Seven Eight Capital LP Trims Holdings in Seagate Technology Holdings plc (NASDAQ:STX)

Seven Eight Capital LP lowered its position in Seagate Technology Holdings plc (NASDAQ:STX) by 81.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,991 shares of the data storage provider’s stock after selling 47,065 shares during the period. Seven Eight Capital LP’s holdings in Seagate Technology were worth $1,135,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Family Firm Inc. acquired a new stake in shares of Seagate Technology in the second quarter worth $41,000. Larson Financial Group LLC grew its position in Seagate Technology by 15,766.7% during the 2nd quarter. Larson Financial Group LLC now owns 476 shares of the data storage provider’s stock worth $49,000 after purchasing an additional 473 shares during the period. ICA Group Wealth Management LLC purchased a new position in shares of Seagate Technology during the 4th quarter valued at about $47,000. Richardson Financial Services Inc. acquired a new position in shares of Seagate Technology in the 4th quarter valued at about $47,000. Finally, Viking Fund Management LLC boosted its stake in shares of Seagate Technology by 722.2% in the first quarter. Viking Fund Management LLC now owns 740 shares of the data storage provider’s stock worth $69,000 after buying an additional 650 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Insider Activity at Seagate Technology

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

Wall Street Analysts Forecast Growth

STX has been the subject of several recent research reports. TD Cowen lifted their price target on Seagate Technology from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Robert W. Baird boosted their target price on shares of Seagate Technology from $100.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. The Goldman Sachs Group increased their price target on shares of Seagate Technology from $96.00 to $107.00 and gave the stock a “neutral” rating in a report on Wednesday, July 24th. Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a report on Wednesday, July 24th. Finally, StockNews.com cut Seagate Technology from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $115.94.

Seagate Technology Stock Performance

Shares of STX opened at $104.74 on Friday. The stock has a 50 day moving average price of $101.15 and a 200 day moving average price of $96.54. Seagate Technology Holdings plc has a one year low of $63.32 and a one year high of $113.57. The stock has a market capitalization of $22.05 billion, a price-to-earnings ratio of -81.19 and a beta of 1.03.

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

Seagate Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 23rd will be given a $0.70 dividend. The ex-dividend date is Monday, September 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.67%. Seagate Technology’s dividend payout ratio (DPR) is presently -217.05%.

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.