Seagate Technology Holdings PLC (NASDAQ:STX) EVP Sells $77,870.00 in Stock

Seagate Technology Holdings PLC (NASDAQ:STX) EVP Ban Seng Teh sold 599 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $130.00, for a total transaction of $77,870.00. Following the completion of the transaction, the executive vice president now owns 10,329 shares in the company, valued at $1,342,770. This represents a 5.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Ban Seng Teh also recently made the following trade(s):

• On Monday, June 9th, Ban Seng Teh sold 3,594 shares of Seagate Technology stock. The stock was sold at an average price of $130.00, for a total transaction of $467,220.00.
• On Wednesday, June 4th, Ban Seng Teh sold 63,418 shares of Seagate Technology stock. The shares were sold at an average price of $125.00, for a total transaction of $7,927,250.00.
• On Tuesday, June 3rd, Ban Seng Teh sold 11,309 shares of Seagate Technology stock. The shares were sold at an average price of $120.00, for a total transaction of $1,357,080.00.
• On Tuesday, May 27th, Ban Seng Teh sold 4,201 shares of Seagate Technology stock. The stock was sold at an average price of $115.00, for a total value of $483,115.00.

Seagate Technology Stock Up 0.3%

NASDAQ STX opened at $131.30 on Thursday. Seagate Technology Holdings PLC has a 52-week low of $63.19 and a 52-week high of $133.76. The firm has a 50-day moving average price of $102.48 and a 200 day moving average price of $95.74. The stock has a market capitalization of $27.86 billion, a P/E ratio of 18.97 and a beta of 1.40.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.75 by $0.15. Seagate Technology had a negative return on equity of 105.02% and a net margin of 17.49%. The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same period in the prior year, the business posted $0.33 EPS. The company’s revenue for the quarter was up 30.5% on a year-over-year basis. On average, equities research analysts expect that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current fiscal year.

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

Seagate Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Wednesday, June 25th will be issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date is Wednesday, June 25th. Seagate Technology’s dividend payout ratio (DPR) is currently 41.62%.

Analyst Ratings Changes

A number of analysts recently issued reports on STX shares. UBS Group upped their target price on Seagate Technology from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Wednesday, April 30th. Bank of America increased their price objective on Seagate Technology from $135.00 to $145.00 and gave the company a “buy” rating in a report on Monday, June 9th. Wedbush restated an “outperform” rating and set a $140.00 target price on shares of Seagate Technology in a research report on Wednesday, May 21st. Mizuho reduced their price target on shares of Seagate Technology from $115.00 to $95.00 and set an “outperform” rating for the company in a research report on Thursday, April 10th. Finally, Wells Fargo & Company increased their price target on shares of Seagate Technology from $105.00 to $122.00 and gave the stock an “equal weight” rating in a research note on Friday, May 23rd. 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 company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $119.42.

Institutional Trading of Seagate Technology

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in Seagate Technology by 2.7% during the first quarter. Vanguard Group Inc. now owns 28,743,126 shares of the data storage provider’s stock worth $2,441,729,000 after buying an additional 769,009 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Seagate Technology by 12.9% during the 1st quarter. JPMorgan Chase & Co. now owns 18,920,792 shares of the data storage provider’s stock worth $1,607,321,000 after acquiring an additional 2,161,191 shares in the last quarter. Sanders Capital LLC boosted its stake in shares of Seagate Technology by 1.0% during the 4th quarter. Sanders Capital LLC now owns 16,530,152 shares of the data storage provider’s stock worth $1,426,717,000 after acquiring an additional 162,561 shares in the last quarter. Capital Research Global Investors grew its holdings in shares of Seagate Technology by 56.5% in the 4th quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider’s stock worth $1,348,262,000 after acquiring an additional 5,640,443 shares during the period. Finally, Geode Capital Management LLC increased its stake in Seagate Technology by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 4,295,225 shares of the data storage provider’s stock valued at $370,013,000 after purchasing an additional 132,713 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.