Seagate Technology (NASDAQ:STX) Trading Down 4.1%

Seagate Technology Holdings plc (NASDAQ:STX) shares traded down 4.1% during mid-day trading on Thursday . The stock traded as low as $103.74 and last traded at $105.07. 1,939,615 shares changed hands during trading, a decline of 26% from the average session volume of 2,619,427 shares. The stock had previously closed at $109.53.

Analysts Set New Price Targets

STX has been the topic of a number of analyst reports. TD Cowen increased their price objective on shares of Seagate Technology from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday. The Goldman Sachs Group upped their target price on shares of Seagate Technology from $96.00 to $107.00 and gave the stock a “neutral” rating in a research report on Wednesday. Cantor Fitzgerald lifted their price target on Seagate Technology from $120.00 to $125.00 and gave the company a “neutral” rating in a report on Wednesday. Citigroup increased their price objective on Seagate Technology from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Loop Capital lifted their target price on Seagate Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $115.94.

Seagate Technology Stock Down 5.1 %

The stock has a market capitalization of $21.83 billion, a P/E ratio of -84.91 and a beta of 1.02. The firm’s 50-day simple moving average is $101.03 and its 200 day simple moving average is $92.83.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.29. The business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.87 billion. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.05%. The business’s revenue for the quarter was up 17.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.29) EPS. As a group, equities analysts anticipate that Seagate Technology Holdings plc will post 5.11 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 23rd will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.69%. The ex-dividend date is Monday, September 23rd. Seagate Technology’s dividend payout ratio is -217.05%.

Insiders Place Their Bets

In other Seagate Technology news, SVP John Christopher Morris sold 11,158 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total value of $1,004,220.00. Following the completion of the transaction, the senior vice president now directly owns 17,767 shares in the company, valued at $1,599,030. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, SVP John Christopher Morris sold 11,158 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $90.00, for a total value of $1,004,220.00. Following the completion of the sale, the senior vice president now owns 17,767 shares in the company, valued at $1,599,030. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ban Seng Teh sold 9,703 shares of Seagate Technology stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $95.00, for a total value of $921,785.00. Following the transaction, the executive vice president now owns 15,185 shares in the company, valued at approximately $1,442,575. The disclosure for this sale can be found here. In the last quarter, insiders have sold 37,531 shares of company stock worth $3,592,946. Company insiders own 0.89% of the company’s stock.

Institutional Trading of Seagate Technology

A number of hedge funds have recently made changes to their positions in STX. Capital Research Global Investors increased its stake in Seagate Technology by 39.3% in the 4th quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock valued at $1,418,413,000 after buying an additional 4,685,454 shares during the period. Norges Bank purchased a new position in shares of Seagate Technology during the 4th quarter valued at $188,834,000. Vanguard Group Inc. increased its stake in shares of Seagate Technology by 3.1% in the first quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock worth $2,303,274,000 after acquiring an additional 746,395 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of Seagate Technology by 83.2% during the fourth quarter. Wells Fargo & Company MN now owns 1,014,075 shares of the data storage provider’s stock worth $86,572,000 after acquiring an additional 460,599 shares in the last quarter. Finally, Mizuho Markets Americas LLC boosted its position in Seagate Technology by 321.7% during the fourth quarter. Mizuho Markets Americas LLC now owns 586,120 shares of the data storage provider’s stock valued at $50,037,000 after purchasing an additional 447,120 shares during the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

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.