Seagate Technology (NASDAQ:STX) Shares Down 7.9% – Time to Sell?

Seagate Technology Holdings PLC (NASDAQ:STX)’s share price traded down 7.9% during mid-day trading on Wednesday . The stock traded as low as $829.11 and last traded at $832.56. 5,802,045 shares changed hands during mid-day trading, an increase of 30% from the average daily volume of 4,451,491 shares. The stock had previously closed at $903.68.

Wall Street Analyst Weigh In

STX has been the subject of several research reports. Weiss Ratings restated a “buy (b)” rating on shares of Seagate Technology in a report on Wednesday, June 24th. China Renaissance upped their price objective on shares of Seagate Technology from $802.00 to $983.00 in a research note on Friday, June 12th. Argus lifted their target price on shares of Seagate Technology from $750.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Morgan Stanley boosted their price target on shares of Seagate Technology from $1,035.00 to $1,187.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Finally, Mizuho upped their price target on shares of Seagate Technology from $875.00 to $1,090.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $986.00.

Seagate Technology Trading Down 7.9%

The company has a 50 day moving average of $894.87 and a 200 day moving average of $674.58. The firm has a market cap of $188.70 billion, a P/E ratio of 59.98 and a beta of 2.06. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.17 and a current ratio of 1.67.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, July 28th. The data storage provider reported $5.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.10 by $0.61. The firm had revenue of $3.63 billion during the quarter, compared to analysts’ expectations of $3.50 billion. Seagate Technology had a net margin of 26.11% and a return on equity of 369.98%. The company’s revenue was up 48.5% compared to the same quarter last year. During the same period in the previous year, the company earned $2.59 earnings per share. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. Analysts predict that Seagate Technology Holdings PLC will post 34.42 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 7th. Stockholders of record on Thursday, September 24th will be issued a dividend of $0.74 per share. The ex-dividend date is Thursday, September 24th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.4%. Seagate Technology’s dividend payout ratio (DPR) is currently 21.33%.

Insiders Place Their Bets

In related news, CFO Gianluca Romano sold 880 shares of the company’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $845.12, for a total value of $743,705.60. Following the completion of the sale, the chief financial officer directly owned 20,663 shares in the company, valued at approximately $17,462,714.56. This represents a 4.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ban Seng Teh sold 7,361 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $920.80, for a total transaction of $6,778,008.80. Following the transaction, the executive vice president directly owned 2,931 shares in the company, valued at $2,698,864.80. The trade was a 71.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 133,650 shares of company stock worth $116,077,574 in the last 90 days. 0.79% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Seagate Technology

A number of large investors have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC boosted its holdings in shares of Seagate Technology by 168.0% during the 1st quarter. Integrated Wealth Concepts LLC now owns 7,177 shares of the data storage provider’s stock worth $610,000 after buying an additional 4,499 shares during the period. Sivia Capital Partners LLC bought a new stake in Seagate Technology during the second quarter valued at about $262,000. Cerity Partners LLC grew its position in shares of Seagate Technology by 25.8% in the second quarter. Cerity Partners LLC now owns 36,682 shares of the data storage provider’s stock valued at $5,294,000 after purchasing an additional 7,517 shares during the last quarter. Sei Investments Co. grew its position in shares of Seagate Technology by 64.8% in the second quarter. Sei Investments Co. now owns 8,543 shares of the data storage provider’s stock valued at $1,233,000 after purchasing an additional 3,358 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Seagate Technology by 0.4% in the second quarter. The Manufacturers Life Insurance Company now owns 127,887 shares of the data storage provider’s stock worth $18,458,000 after purchasing an additional 462 shares during the period. Institutional investors own 92.87% of the company’s stock.

Seagate Technology Company Profile

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.