Seagate Technology Holdings PLC $STX Position Increased by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in Seagate Technology Holdings PLC (NASDAQ:STX) by 11.6% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 46,934 shares of the data storage provider’s stock after buying 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 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of STX. Harbor Asset Planning Inc. bought a new stake in shares of Seagate Technology during the 2nd quarter worth $27,000. Rakuten Securities Inc. lifted its holdings in shares of Seagate Technology by 884.2% during the second quarter. Rakuten Securities Inc. now owns 187 shares of the data storage provider’s stock valued at $27,000 after purchasing an additional 168 shares during the last quarter. MTM Investment Management LLC acquired a new position in shares of Seagate Technology in the 2nd quarter valued at $29,000. GoalVest Advisory LLC increased its stake in Seagate Technology by 30.6% in the 2nd quarter. GoalVest Advisory LLC now owns 320 shares of the data storage provider’s stock worth $46,000 after purchasing an additional 75 shares in the last quarter. Finally, Trust Co. of Toledo NA OH acquired a new stake in Seagate Technology during the 2nd quarter worth about $57,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

Seagate Technology Stock Up 6.9%

STX stock opened at $304.01 on Friday. The company has a 50 day moving average of $278.12 and a two-hundred day moving average of $217.16. The company has a market cap of $64.92 billion, a price-to-earnings ratio of 39.03, a PEG ratio of 1.19 and a beta of 1.60. Seagate Technology Holdings PLC has a 12-month low of $63.19 and a 12-month high of $332.00.

Seagate Technology Increases Dividend

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

Wall Street Analysts Forecast Growth

STX has been the subject of several recent analyst reports. Sanford C. Bernstein raised their target price on shares of Seagate Technology from $275.00 to $370.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Bank of America upped their price target on shares of Seagate Technology from $275.00 to $320.00 and gave the company a “buy” rating in a research report on Thursday, November 20th. Barclays lifted their price objective on shares of Seagate Technology from $200.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 29th. The Goldman Sachs Group increased their target price on Seagate Technology from $170.00 to $270.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Finally, China Renaissance assumed coverage on Seagate Technology in a research report on Friday, December 5th. They issued a “buy” rating and a $325.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Seagate Technology currently has an average rating of “Moderate Buy” and an average price target of $293.13.

Insider Activity

In other news, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $272.91, for a total transaction of $204,682.50. Following the completion of the sale, the director directly owned 5,601 shares in the company, valued at $1,528,568.91. The trade was a 11.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $285.56, for a total value of $5,711,200.00. Following the completion of the sale, the chief executive officer directly owned 429,895 shares of the company’s stock, valued at approximately $122,760,816.20. The trade was a 4.45% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 132,555 shares of company stock valued at $36,743,207. 0.79% of the stock is currently owned by company insiders.

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.