Kayne Anderson Rudnick Investment Management LLC Increases Position in Seagate Technology Holdings plc (NASDAQ:STX)

Kayne Anderson Rudnick Investment Management LLC boosted its stake in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 2,407.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 351 shares of the data storage provider’s stock after purchasing an additional 337 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Seagate Technology were worth $36,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in STX. CWM LLC lifted its holdings in shares of Seagate Technology by 3.0% during the 2nd quarter. CWM LLC now owns 3,307 shares of the data storage provider’s stock valued at $342,000 after purchasing an additional 97 shares during the last quarter. Csenge Advisory Group raised its stake in 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 buying an additional 119 shares during the last quarter. Kingswood Wealth Advisors LLC boosted its holdings in 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 worth $357,000 after acquiring an additional 122 shares in the last quarter. Burney Co. grew its stake in shares of 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 during the last quarter. Finally, Forum Financial Management LP increased its holdings in shares of Seagate Technology by 4.0% during the second quarter. Forum Financial Management LP now owns 3,228 shares of the data storage provider’s stock valued at $333,000 after acquiring an additional 125 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Insider Activity

In other Seagate Technology news, EVP Ban Seng Teh sold 10,117 shares of the 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 completion of the transaction, the executive vice president now owns 5,387 shares of the company’s stock, valued at $592,570. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Ban Seng Teh sold 10,117 shares of the company’s stock in a transaction dated 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 completion of the sale, the executive vice president now owns 5,387 shares of the company’s stock, valued at approximately $592,570. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Gianluca Romano sold 25,760 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $94.54, for a total transaction of $2,435,350.40. Following the completion of the transaction, the chief financial officer now directly owns 52,620 shares in the company, valued at $4,974,694.80. The disclosure for this sale can be found here. Insiders have sold a total of 56,627 shares of company stock worth $5,489,495 over the last 90 days. 0.89% of the stock is currently owned by company insiders.

Seagate Technology Stock Performance

Shares of Seagate Technology stock opened at $106.63 on Wednesday. Seagate Technology Holdings plc has a fifty-two week low of $63.32 and a fifty-two week high of $113.57. The company has a market cap of $22.39 billion, a P/E ratio of -82.66 and a beta of 1.03. The firm has a 50-day simple moving average of $101.05 and a two-hundred day simple moving average of $96.73.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, July 23rd. The data storage provider reported $1.05 EPS for the quarter, beating the consensus estimate of $0.76 by $0.29. The company had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.87 billion. Seagate Technology had a negative return on equity of 8.41% and a net margin of 5.11%. Seagate Technology’s quarterly revenue was up 17.8% compared to the same quarter last year. During the same period last year, the company earned ($0.29) earnings per share. Equities research analysts forecast that Seagate Technology Holdings plc will post 6.72 EPS for the current year.

Seagate Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Shareholders 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 yield of 2.63%. The ex-dividend date of this dividend is Monday, September 23rd. Seagate Technology’s payout ratio is -217.05%.

Wall Street Analyst Weigh In

STX has been the subject of a number of recent analyst reports. UBS Group lifted their target price on shares of Seagate Technology from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 24th. Loop Capital lifted their price objective on shares of Seagate Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Susquehanna upped their target price on Seagate Technology from $55.00 to $65.00 and gave the company a “negative” rating in a research report on Wednesday, July 24th. Cantor Fitzgerald lifted their price target on Seagate Technology from $120.00 to $125.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Finally, Wells Fargo & Company increased their price objective on Seagate Technology from $90.00 to $120.00 and gave the company an “equal weight” 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 company. According to data from MarketBeat, Seagate Technology presently has an average 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.