Seagate Technology Holdings plc (NASDAQ:STX) EVP Ban Seng Teh Sells 63,418 Shares

Seagate Technology Holdings plc (NASDAQ:STX) EVP Ban Seng Teh sold 63,418 shares of Seagate Technology stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $125.00, for a total value of $7,927,250.00. Following the completion of the transaction, the executive vice president now owns 14,658 shares of the company’s stock, valued at approximately $1,832,250. This trade represents a 81.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.

Ban Seng Teh also recently made the following trade(s):

• On Tuesday, June 3rd, Ban Seng Teh sold 11,309 shares of Seagate Technology stock. The stock was sold at an average price of $120.00, for a total value of $1,357,080.00.
• On Tuesday, May 27th, Ban Seng Teh sold 4,201 shares of Seagate Technology stock. The stock was sold at an average price of $115.00, for a total value of $483,115.00.

Seagate Technology Stock Down 0.6%

Shares of NASDAQ STX opened at $126.97 on Friday. The business has a fifty day simple moving average of $93.33 and a two-hundred day simple moving average of $94.16. The firm has a market cap of $26.95 billion, a PE ratio of 23.21 and a beta of 1.40. Seagate Technology Holdings plc has a twelve month low of $63.19 and a twelve month high of $129.96.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, April 29th. The data storage provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.75 by $0.15. The firm had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.14 billion. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The business’s revenue for the quarter was up 30.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.33 EPS. On average, research analysts expect that Seagate Technology Holdings plc will post 6.83 earnings per share for the current year.

Seagate Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th will be paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date of this dividend is Wednesday, June 25th. Seagate Technology’s dividend payout ratio (DPR) is currently 41.62%.

Seagate Technology announced that its Board of Directors has authorized a share repurchase program on Thursday, May 22nd that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the data storage provider to repurchase up to 21.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Seagate Technology

A number of hedge funds have recently made changes to their positions in the stock. MWA Asset Management lifted its stake in shares of Seagate Technology by 0.5% during the 4th quarter. MWA Asset Management now owns 19,636 shares of the data storage provider’s stock worth $1,695,000 after purchasing an additional 104 shares during the last quarter. Johnson Financial Group Inc. lifted its stake in shares of Seagate Technology by 22.7% during the 4th quarter. Johnson Financial Group Inc. now owns 606 shares of the data storage provider’s stock worth $52,000 after purchasing an additional 112 shares during the last quarter. JFS Wealth Advisors LLC lifted its stake in shares of Seagate Technology by 27.0% during the 4th quarter. JFS Wealth Advisors LLC now owns 532 shares of the data storage provider’s stock worth $46,000 after purchasing an additional 113 shares during the last quarter. Signaturefd LLC increased its position in Seagate Technology by 2.3% during the 4th quarter. Signaturefd LLC now owns 4,988 shares of the data storage provider’s stock valued at $431,000 after buying an additional 113 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its position in Seagate Technology by 0.7% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,098 shares of the data storage provider’s stock valued at $1,562,000 after buying an additional 120 shares in the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. UBS Group lifted their target price on Seagate Technology from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Wednesday, April 30th. Mizuho dropped their target price on Seagate Technology from $115.00 to $95.00 and set an “outperform” rating for the company in a report on Thursday, April 10th. Citigroup lifted their target price on Seagate Technology from $105.00 to $125.00 and gave the stock a “buy” rating in a report on Tuesday, May 20th. Morgan Stanley boosted their price objective on Seagate Technology from $99.00 to $140.00 and gave the company an “overweight” rating in a report on Friday, May 23rd. Finally, Wells Fargo & Company boosted their price objective on Seagate Technology from $105.00 to $122.00 and gave the company an “equal weight” rating in a report on Friday, May 23rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Seagate Technology has a consensus rating of “Moderate Buy” and a consensus price target of $118.89.

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.