Seagate Technology Holdings plc (NASDAQ:STX) Shares Sold by Forum Financial Management LP

Forum Financial Management LP reduced its position in Seagate Technology Holdings plc (NASDAQ:STX) by 3.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,107 shares of the data storage provider’s stock after selling 121 shares during the period. Forum Financial Management LP’s holdings in Seagate Technology were worth $340,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of STX. Vanguard Group Inc. lifted its holdings in Seagate Technology by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock worth $2,303,274,000 after buying an additional 746,395 shares in the last quarter. Delta Global Management LP bought a new stake in shares of Seagate Technology in the 1st quarter worth about $33,478,000. Point72 Hong Kong Ltd acquired a new stake in shares of Seagate Technology in the 2nd quarter valued at about $35,349,000. Clearbridge Investments LLC grew its stake in Seagate Technology by 14.5% in the first quarter. Clearbridge Investments LLC now owns 2,656,828 shares of the data storage provider’s stock worth $247,218,000 after purchasing an additional 337,464 shares in the last quarter. Finally, Duquesne Family Office LLC lifted its holdings 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 worth $181,268,000 after buying an additional 316,295 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Seagate Technology Stock Performance

Shares of NASDAQ:STX opened at $99.89 on Tuesday. The stock has a market capitalization of $21.13 billion, a price-to-earnings ratio of 26.08 and a beta of 1.05. Seagate Technology Holdings plc has a 1-year low of $70.31 and a 1-year high of $115.32. The company has a 50 day moving average price of $104.71 and a 200 day moving average price of $100.49.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.30 by $0.28. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The business had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same period in the previous year, the firm posted ($0.34) EPS. The company’s quarterly revenue was up 49.1% on a year-over-year basis. On average, sell-side analysts expect that Seagate Technology Holdings plc will post 7.35 EPS for the current fiscal year.

Seagate Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Sunday, December 15th will be issued a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 2.88%. This is a boost from Seagate Technology’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, December 13th. Seagate Technology’s dividend payout ratio (DPR) is presently 73.11%.

Insider Transactions at Seagate Technology

In related news, SVP John Christopher Morris sold 1,131 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total value of $126,558.90. Following the completion of the sale, the senior vice president now owns 7,191 shares in the company, valued at approximately $804,672.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Yolanda Lee Conyers sold 750 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total value of $72,075.00. Following the completion of the sale, the director now directly owns 3,034 shares of the company’s stock, valued at $291,567.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John Christopher Morris sold 1,131 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total transaction of $126,558.90. Following the transaction, the senior vice president now directly owns 7,191 shares in the company, valued at $804,672.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 238,398 shares of company stock valued at $25,228,706 over the last ninety days. Corporate insiders own 0.81% of the company’s stock.

Wall Street Analyst Weigh In

STX has been the topic of a number of research reports. Rosenblatt Securities increased their target price on shares of Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Wells Fargo & Company increased their price objective on shares of Seagate Technology from $90.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 24th. Susquehanna lifted their target price on Seagate Technology from $55.00 to $65.00 and gave the company a “negative” rating in a research note on Wednesday, July 24th. Morgan Stanley raised their price target on Seagate Technology from $115.00 to $133.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Finally, StockNews.com upgraded Seagate Technology from a “hold” rating to a “buy” rating in a research note on Thursday, October 17th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, Seagate Technology presently has an average rating of “Moderate Buy” and an average target price of $118.83.

Seagate Technology 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.