Seagate Technology Holdings PLC (NASDAQ:STX – Get Free Report)’s share price was down 7.9% on Monday. The stock traded as low as $586.88 and last traded at $593.76. 5,424,904 shares traded hands during mid-day trading, an increase of 21% from the average daily volume of 4,479,958 shares. The stock had previously closed at $644.58.
Wall Street Analyst Weigh In
STX has been the topic of a number of research analyst reports. UBS Group reaffirmed a “buy” rating on shares of Seagate Technology in a report on Monday. Rosenblatt Securities lowered their price target on Seagate Technology from $1,400.00 to $1,100.00 and set a “buy” rating for the company in a report on Monday, October 26th. Bank of America upped their price target on Seagate Technology from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research report on Wednesday, October 21st. Summit Insights cut Seagate Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, October 28th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $1,350.00 price objective on shares of Seagate Technology in a report on Wednesday, July 29th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,000.88.
View Our Latest Stock Analysis on Seagate Technology
Seagate Technology Price Performance
The company has a quick ratio of 1.25, a current ratio of 1.82 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $135.02 billion, a P/E ratio of 31.18 and a beta of 2.06. The business has a 50 day simple moving average of $799.09 and a 200-day simple moving average of $688.41.
Seagate Technology (NASDAQ:STX – Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The data storage provider reported $7.68 EPS for the quarter, topping the consensus estimate of $7.44 by $0.24. Seagate Technology had a net margin of 31.86% and a return on equity of 252.47%. The business had revenue of $4.23 billion during the quarter, compared to analyst estimates of $4.15 billion. During the same quarter in the prior year, the firm earned $2.61 earnings per share. The company’s quarterly revenue was up 61.0% on a year-over-year basis. Analysts predict that Seagate Technology Holdings PLC will post 37.44 EPS for the current fiscal year.
Seagate Technology Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 7th. Shareholders of record on Wednesday, December 23rd will be given a $0.76 dividend. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.74. The ex-dividend date is Wednesday, December 23rd. This represents a $3.04 annualized dividend and a yield of 0.5%. Seagate Technology’s payout ratio is currently 15.97%.
Insider Activity
In other Seagate Technology news, CEO William D. Mosley sold 97,889 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $772.14, for a total value of $75,584,012.46. Following the sale, the chief executive officer owned 378,108 shares in the company, valued at approximately $291,952,311.12. This trade represents a 20.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Ban Teh sold 52,730 shares of Seagate Technology stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $782.08, for a total value of $41,239,078.40. Following the sale, the executive vice president directly owned 5,810 shares in the company, valued at approximately $4,543,884.80. This trade represents a 90.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 436,644 shares of company stock worth $353,934,542 in the last quarter. Company insiders own 0.51% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in STX. Retirement Wealth Solutions LLC raised its stake in shares of Seagate Technology by 70.6% during the second quarter. Retirement Wealth Solutions LLC now owns 29 shares of the data storage provider’s stock valued at $28,000 after purchasing an additional 12 shares in the last quarter. Bridgewater Advisors Inc. grew its position in Seagate Technology by 0.9% in the 1st quarter. Bridgewater Advisors Inc. now owns 1,477 shares of the data storage provider’s stock valued at $579,000 after buying an additional 13 shares in the last quarter. Baker Tilly Wealth Management LLC grew its position in Seagate Technology by 4.6% in the 3rd quarter. Baker Tilly Wealth Management LLC now owns 319 shares of the data storage provider’s stock valued at $295,000 after buying an additional 14 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its stake in Seagate Technology by 23.1% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 80 shares of the data storage provider’s stock valued at $31,000 after buying an additional 15 shares during the period. Finally, One River Asset Management LLC increased its stake in Seagate Technology by 50.0% during the 3rd 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 during the period. 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.
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