Seagate Technology Holdings plc (NASDAQ:STX) Shares Acquired by Berkshire Bank

Berkshire Bank lifted its position in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 8.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,479 shares of the data storage provider’s stock after acquiring an additional 361 shares during the period. Berkshire Bank’s holdings in Seagate Technology were worth $380,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in STX. Capital Research Global Investors raised its position in shares of Seagate Technology by 56.5% during 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. Vanguard Group Inc. grew its stake in 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 during the last quarter. Marshall Wace LLP bought a new position in Seagate Technology during the 4th quarter worth $77,341,000. Junto Capital Management LP bought a new position in Seagate Technology during the 4th quarter worth $60,303,000. Finally, Janus Henderson Group PLC grew its stake in Seagate Technology by 2,853.4% during the 4th quarter. Janus Henderson Group PLC now owns 670,976 shares of the data storage provider’s stock worth $57,925,000 after buying an additional 648,257 shares during the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

Seagate Technology Price Performance

Shares of STX stock opened at $131.04 on Tuesday. The firm has a market cap of $27.81 billion, a P/E ratio of 23.96 and a beta of 1.40. The stock’s 50-day moving average is $100.20 and its two-hundred day moving average is $95.24. Seagate Technology Holdings plc has a fifty-two week low of $63.19 and a fifty-two week high of $132.23.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.33 EPS. As a group, research analysts expect that Seagate Technology Holdings plc will post 6.83 EPS for the current year.

Seagate Technology declared that its Board of Directors has initiated a stock buyback plan on Thursday, May 22nd that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the data storage provider to buy up to 21.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Seagate Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Wednesday, June 25th will be issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date is Wednesday, June 25th. Seagate Technology’s dividend payout ratio is 41.62%.

Insider Activity

In other Seagate Technology news, EVP Ban Seng Teh sold 3,594 shares of the firm’s stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $130.00, for a total value of $467,220.00. Following the completion of the sale, the executive vice president now owns 11,064 shares in the company, valued at approximately $1,438,320. This trade represents a 24.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $84.56, for a total value of $1,691,200.00. Following the transaction, the chief executive officer now owns 555,677 shares of the company’s stock, valued at $46,988,047.12. This trade represents a 3.47% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 393,192 shares of company stock valued at $46,303,128. Insiders own 0.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on STX shares. Mizuho lowered their price objective on Seagate Technology from $115.00 to $95.00 and set an “outperform” rating for the company in a research note on Thursday, April 10th. Wedbush reissued an “outperform” rating and issued a $140.00 price target on shares of Seagate Technology in a research note on Wednesday, May 21st. BNP Paribas raised Seagate Technology from a “strong sell” rating to a “hold” rating in a research note on Friday, May 16th. Rosenblatt Securities reissued a “buy” rating and issued a $130.00 price target on shares of Seagate Technology in a research note on Friday, May 23rd. Finally, Citigroup increased their price target on Seagate Technology from $105.00 to $125.00 and gave the stock a “buy” rating in a research note on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $119.42.

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.