80,500 Shares in Seagate Technology Holdings plc (NASDAQ:STX) Bought by Point72 Italy S.r.l.

Point72 Italy S.r.l. acquired a new position in shares of Seagate Technology Holdings plc (NASDAQ:STX) in the 3rd quarter, HoldingsChannel.com reports. The fund acquired 80,500 shares of the data storage provider’s stock, valued at approximately $8,817,000. Seagate Technology accounts for about 2.9% of Point72 Italy S.r.l.’s portfolio, making the stock its 14th largest position.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sequoia Financial Advisors LLC raised its holdings in Seagate Technology by 3.6% during the third quarter. Sequoia Financial Advisors LLC now owns 2,560 shares of the data storage provider’s stock worth $281,000 after purchasing an additional 89 shares during the last quarter. CWM LLC grew its position in Seagate Technology by 3.0% during the second quarter. CWM LLC now owns 3,307 shares of the data storage provider’s stock valued at $342,000 after acquiring an additional 97 shares during the period. Affinity Capital Advisors LLC grew its position in Seagate Technology by 1.5% during the third quarter. Affinity Capital Advisors LLC now owns 6,620 shares of the data storage provider’s stock valued at $725,000 after acquiring an additional 100 shares during the period. Kingswood Wealth Advisors LLC grew its position in Seagate Technology by 3.7% during the second quarter. Kingswood Wealth Advisors LLC now owns 3,452 shares of the data storage provider’s stock valued at $357,000 after acquiring an additional 122 shares during the period. Finally, Forum Financial Management LP grew its position in 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 during the period. 92.87% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO William D. Mosley sold 141,785 shares of the stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $110.18, for a total transaction of $15,621,871.30. Following the completion of the sale, the chief executive officer now directly owns 668,616 shares in the company, valued at approximately $73,668,110.88. This trade represents a 17.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kian Fatt Chong sold 9,182 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $105.50, for a total value of $968,701.00. The disclosure for this sale can be found here. Insiders sold 201,070 shares of company stock worth $21,820,781 over the last quarter. Corporate insiders own 0.81% of the company’s stock.

Seagate Technology Stock Down 4.2 %

STX opened at $98.80 on Wednesday. The firm has a market cap of $20.90 billion, a PE ratio of 25.80 and a beta of 1.03. The business has a fifty day simple moving average of $104.30 and a 200-day simple moving average of $102.07. Seagate Technology Holdings plc has a fifty-two week low of $76.87 and a fifty-two week high of $115.32.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. The company had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.13 billion. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The company’s revenue for the quarter was up 49.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.34) earnings per share. On average, equities research analysts anticipate that Seagate Technology Holdings plc will post 7.18 EPS for the current fiscal year.

Seagate Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be issued a $0.72 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.91%. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.70. Seagate Technology’s dividend payout ratio is presently 75.20%.

Analysts Set New Price Targets

STX has been the subject of a number of analyst reports. Cantor Fitzgerald reissued a “neutral” rating and issued a $125.00 price target on shares of Seagate Technology in a report on Wednesday, October 23rd. Wedbush reiterated an “outperform” rating and set a $150.00 price target on shares of Seagate Technology in a research report on Wednesday, October 23rd. Rosenblatt Securities increased their price target on Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Evercore ISI increased their price target on Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Northland Securities increased their price target on Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $118.83.

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.