Seagate Technology Holdings PLC (NASDAQ:STX – Get Free Report) was up 2.1% on Tuesday. The stock traded as high as $626.40 and last traded at $606.38. Approximately 4,714,040 shares were traded during trading, an increase of 5% from the average daily volume of 4,479,379 shares. The stock had previously closed at $593.76.
Seagate Technology News Roundup
Here are the key news stories impacting Seagate Technology this week:
- Positive Sentiment: Seagate reported fiscal first-quarter revenue of $4.23 billion, up 61% year over year, and earnings that beat estimates. Management’s roughly $4.8 billion second-quarter revenue outlook, along with cash generation and rising HAMR adoption, supports the growth case. Earnings Beat Might Change The Case For Seagate Stock
- Neutral Sentiment: An executive’s recent share sale was made under a pre-arranged Rule 10b5-1 plan, which may make it less significant as a signal of the executive’s near-term outlook. Insider Selling: Seagate Technology EVP Sells Stock
- Negative Sentiment: STX and other storage stocks were caught in a renewed AI-sector sell-off. Investors reacted to political uncertainty after the midterm elections and a lawmaker’s call for a pause in advanced AI development, raising concerns about the outlook for AI investment and related data-center demand. Seagate Sinks as Lawmaker Urges a Pause on Advanced AI Development
- Negative Sentiment: The broader technology sell-off added pressure: the PHLX Semiconductor Index was down sharply, reflecting risk aversion across chip and data-storage stocks. A Sharp Pullback in Chip Stocks Meets Fresh Records in Recent Earnings Reports
Analyst Ratings Changes
STX has been the subject of a number of analyst reports. Rosenblatt Securities reduced their price target on Seagate Technology from $1,400.00 to $1,100.00 and set a “buy” rating for the company in a research report on Monday, October 26th. Summit Insights lowered Seagate Technology from a “buy” rating to a “hold” rating in a report on Wednesday, October 28th. Barclays raised their price objective on Seagate Technology from $1,000.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Thursday, July 30th. Wells Fargo & Company reduced their target price on Seagate Technology from $865.00 to $820.00 and set an “overweight” rating for the company in a report on Wednesday, October 28th. Finally, Wall Street Zen raised Seagate Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, September 26th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Seagate Technology has a consensus rating of “Moderate Buy” and an average target price of $1,000.88.
Get Our Latest Report on Seagate Technology
Seagate Technology Stock Performance
The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.25 and a current ratio of 1.82. The stock’s 50-day simple moving average is $777.31 and its two-hundred day simple moving average is $693.14. The stock has a market cap of $107.10 billion, a price-to-earnings ratio of 28.36 and a beta of 2.16.
Seagate Technology (NASDAQ:STX – Get Free Report) last issued its quarterly earnings results on Tuesday, October 27th. The data storage provider reported $7.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.44 by $0.24. Seagate Technology had a return on equity of 252.47% and a net margin of 31.86%. The company had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $4.15 billion. During the same period last year, the business posted $2.61 earnings per share. The firm’s revenue was up 61.0% compared to the same quarter last year. Analysts forecast that Seagate Technology Holdings PLC will post 37.96 earnings per share for the current year.
Seagate Technology Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 7th. Stockholders of record on Wednesday, December 23rd will be issued a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 0.7%. This is a boost from Seagate Technology’s previous quarterly dividend of $0.74. The ex-dividend date is Wednesday, December 23rd. Seagate Technology’s dividend payout ratio is presently 15.55%.
Insiders Place Their Bets
In other news, EVP John Morris sold 15,466 shares of the firm’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $772.15, for a total value of $11,942,071.90. Following the sale, the executive vice president owned 31,132 shares in the company, valued at approximately $24,038,573.80. This trade represents a 33.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William D. Mosley sold 97,889 shares of the firm’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $772.14, for a total transaction of $75,584,012.46. Following the completion of the sale, the chief executive officer owned 378,108 shares in the company, valued at approximately $291,952,311.12. The trade was a 20.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 469,319 shares of company stock valued at $373,883,846 in the last three months. 0.51% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in STX. Retirement Wealth Solutions LLC increased its stake in Seagate Technology by 70.6% during the 2nd quarter. Retirement Wealth Solutions LLC now owns 29 shares of the data storage provider’s stock worth $28,000 after purchasing an additional 12 shares in the last quarter. Signature Equity Partners LLC raised its holdings in Seagate Technology by 383.3% during the 3rd quarter. Signature Equity Partners LLC now owns 29 shares of the data storage provider’s stock worth $27,000 after buying an additional 23 shares during the period. Jones Financial Companies Lllp bought a new position in Seagate Technology in the second quarter valued at approximately $39,000. One River Asset Management LLC lifted its stake in Seagate Technology by 50.0% in the third quarter. One River Asset Management LLC now owns 45 shares of the data storage provider’s stock valued at $42,000 after buying an additional 15 shares in the last quarter. Finally, Laurel Wealth Advisors LLC bought a new position in Seagate Technology in the third quarter valued at approximately $42,000. Institutional investors and hedge funds own 92.87% of the company’s stock.
About Seagate Technology
Seagate Technology Holdings plc (NASDAQ: STX) is a data storage company that develops and manufactures mass-capacity storage products and solutions. Its portfolio is centered on hard disk drives (HDDs) used in cloud data centers, enterprise systems, network-attached storage, video and imaging applications, and personal computers.
The company also provides storage-related services and solutions designed to help organizations store, manage, protect, and access large volumes of digital information.
Featured Stories
- Five stocks we like better than Seagate Technology
- Google’s Credit Backstop May Be TeraWulf’s Biggest Advantage
- Could the Midterms Revive Medicare for All? 3 Healthcare Stocks to Watch
- Qualcomm Beat Earnings, But Its Fastest-Growing Businesses Have a Catch
- Oil, Uranium, or Renewables? 3 Energy Plays for a Changing Market
Receive News & Ratings for Seagate Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Seagate Technology and related companies with MarketBeat.com's FREE daily email newsletter.
