Wedbush Securities Inc. Lowers Holdings in Seagate Technology Holdings plc (NASDAQ:STX)

Wedbush Securities Inc. reduced its position in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 2.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,423 shares of the data storage provider’s stock after selling 126 shares during the period. Wedbush Securities Inc.’s holdings in Seagate Technology were worth $457,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in STX. Family Firm Inc. bought a new position in shares of Seagate Technology in the second quarter worth approximately $41,000. ICA Group Wealth Management LLC purchased a new stake in shares of Seagate Technology during the 4th quarter valued at $47,000. Richardson Financial Services Inc. bought a new stake in shares of Seagate Technology during the 4th quarter worth $47,000. Larson Financial Group LLC grew its position in Seagate Technology by 15,766.7% in the second quarter. Larson Financial Group LLC now owns 476 shares of the data storage provider’s stock worth $49,000 after acquiring an additional 473 shares in the last quarter. Finally, Viking Fund Management LLC increased its stake in Seagate Technology by 722.2% in the first quarter. Viking Fund Management LLC now owns 740 shares of the data storage provider’s stock valued at $69,000 after acquiring an additional 650 shares during the last quarter. Institutional investors own 92.87% of the company’s stock.

Seagate Technology Price Performance

Shares of Seagate Technology stock opened at $102.13 on Friday. Seagate Technology Holdings plc has a 1 year low of $63.22 and a 1 year high of $113.57. The company has a 50-day moving average of $101.44 and a 200 day moving average of $96.15. The firm has a market cap of $21.50 billion, a price-to-earnings ratio of -79.17 and a beta of 1.03.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.29. The company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.87 billion. Seagate Technology had a negative return on equity of 8.41% and a net margin of 5.11%. The firm’s quarterly revenue was up 17.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.29) EPS. On average, equities analysts anticipate that Seagate Technology Holdings plc will post 6.72 EPS for the current year.

Seagate Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 23rd will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend is Monday, September 23rd. Seagate Technology’s dividend payout ratio (DPR) is currently -217.05%.

Insider Activity at Seagate Technology

In other news, EVP Ban Seng Teh sold 10,117 shares of the business’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $110.00, for a total value of $1,112,870.00. Following the completion of the transaction, the executive vice president now owns 5,387 shares in the company, valued at $592,570. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Seagate Technology news, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total value of $72,075.00. Following the completion of the sale, the director now owns 3,034 shares of the company’s stock, valued at approximately $291,567.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Ban Seng Teh sold 10,117 shares of the stock in a transaction 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 transaction, the executive vice president now directly owns 5,387 shares in the company, valued at $592,570. The disclosure for this sale can be found here. Insiders sold 56,627 shares of company stock valued at $5,489,495 over the last 90 days. Corporate insiders own 0.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on STX. UBS Group upped their target price on Seagate Technology from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 24th. Northland Securities increased their target price on shares of Seagate Technology from $119.00 to $142.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Benchmark reissued a “hold” rating on shares of Seagate Technology in a research note on Wednesday, July 24th. Evercore ISI raised their price objective on Seagate Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a research note on Tuesday, July 16th. Finally, Robert W. Baird lifted their price objective on Seagate Technology from $100.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Seagate Technology has a consensus rating of “Hold” and a consensus target price of $115.94.

About Seagate Technology

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.