SeaBridge Investment Advisors LLC Sells 4,185 Shares of Seagate Technology Holdings PLC (NASDAQ:STX)

SeaBridge Investment Advisors LLC decreased its holdings in shares of Seagate Technology Holdings PLC (NASDAQ:STX) by 11.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 33,308 shares of the data storage provider’s stock after selling 4,185 shares during the period. SeaBridge Investment Advisors LLC’s holdings in Seagate Technology were worth $2,830,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ameriflex Group Inc. bought a new stake in shares of Seagate Technology during the fourth quarter valued at approximately $26,000. Elequin Capital LP bought a new stake in shares of Seagate Technology during the fourth quarter valued at approximately $27,000. Fourth Dimension Wealth LLC bought a new stake in shares of Seagate Technology during the fourth quarter valued at approximately $27,000. Wayfinding Financial LLC bought a new stake in shares of Seagate Technology during the first quarter valued at approximately $31,000. Finally, Golden State Wealth Management LLC boosted its holdings in shares of Seagate Technology by 2,200.0% during 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. Institutional investors own 92.87% of the company’s stock.

Analyst Ratings Changes

STX has been the topic of a number of recent analyst reports. Barclays raised their price target on shares of Seagate Technology from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Wednesday, April 30th. The Goldman Sachs Group started coverage on shares of Seagate Technology in a report on Thursday, July 10th. They issued a “buy” rating and a $170.00 target price on the stock. UBS Group raised their target price on shares of Seagate Technology from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Wednesday, April 30th. Citigroup lifted their price target on shares of Seagate Technology from $140.00 to $170.00 and gave the stock a “buy” rating in a research note on Friday, July 11th. Finally, Morgan Stanley lifted their price target on shares of Seagate Technology from $140.00 to $167.00 and gave the stock an “overweight” rating in a research note on Monday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Seagate Technology has an average rating of “Moderate Buy” and a consensus target price of $128.00.

Insider Transactions at Seagate Technology

In other news, Director Stephanie Tilenius sold 2,693 shares of the business’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $128.04, for a total value of $344,811.72. Following the sale, the director directly owned 12,244 shares in the company, valued at $1,567,721.76. The trade was a 18.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Ban Seng Teh sold 1,725 shares of the business’s stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $144.00, for a total transaction of $248,400.00. Following the completion of the sale, the executive vice president owned 12,052 shares in the company, valued at approximately $1,735,488. This trade represents a 12.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 395,516 shares of company stock worth $47,831,398 in the last three months. Insiders own 0.81% of the company’s stock.

Seagate Technology Stock Down 0.0%

Shares of STX stock opened at $149.05 on Wednesday. The stock has a market cap of $31.63 billion, a P/E ratio of 21.54 and a beta of 1.45. Seagate Technology Holdings PLC has a 52 week low of $63.19 and a 52 week high of $152.16. The company’s fifty day simple moving average is $126.27 and its two-hundred day simple moving average is $102.20.

Seagate Technology (NASDAQ:STX) last announced its quarterly 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 business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.14 billion. Seagate Technology had a net margin of 17.49% and a negative return on equity of 105.02%. The business’s quarterly revenue was up 30.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.33 EPS. On average, analysts anticipate that Seagate Technology Holdings PLC will post 6.83 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Stockholders of record on Wednesday, June 25th were issued a $0.72 dividend. The ex-dividend date was Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.93%. Seagate Technology’s dividend payout ratio (DPR) is presently 41.62%.

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

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.