Seagate Technology Holdings plc (NASDAQ:STX) Stake Lowered by Intellectus Partners LLC

Intellectus Partners LLC trimmed its stake in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 7.9% during the third quarter, Holdings Channel reports. The firm owned 2,164 shares of the data storage provider’s stock after selling 185 shares during the period. Intellectus Partners LLC’s holdings in Seagate Technology were worth $239,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. ING Groep NV boosted its stake in Seagate Technology by 10.0% during the 3rd quarter. ING Groep NV now owns 19,785 shares of the data storage provider’s stock valued at $2,167,000 after purchasing an additional 1,805 shares during the period. Metis Global Partners LLC raised its holdings in shares of Seagate Technology by 2.0% during the third quarter. Metis Global Partners LLC now owns 9,663 shares of the data storage provider’s stock valued at $1,058,000 after buying an additional 192 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Seagate Technology by 133.8% during the third quarter. Victory Capital Management Inc. now owns 171,952 shares of the data storage provider’s stock worth $18,834,000 after buying an additional 98,418 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its holdings in Seagate Technology by 2.2% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 465,428 shares of the data storage provider’s stock worth $50,978,000 after buying an additional 10,122 shares in the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in Seagate Technology in the 3rd quarter valued at approximately $259,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on STX shares. 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 note on Wednesday, October 23rd. Susquehanna increased their target price on shares of Seagate Technology from $55.00 to $65.00 and gave the company a “negative” rating in a research report on Wednesday, July 24th. Loop Capital boosted their price target on shares of Seagate Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. UBS Group increased their price objective on shares of Seagate Technology from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Finally, Northland Securities boosted their target price on Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $118.83.

Seagate Technology Price Performance

Seagate Technology stock opened at $96.79 on Friday. The company has a market cap of $20.47 billion, a P/E ratio of 25.27 and a beta of 1.05. Seagate Technology Holdings plc has a fifty-two week low of $74.33 and a fifty-two week high of $115.32. The firm’s 50 day simple moving average is $105.02 and its 200-day simple moving average is $101.23.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.28. The company had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The company’s revenue was up 49.1% on a year-over-year basis. During the same period in the previous year, the business earned ($0.34) EPS. On average, analysts expect that Seagate Technology Holdings plc will post 7.35 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. Shareholders of record on Sunday, December 15th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 2.98%. The ex-dividend date is Friday, December 13th. This is a boost from Seagate Technology’s previous quarterly dividend of $0.70. Seagate Technology’s payout ratio is 73.11%.

Insider Activity

In other news, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total transaction of $72,075.00. Following the transaction, the director now directly owns 3,034 shares in the company, valued at $291,567.40. The trade was a 19.82 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 value of $15,621,871.30. Following the sale, the chief executive officer now owns 668,616 shares of the company’s stock, valued at approximately $73,668,110.88. This represents a 17.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 201,820 shares of company stock worth $21,892,856 in the last 90 days. Company insiders own 0.81% of the company’s stock.

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.