Shares of Seagate Technology Holdings PLC (NASDAQ:STX – Get Free Report) were down 3.1% on Friday. The stock traded as low as $507.09 and last traded at $528.29. Approximately 4,341,013 shares changed hands during mid-day trading, a decline of 5% from the average session volume of 4,553,714 shares. The stock had previously closed at $545.14.
Wall Street Analyst Weigh In
Several equities analysts have recently commented on STX shares. Citigroup cut their price target on Seagate Technology from $1,300.00 to $1,050.00 and set a “buy” rating on the stock in a research note on Wednesday, October 28th. Weiss Ratings lowered shares of Seagate Technology from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, November 2nd. Summit Insights cut shares of Seagate Technology from a “buy” rating to a “hold” rating in a report on Wednesday, October 28th. Morgan Stanley dropped their target price on shares of Seagate Technology from $1,200.00 to $1,148.00 and set an “overweight” rating on the stock in a report on Wednesday, October 28th. Finally, Wedbush reissued an “outperform” rating and set a $1,000.00 target price on shares of Seagate Technology in a research report on Wednesday, October 28th. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Seagate Technology presently has an average rating of “Moderate Buy” and a consensus target price of $1,000.88.
View Our Latest Stock Report on Seagate Technology
Seagate Technology Stock Performance
The business has a 50-day moving average of $746.01 and a two-hundred day moving average of $697.37. The company has a market cap of $121.27 billion, a P/E ratio of 27.75 and a beta of 2.16. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.82 and a quick ratio of 1.25.
Seagate Technology (NASDAQ:STX – Get Free Report) last announced its earnings results on Tuesday, October 27th. The data storage provider reported $7.68 EPS for the quarter, topping analysts’ consensus estimates of $7.44 by $0.24. The business had revenue of $4.23 billion during the quarter, compared to the consensus estimate of $4.15 billion. Seagate Technology had a net margin of 31.86% and a return on equity of 252.47%. The firm’s revenue was up 61.0% on a year-over-year basis. During the same period in the previous year, the company posted $2.61 earnings per share. On average, sell-side analysts predict that Seagate Technology Holdings PLC will post 37.96 EPS for the current fiscal year.
Seagate Technology Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 7th. Stockholders of record on Wednesday, December 23rd will be given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Wednesday, December 23rd. This is an increase from Seagate Technology’s previous quarterly dividend of $0.74. Seagate Technology’s payout ratio is presently 15.55%.
Insider Activity
In other Seagate Technology news, EVP John Morris sold 15,466 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $772.15, for a total value of $11,942,071.90. Following the completion of the sale, the executive vice president directly owned 31,132 shares in the company, valued at $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 Securities & Exchange Commission, which is available at the SEC website. 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 on Tuesday, September 15th. The stock was sold at an average price of $782.08, for a total transaction of $41,239,078.40. Following the completion of the transaction, the executive vice president directly owned 5,810 shares in the company, valued at $4,543,884.80. This represents a 90.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 439,747 shares of company stock worth $349,271,735. Insiders own 0.51% of the company’s stock.
Institutional Trading of Seagate Technology
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Aberdeen Group plc grew its stake in Seagate Technology by 1,752.1% during the 3rd quarter. Aberdeen Group plc now owns 3,757,206 shares of the data storage provider’s stock worth $3,465,421,000 after buying an additional 3,554,342 shares during the last quarter. Wellington Management Group LLP raised its stake in Seagate Technology by 2,655.9% in the second quarter. Wellington Management Group LLP now owns 2,414,136 shares of the data storage provider’s stock valued at $2,329,641,000 after buying an additional 2,326,538 shares during the last quarter. Janus Henderson Group PLC raised its stake in Seagate Technology by 3,872.1% in the first quarter. Janus Henderson Group PLC now owns 967,528 shares of the data storage provider’s stock valued at $378,985,000 after buying an additional 943,170 shares during the last quarter. Voya Investment Management LLC raised its stake in Seagate Technology by 53.8% in the third quarter. Voya Investment Management LLC now owns 680,926 shares of the data storage provider’s stock valued at $628,045,000 after buying an additional 238,296 shares during the last quarter. Finally, Amundi boosted its holdings in Seagate Technology by 32.2% in the first quarter. Amundi now owns 965,565 shares of the data storage provider’s stock worth $378,267,000 after acquiring an additional 235,359 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.
About Seagate Technology
Seagate Technology develops and supplies data-storage products and solutions for businesses and consumers. Its portfolio includes hard disk drives (HDDs), solid-state drives, and storage systems designed for applications ranging from personal computing to large-scale data centers. The company’s products support cloud and enterprise storage, network-attached storage, video surveillance, gaming, and other uses that require digital data to be stored and accessed. Seagate also offers data-management and storage services through its Lyve platform.
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