Insider Selling: Seagate Technology Holdings plc (NASDAQ:STX) CEO Sells $2,377,600.00 in Stock

Seagate Technology Holdings plc (NASDAQ:STX) CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $118.88, for a total value of $2,377,600.00. Following the sale, the chief executive officer now owns 515,677 shares of the company’s stock, valued at approximately $61,303,681.76. This trade represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Seagate Technology Stock Down 0.6%

Shares of NASDAQ STX opened at $126.97 on Friday. The business’s 50 day moving average is $93.33 and its two-hundred day moving average is $94.16. Seagate Technology Holdings plc has a 52-week low of $63.19 and a 52-week high of $129.96. The firm has a market cap of $26.95 billion, a price-to-earnings ratio of 23.21 and a beta of 1.40.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.15. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.14 billion. During the same quarter in the prior year, the company earned $0.33 EPS. Seagate Technology’s revenue was up 30.5% on a year-over-year basis. Analysts anticipate that Seagate Technology Holdings plc will post 6.83 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Wednesday, June 25th will be given a dividend of $0.72 per share. The ex-dividend date of this dividend is Wednesday, June 25th. This represents a $2.88 annualized dividend and a dividend yield of 2.27%. Seagate Technology’s dividend payout ratio is presently 41.62%.

Seagate Technology declared that its board has approved 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 shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Mizuho lowered their price objective on Seagate Technology from $115.00 to $95.00 and set an “outperform” rating on the stock in a research note on Thursday, April 10th. Barclays lifted their price target on Seagate Technology from $80.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 30th. Bank of America upped their price objective on shares of Seagate Technology from $125.00 to $135.00 and gave the company a “buy” rating in a report on Friday, May 23rd. BNP Paribas Exane raised shares of Seagate Technology from an “underperform” rating to a “neutral” rating and set a $100.00 target price on the stock in a research note on Friday, May 16th. Finally, UBS Group boosted their target price on shares of Seagate Technology from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $118.89.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in STX. MBB Public Markets I LLC acquired a new stake in Seagate Technology during the 1st quarter worth approximately $300,000. United Services Automobile Association acquired a new position in shares of Seagate Technology in the first quarter worth $385,000. Meiji Yasuda Asset Management Co Ltd. increased its position in shares of Seagate Technology by 6.2% during the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,314 shares of the data storage provider’s stock worth $366,000 after acquiring an additional 250 shares during the period. Jones Financial Companies Lllp raised its position in Seagate Technology by 77.4% in the 1st quarter. Jones Financial Companies Lllp now owns 17,351 shares of the data storage provider’s stock valued at $1,474,000 after purchasing an additional 7,569 shares in the last quarter. Finally, Panoramic Capital LLC raised its holdings in Seagate Technology by 591.8% in the first quarter. Panoramic Capital LLC now owns 131,433 shares of the data storage provider’s stock valued at $11,165,000 after acquiring an additional 112,433 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Seagate Technology Company Profile

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.