Seagate Technology (NASDAQ:STX) EVP John Christopher Morris Sells 2,675 Shares of Stock

Seagate Technology Holdings PLC (NASDAQ:STX) EVP John Morris sold 2,675 shares of the firm’s stock in a transaction dated Friday, October 30th. The shares were sold at an average price of $650.15, for a total value of $1,739,151.25. Following the completion of the transaction, the executive vice president directly owned 20,933 shares in the company, valued at $13,609,589.95. This trade represents a 11.33% 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 hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

John Christopher Morris also recently made the following trade(s):

• On Monday, September 21st, John Morris sold 9,354 shares of Seagate Technology stock. The stock was sold at an average price of $877.91, for a total value of $8,211,970.14.
• On Tuesday, September 15th, John Morris sold 15,466 shares of Seagate Technology stock. The stock was sold at an average price of $772.15, for a total value of $11,942,071.90.
• On Monday, September 14th, John Morris sold 493 shares of Seagate Technology stock. The shares were sold at an average price of $781.23, for a total value of $385,146.39.
• On Thursday, September 10th, John Morris sold 572 shares of Seagate Technology stock. The shares were sold at an average price of $862.13, for a total value of $493,138.36.
• On Friday, August 21st, John Morris sold 3,516 shares of Seagate Technology stock. The shares were sold at an average price of $849.35, for a total value of $2,986,314.60.
• On Thursday, August 20th, John Morris sold 523 shares of Seagate Technology stock. The stock was sold at an average price of $835.54, for a total transaction of $436,987.42.

Seagate Technology Trading Up 2.1%

NASDAQ:STX opened at $606.38 on Wednesday. The business’s 50-day simple moving average is $790.20 and its 200 day simple moving average is $691.26. Seagate Technology Holdings PLC has a one year low of $228.61 and a one year high of $1,145.00. The stock has a market cap of $139.20 billion, a price-to-earnings ratio of 31.85 and a beta of 2.16. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.25 and a current ratio of 1.82.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Tuesday, October 27th. The data storage provider reported $7.68 EPS for the quarter, topping the consensus estimate of $7.44 by $0.24. The business had revenue of $4.23 billion for the quarter, compared to analysts’ expectations of $4.15 billion. Seagate Technology had a net margin of 31.86% and a return on equity of 252.47%. The company’s quarterly revenue was up 61.0% compared to the same quarter last year. During the same quarter last year, the company posted $2.61 earnings per share. As a group, sell-side analysts predict that Seagate Technology Holdings PLC will post 37.96 earnings per share for the current fiscal year.

Seagate Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 7th. Shareholders of record on Wednesday, December 23rd will be paid a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, December 23rd. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.74. Seagate Technology’s dividend payout ratio (DPR) is presently 15.55%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Rosenblatt Securities decreased their price objective on Seagate Technology from $1,400.00 to $1,100.00 and set a “buy” rating for the company in a report on Monday, October 26th. JPMorgan Chase & Co. lifted their target price on Seagate Technology from $1,095.00 to $1,240.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Barclays boosted their price target on Seagate Technology from $1,000.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, July 30th. Wells Fargo & Company decreased their price target on Seagate Technology from $865.00 to $820.00 and set an “overweight” rating for the company in a research note on Wednesday, October 28th. Finally, Summit Insights lowered Seagate Technology from a “buy” rating to a “hold” rating in a report on Wednesday, October 28th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,000.88.

Hedge Funds Weigh In On Seagate Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Almanack Investment Partners LLC. increased its position in Seagate Technology by 39.0% during the third quarter. Almanack Investment Partners LLC. now owns 453 shares of the data storage provider’s stock worth $418,000 after buying an additional 127 shares during the last quarter. BCS Wealth Management raised its holdings in Seagate Technology by 5.7% during the third quarter. BCS Wealth Management now owns 462 shares of the data storage provider’s stock valued at $426,000 after buying an additional 25 shares in the last quarter. M Holdings Securities Inc. acquired a new stake in shares of Seagate Technology in the third quarter worth about $481,000. StoneX Group Inc. lifted its position in shares of Seagate Technology by 61.7% in the third quarter. StoneX Group Inc. now owns 1,538 shares of the data storage provider’s stock worth $1,394,000 after buying an additional 587 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS boosted its stake in shares of Seagate Technology by 23.6% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 1,885 shares of the data storage provider’s stock worth $1,739,000 after acquiring an additional 360 shares in the last quarter. 92.87% of the stock is owned by institutional investors.

More Seagate Technology News

Here are the key news stories impacting Seagate Technology this week:

• Positive Sentiment: Seagate’s reported $1.2 billion debt paydown, surging free cash flow and higher dividend point to improved financial flexibility and greater capacity for shareholder returns. Seagate’s $1.2 Billion Debt Paydown: What Comes Next for Investors?
• Positive Sentiment: Analysts cited cloud-storage demand, pricing and the ramp-up of Seagate’s HAMR technology as drivers of an improving fiscal second-quarter outlook, supporting expectations for revenue and earnings growth. Execution remains important. Seagate Q2 Outlook Signals Stronger Growth as HAMR Ramp Accelerates
• Positive Sentiment: A rebound in chip stocks and technology shares offered a supportive backdrop for STX and helped accompany its rally. Why is Seagate Stock Rallying Today?
• Neutral Sentiment: CEO William D. Mosley and EVP John Morris reported share sales. The transactions were made under pre-arranged Rule 10b5-1 plans; Mosley continued to hold a substantial stake. Such planned sales may be less informative than discretionary transactions, though investors may still monitor insider activity. SEC filing for CEO share sale
• Negative Sentiment: Despite stronger operating results, STX had fallen sharply over the prior month. Commentary flags its premium valuation and execution risks as concerns, leaving the stock vulnerable if growth expectations disappoint. STX Falls as Risks Test AI Storage Momentum

About Seagate Technology

Seagate Technology Holdings plc (NASDAQ: STX) is a data storage company that develops and manufactures mass-capacity storage products and solutions. Its portfolio is centered on hard disk drives (HDDs) used in cloud data centers, enterprise systems, network-attached storage, video and imaging applications, and personal computers.

The company also provides storage-related services and solutions designed to help organizations store, manage, protect, and access large volumes of digital information.