Seagate Technology Holdings PLC (NASDAQ:STX) Shares Sold by NorthRock Partners LLC

NorthRock Partners LLC lessened its holdings in shares of Seagate Technology Holdings PLC (NASDAQ:STX) by 6.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,501 shares of the data storage provider’s stock after selling 226 shares during the period. NorthRock Partners LLC’s holdings in Seagate Technology were worth $300,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in STX. Ameriflex Group Inc. bought a new stake in shares of Seagate Technology during the fourth quarter valued at about $26,000. Elequin Capital LP bought a new stake in shares of Seagate Technology during the 4th quarter worth about $27,000. Fourth Dimension Wealth LLC acquired a new stake in shares of Seagate Technology in the 4th quarter worth approximately $27,000. Wayfinding Financial LLC acquired a new stake in Seagate Technology during the first quarter valued at approximately $31,000. Finally, Golden State Wealth Management LLC boosted its holdings in Seagate Technology by 2,200.0% during the first quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider’s stock worth $39,000 after buying an additional 440 shares in the last quarter. Institutional investors own 92.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on STX. Benchmark increased their price objective on Seagate Technology from $128.00 to $165.00 and gave the company a “buy” rating in a research report on Wednesday. Citigroup raised their price objective on shares of Seagate Technology from $140.00 to $170.00 and gave the company a “buy” rating in a research report on Friday, July 11th. Wall Street Zen downgraded shares of Seagate Technology from a “buy” rating to a “hold” rating in a research report on Friday, May 30th. BNP Paribas upgraded shares of Seagate Technology from a “strong sell” rating to a “hold” rating in a research note on Friday, May 16th. Finally, Robert W. Baird lifted their price objective on shares of Seagate Technology from $120.00 to $188.00 and gave the company an “outperform” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $151.44.

Insider Buying and Selling

In related news, CEO William D. Mosley sold 70,000 shares of the company’s stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $109.47, for a total value of $7,662,900.00. Following the completion of the sale, the chief executive officer owned 485,677 shares in the company, valued at approximately $53,167,061.19. This represents a 12.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Ban Seng Teh sold 63,418 shares of the stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $125.00, for a total transaction of $7,927,250.00. Following the completion of the sale, the executive vice president owned 14,658 shares in the company, valued at $1,832,250. This represents a 81.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 395,516 shares of company stock valued at $47,831,398 over the last 90 days. Company insiders own 0.81% of the company’s stock.

Seagate Technology Stock Performance

Shares of STX opened at $154.81 on Friday. Seagate Technology Holdings PLC has a 52 week low of $63.19 and a 52 week high of $157.45. The firm has a market capitalization of $32.85 billion, a price-to-earnings ratio of 22.87, a PEG ratio of 1.00 and a beta of 1.50. The business’s fifty day moving average price is $138.28 and its two-hundred day moving average price is $107.69.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, July 29th. The data storage provider reported $2.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.45 by $0.14. Seagate Technology had a net margin of 16.15% and a negative return on equity of 169.60%. The company had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same period in the prior year, the company posted $1.05 EPS. The company’s revenue was up 29.5% compared to the same quarter last year. As a group, research analysts forecast that Seagate Technology Holdings PLC will post 6.83 EPS for the current year.

Seagate Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Tuesday, September 30th will be given a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Tuesday, September 30th. Seagate Technology’s dividend payout ratio (DPR) is currently 42.54%.

Seagate Technology announced that its Board of Directors has approved a stock repurchase program on Thursday, May 22nd that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the data storage provider to repurchase up to 21.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Seagate Technology 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.