Oppenheimer Asset Management Inc. Reduces Position in Seagate Technology Holdings plc (NASDAQ:STX)

Oppenheimer Asset Management Inc. decreased its holdings in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 28.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,715 shares of the data storage provider’s stock after selling 1,504 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Seagate Technology were worth $384,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. CWM LLC grew its stake in Seagate Technology by 3.0% in the 2nd quarter. CWM LLC now owns 3,307 shares of the data storage provider’s stock worth $342,000 after acquiring an additional 97 shares in the last quarter. Csenge Advisory Group grew 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 worth $788,000 after purchasing an additional 119 shares in the last quarter. Kingswood Wealth Advisors LLC increased its holdings in Seagate Technology by 3.7% during the 2nd quarter. Kingswood Wealth Advisors LLC now owns 3,452 shares of the data storage provider’s stock worth $357,000 after purchasing an additional 122 shares during the period. Burney Co. raised its position in Seagate Technology by 3.3% during the 1st quarter. Burney Co. now owns 3,948 shares of the data storage provider’s stock valued at $367,000 after purchasing an additional 125 shares in the last quarter. Finally, Forum Financial Management LP lifted its holdings in shares of Seagate Technology by 4.0% in the 2nd quarter. Forum Financial Management LP now owns 3,228 shares of the data storage provider’s stock worth $333,000 after buying an additional 125 shares during the period. 92.87% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Wells Fargo & Company lifted 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. TD Cowen boosted their price target on shares of Seagate Technology from $110.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Mizuho lifted their price objective on shares of Seagate Technology from $100.00 to $110.00 and gave the company a “buy” rating in a report on Friday, May 31st. Bank of America restated a “buy” rating and set a $110.00 target price on shares of Seagate Technology in a report on Wednesday, June 5th. Finally, The Goldman Sachs Group lifted their price target on Seagate Technology from $96.00 to $107.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $115.94.

Insider Transactions at Seagate Technology

In related news, CFO Gianluca Romano sold 25,760 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $93.46, for a total transaction of $1,869,200.00. Following the completion of the transaction, the chief executive officer now directly owns 654,270 shares of the company’s stock, valued at approximately $61,148,074.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Gianluca Romano sold 25,760 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were 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 owns 52,620 shares of the company’s stock, valued at $4,974,694.80. The disclosure for this sale can be found here. Insiders have sold 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 Price Performance

Shares of STX opened at $104.74 on Friday. The company’s fifty day moving average price is $101.15 and its 200-day moving average price is $96.53. Seagate Technology Holdings plc has a 1-year low of $63.32 and a 1-year high of $113.57. The firm has a market capitalization of $21.99 billion, a PE ratio of -81.19 and a beta of 1.03.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.29. The business 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%. The company’s revenue was up 17.8% on a year-over-year basis. During the same period in the prior year, the company earned ($0.29) earnings per share. As a group, 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 disclosed a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 23rd will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.67%. The ex-dividend date is Monday, September 23rd. Seagate Technology’s dividend payout ratio (DPR) is currently -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.