Miracle Mile Advisors LLC Takes Position in Seagate Technology Holdings PLC $STX

Miracle Mile Advisors LLC bought a new position in shares of Seagate Technology Holdings PLC (NASDAQ:STX) in the third quarter, HoldingsChannel.com reports. The institutional investor bought 2,067 shares of the data storage provider’s stock, valued at approximately $488,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Harbor Asset Planning Inc. purchased a new stake in Seagate Technology during the second quarter worth approximately $27,000. Rakuten Securities Inc. lifted its holdings in shares of Seagate Technology by 884.2% during the 2nd quarter. Rakuten Securities Inc. now owns 187 shares of the data storage provider’s stock valued at $27,000 after acquiring an additional 168 shares in the last quarter. MTM Investment Management LLC purchased a new stake in Seagate Technology during the 2nd quarter worth $29,000. GoalVest Advisory LLC increased its holdings in Seagate Technology by 30.6% in the 2nd quarter. GoalVest Advisory LLC now owns 320 shares of the data storage provider’s stock valued at $46,000 after purchasing an additional 75 shares in the last quarter. Finally, Trust Co. of Toledo NA OH purchased a new position in Seagate Technology in the second quarter valued at about $57,000. 92.87% of the stock is owned by institutional investors and hedge funds.

Seagate Technology Trading Up 4.4%

STX stock opened at $287.54 on Monday. The firm has a 50 day simple moving average of $272.64 and a 200-day simple moving average of $211.75. The company has a market capitalization of $61.41 billion, a P/E ratio of 36.91, a PEG ratio of 1.13 and a beta of 1.60. Seagate Technology Holdings PLC has a twelve month low of $63.19 and a twelve month high of $308.93.

Seagate Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 9th. Stockholders of record on Wednesday, December 24th will be given a $0.74 dividend. This represents a $2.96 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Wednesday, December 24th. This is an increase from Seagate Technology’s previous quarterly dividend of $0.72. Seagate Technology’s payout ratio is presently 38.00%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Cantor Fitzgerald upped their target price on Seagate Technology from $280.00 to $400.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Seagate Technology in a research report on Monday, December 29th. The Goldman Sachs Group lifted their price objective on shares of Seagate Technology from $170.00 to $270.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. TD Cowen upped their target price on shares of Seagate Technology from $270.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday, November 11th. Finally, Argus raised their price target on shares of Seagate Technology from $170.00 to $300.00 and gave the company a “strong-buy” rating in a report on Thursday, October 30th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $293.13.

Insiders Place Their Bets

In other news, Director Stephanie Tilenius sold 2,046 shares of the stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $266.41, for a total transaction of $545,074.86. Following the transaction, the director owned 12,244 shares of the company’s stock, valued at approximately $3,261,924.04. This trade represents a 14.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Gianluca Romano sold 54,021 shares of Seagate Technology stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $285.16, for a total value of $15,404,628.36. Following the completion of the transaction, the chief financial officer owned 56,293 shares of the company’s stock, valued at $16,052,511.88. This trade represents a 48.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 112,555 shares of company stock worth $31,032,007. Company insiders own 0.79% of the company’s stock.

About Seagate Technology

Seagate Technology (NASDAQ: STX) is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm’s product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate’s products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.