Wealthfront Advisers LLC Lowers Holdings in Seagate Technology Holdings PLC (NASDAQ:STX)

Wealthfront Advisers LLC cut its position in Seagate Technology Holdings PLC (NASDAQ:STX) by 1.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 47,112 shares of the data storage provider’s stock after selling 636 shares during the period. Wealthfront Advisers LLC’s holdings in Seagate Technology were worth $4,002,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in STX. Vanguard Group Inc. boosted its stake in Seagate Technology by 6.9% in the fourth quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider’s stock valued at $2,414,446,000 after acquiring an additional 1,814,821 shares during the period. 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 buying an additional 162,561 shares during the last quarter. Capital Research Global Investors increased its holdings in shares of Seagate Technology by 56.5% during the fourth quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider’s stock worth $1,348,262,000 after purchasing an additional 5,640,443 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Seagate Technology by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 4,295,225 shares of the data storage provider’s stock worth $370,013,000 after purchasing an additional 132,713 shares during the period. Finally, Invesco Ltd. boosted its holdings in Seagate Technology by 14.6% during the fourth quarter. Invesco Ltd. now owns 2,761,534 shares of the data storage provider’s stock worth $238,348,000 after purchasing an additional 352,300 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on STX shares. BNP Paribas Exane upgraded shares of Seagate Technology from an “underperform” rating to a “neutral” rating and set a $100.00 price objective for the company in a research note on Friday, May 16th. Bank of America boosted their price objective on Seagate Technology from $145.00 to $165.00 and gave the company a “buy” rating in a research note on Monday. Wells Fargo & Company raised their price objective on Seagate Technology from $122.00 to $160.00 and gave the stock an “equal weight” rating in a report on Thursday. Wall Street Zen cut Seagate Technology from a “buy” rating to a “hold” rating in a research report on Friday, May 30th. Finally, Rosenblatt Securities restated a “buy” rating and set a $130.00 target price on shares of Seagate Technology in a research note on Friday, May 23rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Seagate Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $130.00.

Seagate Technology Price Performance

Shares of Seagate Technology stock opened at $146.72 on Friday. The business has a 50-day moving average of $128.31 and a two-hundred day moving average of $102.93. The company has a market capitalization of $31.14 billion, a P/E ratio of 21.20 and a beta of 1.45. Seagate Technology Holdings PLC has a 1 year low of $63.19 and a 1 year high of $152.16.

Seagate Technology (NASDAQ:STX) last released 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 last year, the business posted $0.33 earnings per share. The business’s revenue for the quarter was up 30.5% on a year-over-year basis. On average, equities analysts anticipate that Seagate Technology Holdings PLC will post 6.83 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th were given a dividend of $0.72 per share. The ex-dividend date of this dividend was Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.96%. Seagate Technology’s payout ratio is currently 41.62%.

Seagate Technology declared that its board has authorized a stock buyback program on Thursday, May 22nd that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the data storage provider to buy up to 21.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity

In other news, Director Stephanie Tilenius sold 2,693 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $128.04, for a total value of $344,811.72. Following the completion of the sale, the director directly owned 12,244 shares of the company’s stock, valued at $1,567,721.76. This represents a 18.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ban Seng Teh sold 1,725 shares of the business’s stock in a transaction on Friday, July 11th. The shares were sold at an average price of $144.00, for a total transaction of $248,400.00. Following the completion of the sale, the executive vice president owned 12,052 shares in the company, valued at $1,735,488. This represents a 12.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 395,516 shares of company stock valued at $47,831,398 over the last quarter. Company insiders own 0.81% 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.