Insider Selling: Seagate Technology Holdings plc (NASDAQ:STX) Director Sells 750 Shares of Stock

Seagate Technology Holdings plc (NASDAQ:STX) Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $101.82, for a total transaction of $76,365.00. Following the completion of the transaction, the director now owns 6,555 shares in the company, valued at $667,430.10. This represents a 10.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Seagate Technology Trading Down 1.3 %

STX stock traded down $1.24 during trading on Wednesday, reaching $97.56. 3,988,273 shares of the stock were exchanged, compared to its average volume of 2,480,629. The business has a 50 day moving average price of $104.30 and a 200-day moving average price of $102.07. Seagate Technology Holdings plc has a 1 year low of $76.87 and a 1 year high of $115.32. The firm has a market capitalization of $20.64 billion, a price-to-earnings ratio of 25.80 and a beta of 1.03.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. The business had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The business’s revenue was up 49.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.34) EPS. On average, research analysts anticipate that Seagate Technology Holdings plc will post 7.18 EPS for the current year.

Seagate Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Sunday, December 15th will be issued a $0.72 dividend. The ex-dividend date is Friday, December 13th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.95%. This is a boost from Seagate Technology’s previous quarterly dividend of $0.70. Seagate Technology’s payout ratio is 75.20%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in STX. Point72 Asset Management L.P. acquired a new position in Seagate Technology during the 3rd quarter worth approximately $133,031,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Seagate Technology by 341.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,308,958 shares of the data storage provider’s stock worth $143,370,000 after acquiring an additional 1,012,638 shares in the last quarter. State Street Corp grew its holdings in Seagate Technology by 6.8% during the 3rd quarter. State Street Corp now owns 8,502,674 shares of the data storage provider’s stock worth $937,081,000 after acquiring an additional 541,585 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Seagate Technology by 29.5% in the 3rd quarter. Franklin Resources Inc. now owns 1,778,811 shares of the data storage provider’s stock valued at $197,844,000 after buying an additional 405,232 shares in the last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Seagate Technology in the 2nd quarter valued at $35,349,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on STX shares. Benchmark reiterated a “hold” rating on shares of Seagate Technology in a research note on Wednesday, October 23rd. Citigroup raised their target price on shares of Seagate Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Wedbush reissued an “outperform” rating and set a $150.00 target price on shares of Seagate Technology in a report on Wednesday, October 23rd. Evercore ISI raised their price target on shares of Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Finally, StockNews.com upgraded shares of Seagate Technology from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $118.83.

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.