Seagate Technology Holdings plc (NASDAQ:STX) CEO Sells $2,377,600.00 in Stock

Seagate Technology Holdings plc (NASDAQ:STX) CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $118.88, for a total value of $2,377,600.00. Following the sale, the chief executive officer now owns 515,677 shares of the company’s stock, valued at $61,303,681.76. The trade was a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Seagate Technology Price Performance

Shares of STX opened at $127.64 on Thursday. The stock has a 50-day moving average of $91.63 and a 200-day moving average of $93.74. The company has a market cap of $27.09 billion, a PE ratio of 23.33 and a beta of 1.32. Seagate Technology Holdings plc has a one year low of $63.19 and a one year high of $127.69.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.75 by $0.15. The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.14 billion. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The firm’s revenue for the quarter was up 30.5% compared to the same quarter last year. During the same period last year, the business posted $0.33 EPS. Analysts expect that Seagate Technology Holdings plc will post 6.83 EPS for the current fiscal year.

Seagate Technology declared that its Board of Directors has authorized a stock buyback plan 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 buy up to 21.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Seagate Technology Dividend Announcement

The firm 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 $0.72 dividend. The ex-dividend date is Wednesday, June 25th. This represents a $2.88 annualized dividend and a yield of 2.26%. Seagate Technology’s payout ratio is 41.62%.

Hedge Funds Weigh In On Seagate Technology

Several large investors have recently added to or reduced their stakes in STX. Capital Research Global Investors lifted its position in Seagate Technology by 56.5% in the 4th quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider’s stock valued at $1,348,262,000 after acquiring an additional 5,640,443 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Seagate Technology by 12.9% during the 1st quarter. JPMorgan Chase & Co. now owns 18,920,792 shares of the data storage provider’s stock worth $1,607,321,000 after buying an additional 2,161,191 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Seagate Technology by 6.9% during the 4th quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider’s stock worth $2,414,446,000 after buying an additional 1,814,821 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Seagate Technology by 3,339.4% during the 1st quarter. Wellington Management Group LLP now owns 933,996 shares of the data storage provider’s stock worth $79,343,000 after buying an additional 906,840 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Seagate Technology during the 4th quarter worth approximately $77,341,000. Institutional investors own 92.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on STX. UBS Group increased their price target on Seagate Technology from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Wednesday, April 30th. Barclays increased their price target on Seagate Technology from $80.00 to $90.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 30th. Bank of America increased their price target on Seagate Technology from $125.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, May 23rd. BNP Paribas upgraded Seagate Technology from a “strong sell” rating to a “hold” rating in a research note on Friday, May 16th. Finally, Wall Street Zen downgraded Seagate Technology from a “buy” rating to a “hold” rating in a report on Friday, May 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $118.89.

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.