Seagate Technology Holdings PLC $STX Shares Sold by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC cut its stake in Seagate Technology Holdings PLC (NASDAQ:STX) by 23.1% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 52,087 shares of the data storage provider’s stock after selling 15,654 shares during the period. Commonwealth Equity Services LLC’s holdings in Seagate Technology were worth $48,042,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Retirement Wealth Solutions LLC raised its holdings in Seagate Technology by 70.6% during the 2nd quarter. Retirement Wealth Solutions LLC now owns 29 shares of the data storage provider’s stock worth $28,000 after purchasing an additional 12 shares during the last quarter. Signature Equity Partners LLC lifted its position in shares of Seagate Technology by 383.3% in the 3rd quarter. Signature Equity Partners LLC now owns 29 shares of the data storage provider’s stock worth $27,000 after purchasing an additional 23 shares during the period. Jones Financial Companies Lllp acquired a new position in shares of Seagate Technology in the 2nd quarter worth approximately $39,000. One River Asset Management LLC boosted its stake in shares of Seagate Technology by 50.0% in the 3rd quarter. One River Asset Management LLC now owns 45 shares of the data storage provider’s stock valued at $42,000 after purchasing an additional 15 shares during the last quarter. Finally, Creative Capital Management Investments LLC boosted its stake in shares of Seagate Technology by 104.5% in the 3rd quarter. Creative Capital Management Investments LLC now owns 45 shares of the data storage provider’s stock valued at $42,000 after purchasing an additional 23 shares during the last quarter. 92.87% of the stock is currently owned by institutional investors.

Seagate Technology Trading Down 1.2%

Shares of STX stock opened at $460.99 on Friday. The company has a market cap of $105.83 billion, a P/E ratio of 24.21 and a beta of 2.16. The stock has a 50 day simple moving average of $769.59 and a two-hundred day simple moving average of $693.82. 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 Holdings PLC has a fifty-two week low of $228.61 and a fifty-two week high of $1,145.00.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Tuesday, October 27th. The data storage provider reported $7.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.44 by $0.24. The firm had revenue of $4.23 billion for the quarter, compared to analyst estimates of $4.15 billion. Seagate Technology had a return on equity of 252.47% and a net margin of 31.86%. The company’s revenue was up 61.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.61 earnings per share. Research analysts forecast that Seagate Technology Holdings PLC will post 37.96 earnings per share for the current year.

Seagate Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 7th. Stockholders of record on Wednesday, December 23rd will be paid a $0.76 dividend. The ex-dividend date is Wednesday, December 23rd. This represents a $3.04 annualized dividend and a dividend yield of 0.7%. This is an increase from Seagate Technology’s previous quarterly dividend of $0.74. Seagate Technology’s dividend payout ratio (DPR) is presently 15.97%.

Trending Headlines about Seagate Technology

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

• Positive Sentiment: Recent fiscal first-quarter results beat estimates, with revenue of $4.23 billion and EPS of $7.72. Seagate also guided to about $4.8 billion in fiscal second-quarter revenue, supporting the growth case. Earnings Beat Might Change The Case For Seagate Stock
• Positive Sentiment: Growth-focused commentary argues Seagate has attributes that could support above-market performance, adding to the bullish earnings narrative. The articles do not specify additional catalysts. 3 Reasons Growth Investors Will Love Seagate
• Negative Sentiment: A report attributed a sharp decline in Seagate shares to insider selling, which can raise concerns about insiders’ confidence, even though selling alone does not establish their outlook. Seagate Technology Stock Falls on Insider Selling
• Negative Sentiment: Seagate and other AI-linked stocks faced pressure amid a wider AI-trade selloff and calls from a lawmaker to pause advanced AI development. That uncertainty may temper enthusiasm around data-storage demand tied to AI investment. Seagate Sinks as Lawmaker Urges a Pause on Advanced AI Development

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. increased their price objective on shares of Seagate Technology from $1,095.00 to $1,240.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. UBS Group reissued a “buy” rating on shares of Seagate Technology in a research note on Monday, November 2nd. Sanford C. Bernstein restated an “outperform” rating and issued a $1,350.00 target price on shares of Seagate Technology in a report on Wednesday, July 29th. Evercore reaffirmed an “outperform” rating on shares of Seagate Technology in a research report on Wednesday, October 28th. Finally, Robert W. Baird set a $1,350.00 price target on shares of Seagate Technology in a research report on Wednesday, October 28th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $1,000.88.

Insider Activity at Seagate Technology

In other Seagate Technology news, CEO William Mosley sold 97,889 shares of the firm’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $772.14, for a total value of $75,584,012.46. Following the completion of the sale, the chief executive officer directly owned 378,108 shares in the company, valued at approximately $291,952,311.12. This trade represents a 20.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Ban Teh sold 52,730 shares of the firm’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $782.08, for a total transaction of $41,239,078.40. Following the completion of the sale, the executive vice president owned 5,810 shares of the company’s stock, valued at $4,543,884.80. The trade was a 90.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 447,108 shares of company stock worth $356,049,743 over the last quarter. 0.51% of the stock is currently owned by insiders.

Seagate Technology Company Profile

Seagate Technology develops and supplies data-storage products and solutions for businesses and consumers. Its portfolio includes hard disk drives (HDDs), solid-state drives, and storage systems designed for applications ranging from personal computing to large-scale data centers.

The company’s products support cloud and enterprise storage, network-attached storage, video surveillance, gaming, and other uses that require digital data to be stored and accessed. Seagate also offers data-management and storage services through its Lyve platform.

Founded in 1979, Seagate has a long history in the hard disk drive industry.