Seagate Technology (NASDAQ:STX) Hits New 12-Month High – Still a Buy?

Seagate Technology Holdings plc (NASDAQ:STX) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $115.32 and last traded at $113.54, with a volume of 414758 shares changing hands. The stock had previously closed at $111.06.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on STX. Benchmark reiterated a “hold” rating on shares of Seagate Technology in a report on Wednesday, July 24th. Evercore ISI increased their price target on shares of Seagate Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a report on Tuesday, July 16th. UBS Group boosted their price objective on shares of Seagate Technology from $110.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, July 24th. Wells Fargo & Company increased their target price on shares of Seagate Technology from $90.00 to $120.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 24th. Finally, Rosenblatt Securities boosted their price target on Seagate Technology from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $115.94.

Seagate Technology Stock Performance

The company’s 50 day moving average price is $103.64 and its 200 day moving average price is $98.86. The company has a market cap of $23.52 billion, a price-to-earnings ratio of 72.55 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.29. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same period in the previous year, the business earned ($0.29) earnings per share. The company’s revenue for the quarter was up 17.8% compared to the same quarter last year. As a group, analysts predict that Seagate Technology Holdings plc will post 7.09 EPS for the current year.

Seagate Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Monday, September 23rd were given a $0.70 dividend. The ex-dividend date was Monday, September 23rd. This represents a $2.80 annualized dividend and a yield of 2.51%. Seagate Technology’s payout ratio is 181.82%.

Insiders Place Their Bets

In related news, EVP Ban Seng Teh sold 10,117 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $110.00, for a total value of $1,112,870.00. Following the completion of the sale, the executive vice president now owns 5,387 shares of the company’s stock, valued at $592,570. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Seagate Technology news, CEO William D. Mosley sold 141,785 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $110.18, for a total value of $15,621,871.30. Following the sale, the chief executive officer now owns 668,616 shares in the company, valued at approximately $73,668,110.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Ban Seng Teh sold 10,117 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $110.00, for a total transaction of $1,112,870.00. Following the transaction, the executive vice president now directly owns 5,387 shares of the company’s stock, valued at $592,570. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 223,284 shares of company stock valued at $23,800,887. 0.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Seagate Technology

A number of institutional investors have recently made changes to their positions in the business. CWM LLC increased its stake in Seagate Technology by 3.0% in the 2nd quarter. CWM LLC now owns 3,307 shares of the data storage provider’s stock valued at $342,000 after buying an additional 97 shares during the last quarter. Affinity Capital Advisors LLC grew its holdings in shares of Seagate Technology by 1.5% in the 3rd quarter. Affinity Capital Advisors LLC now owns 6,620 shares of the data storage provider’s stock valued at $725,000 after acquiring an additional 100 shares in the last quarter. Csenge Advisory Group increased its position in shares of Seagate Technology by 1.4% in the first quarter. Csenge Advisory Group now owns 8,473 shares of the data storage provider’s stock valued at $788,000 after acquiring an additional 119 shares during the last quarter. Kingswood Wealth Advisors LLC increased its position in shares of Seagate Technology by 3.7% in the second quarter. Kingswood Wealth Advisors LLC now owns 3,452 shares of the data storage provider’s stock valued at $357,000 after acquiring an additional 122 shares during the last quarter. Finally, Burney Co. raised its holdings in Seagate Technology by 3.3% during the first quarter. Burney Co. now owns 3,948 shares of the data storage provider’s stock worth $367,000 after acquiring an additional 125 shares in the last quarter. Institutional investors own 92.87% 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.