Insider Selling: Seagate Technology Holdings plc (NASDAQ:STX) CEO Sells 20,000 Shares of Stock

Seagate Technology Holdings plc (NASDAQ:STX) CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $107.68, for a total transaction of $2,153,600.00. Following the completion of the sale, the chief executive officer now owns 648,616 shares of the company’s stock, valued at $69,842,970.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Seagate Technology Trading Up 0.7 %

NASDAQ STX traded up $0.74 on Wednesday, hitting $108.56. 1,476,921 shares of the company were exchanged, compared to its average volume of 2,531,478. The firm has a 50 day moving average of $101.49 and a two-hundred day moving average of $97.44. The company has a market cap of $22.85 billion, a P/E ratio of -84.64 and a beta of 1.03. Seagate Technology Holdings plc has a 1-year low of $64.12 and a 1-year high of $113.57.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate 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 8.41%. The firm’s quarterly revenue was up 17.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.29) EPS. Research analysts anticipate that Seagate Technology Holdings plc will post 6.72 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 23rd will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Monday, September 23rd. This represents a $2.80 dividend on an annualized basis and a yield of 2.58%. Seagate Technology’s payout ratio is presently -217.05%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Seagate Technology by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock valued at $2,303,274,000 after purchasing an additional 746,395 shares during the period. Capital Research Global Investors lifted its position in Seagate Technology by 39.3% during 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 purchasing an additional 4,685,454 shares during the period. Clearbridge Investments LLC lifted its position in Seagate Technology by 14.5% during the 1st quarter. Clearbridge Investments LLC now owns 2,656,828 shares of the data storage provider’s stock valued at $247,218,000 after purchasing an additional 337,464 shares during the period. Duquesne Family Office LLC lifted its position in Seagate Technology by 22.0% during the 2nd quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock valued at $181,268,000 after purchasing an additional 316,295 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Seagate Technology by 0.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,019,657 shares of the data storage provider’s stock valued at $105,306,000 after purchasing an additional 9,062 shares during the period. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Morgan Stanley boosted their target price on shares of Seagate Technology from $115.00 to $133.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. TD Cowen boosted their target price on shares of Seagate Technology from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Loop Capital boosted their target price on shares of Seagate Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Northland Securities boosted their target price on shares of Seagate Technology from $119.00 to $142.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Finally, Evercore ISI boosted their target price on shares of Seagate Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 16th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $115.94.

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.