Skandinaviska Enskilda Banken AB publ Decreases Position in Seagate Technology Holdings PLC (NASDAQ:STX)

Skandinaviska Enskilda Banken AB publ cut its stake in Seagate Technology Holdings PLC (NASDAQ:STX) by 17.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 104,366 shares of the data storage provider’s stock after selling 21,781 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Seagate Technology were worth $8,866,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Ameriflex Group Inc. purchased a new position in Seagate Technology in the 4th quarter worth approximately $26,000. Elequin Capital LP purchased a new position in Seagate Technology in the 4th quarter worth approximately $27,000. Fourth Dimension Wealth LLC purchased a new position in Seagate Technology in the 4th quarter worth approximately $27,000. Wayfinding Financial LLC purchased a new position in Seagate Technology in the 1st quarter worth approximately $31,000. Finally, Golden State Wealth Management LLC lifted its stake in Seagate Technology by 2,200.0% in the 1st quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider’s stock worth $39,000 after purchasing an additional 440 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO William D. Mosley sold 70,000 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $109.47, for a total transaction of $7,662,900.00. Following the completion of the transaction, the chief executive officer directly owned 485,677 shares of the company’s stock, valued at $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 is available at this link. Also, Director Michael R. Cannon sold 24,190 shares of the stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $119.00, for a total transaction of $2,878,610.00. Following the transaction, the director directly owned 10,835 shares of the company’s stock, valued at $1,289,365. This represents a 69.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 395,516 shares of company stock valued at $47,831,398. Company insiders own 0.81% of the company’s stock.

Seagate Technology Stock Performance

Shares of NASDAQ:STX opened at $150.89 on Friday. The company has a 50-day simple moving average of $133.87 and a 200-day simple moving average of $105.63. Seagate Technology Holdings PLC has a one year low of $63.19 and a one year high of $153.88. The stock has a market capitalization of $32.02 billion, a price-to-earnings ratio of 21.80 and a beta of 1.45.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. Seagate Technology had a net margin of 17.49% and a negative return on equity of 105.02%. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.14 billion. During the same period in the prior year, the company earned $0.33 earnings per share. The business’s revenue was up 30.5% 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 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 repurchase up to 21.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Seagate Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th were issued a dividend of $0.72 per share. The ex-dividend date was Wednesday, June 25th. This represents a $2.88 annualized dividend and a yield of 1.91%. Seagate Technology’s dividend payout ratio is currently 41.62%.

Analyst Ratings Changes

A number of research firms have weighed in on STX. Barclays raised their target price on shares of Seagate Technology from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 30th. UBS Group lifted their price target on shares of Seagate Technology from $85.00 to $155.00 and gave the company a “neutral” rating in a research report on Monday, July 21st. Cantor Fitzgerald lifted their price target on shares of Seagate Technology from $110.00 to $125.00 and gave the company a “neutral” rating in a research report on Monday, May 19th. Wells Fargo & Company lifted their price target on shares of Seagate Technology from $122.00 to $160.00 and gave the company an “equal weight” rating in a research report on Thursday, July 17th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $130.00 price target on shares of Seagate Technology in a research report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Seagate Technology presently has an average rating of “Moderate Buy” and an average target price of $134.38.

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.