.00. Following the transaction, the executive vice president now owns 14,658 shares of the company’s stock, valued at $1,832,250. The trade was a 81.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Ban Seng Teh also recently made the following trade(s):

• On Tuesday, June 3rd, Ban Seng Teh sold 11,309 shares of Seagate Technology stock. The stock was sold at an average price of $120.00, for a total value of $1,357,080.00.
• On Tuesday, May 27th, Ban Seng Teh sold 4,201 shares of Seagate Technology stock. The stock was sold at an average price of $115.00, for a total value of $483,115.00.

Seagate Technology Stock Performance

Seagate Technology stock opened at $127.70 on Friday. The company has a market capitalization of $27.10 billion, a price-to-earnings ratio of 23.35 and a beta of 1.32. The stock has a fifty day moving average of $92.48 and a two-hundred day moving average of $93.96. Seagate Technology Holdings plc has a fifty-two week low of $63.19 and a fifty-two week high of $129.95.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.75 by $0.15. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.14 billion. Seagate Technology had a net margin of 14.67% and a negative return on equity of 63.48%. Seagate Technology’s revenue for the quarter was up 30.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.33 EPS. On average, analysts forecast that Seagate Technology Holdings plc will post 6.83 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th will be given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 2.26%. 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 of Directors has approved a stock buyback program on Thursday, May 22nd that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the data storage provider to repurchase up to 21.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Seagate Technology

Large investors have recently modified their holdings of the company. Ameriflex Group Inc. acquired a new position in shares of Seagate Technology during the 4th quarter valued at $26,000. Elequin Capital LP purchased a new position in shares of Seagate Technology during the 4th quarter valued at approximately $27,000. Fourth Dimension Wealth LLC acquired a new position in Seagate Technology during the 4th quarter worth $27,000. Wayfinding Financial LLC bought a new stake in Seagate Technology in the first quarter valued at about $31,000. Finally, Golden State Wealth Management LLC increased its holdings in shares of Seagate Technology by 2,200.0% in the 1st quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider’s stock valued at $39,000 after acquiring an additional 440 shares during the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

STX has been the topic of several analyst reports. Wall Street Zen lowered shares of Seagate Technology from a “buy” rating to a “hold” rating in a research report on Friday, May 30th. Wedbush restated an “outperform” rating and set a $140.00 target price on shares of Seagate Technology in a research report on Wednesday, May 21st. Morgan Stanley upped their price objective on Seagate Technology from $99.00 to $140.00 and gave the company an “overweight” rating in a research note on Friday, May 23rd. BNP Paribas Exane upgraded shares of Seagate Technology from an “underperform” rating to a “neutral” rating and set a $100.00 target price for the company in a research note on Friday, May 16th. Finally, Cantor Fitzgerald raised their price target on Seagate Technology from $110.00 to $125.00 and gave the company a “neutral” rating in a report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $118.89.

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.