Insight Wealth Strategies LLC Takes $3.54 Million Position in Seagate Technology Holdings plc (NASDAQ:STX)

Insight Wealth Strategies LLC acquired a new stake in Seagate Technology Holdings plc (NASDAQ:STX) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 41,054 shares of the data storage provider’s stock, valued at approximately $3,543,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. bought a new position in shares of Seagate Technology in the third quarter valued at approximately $133,031,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Seagate Technology by 341.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,308,958 shares of the data storage provider’s stock valued at $143,370,000 after buying an additional 1,012,638 shares during the last quarter. State Street Corp raised its holdings in Seagate Technology by 6.8% in the 3rd quarter. State Street Corp now owns 8,502,674 shares of the data storage provider’s stock worth $937,081,000 after acquiring an additional 541,585 shares during the period. Franklin Resources Inc. lifted its position in Seagate Technology by 29.5% during the 3rd quarter. Franklin Resources Inc. now owns 1,778,811 shares of the data storage provider’s stock worth $197,844,000 after acquiring an additional 405,232 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in Seagate Technology during the second quarter valued at about $35,349,000. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Seagate Technology Price Performance

NASDAQ:STX remained flat at $89.15 on Monday. 1,563,452 shares of the company’s stock were exchanged, compared to its average volume of 1,959,733. The firm has a market cap of $18.86 billion, a P/E ratio of 23.28 and a beta of 1.06. The stock’s fifty day simple moving average is $96.49 and its two-hundred day simple moving average is $101.17. Seagate Technology Holdings plc has a 52-week low of $79.39 and a 52-week high of $115.32.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 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 analyst estimates of $2.13 billion. During the same period in the prior year, the company earned ($0.34) EPS. Seagate Technology’s revenue for the quarter was up 49.1% on a year-over-year basis. As a group, equities analysts anticipate that Seagate Technology Holdings plc will post 7.18 EPS for the current year.

Seagate Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.23%. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, December 13th. Seagate Technology’s dividend payout ratio is presently 75.20%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Northland Securities lifted their price objective on Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Citigroup lifted their price target on Seagate Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Evercore ISI increased their price objective on Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $125.00 target price on shares of Seagate Technology in a research report on Wednesday, October 23rd. Finally, Benchmark reiterated a “hold” rating on shares of Seagate Technology in a research note on Wednesday, October 23rd. Two 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 MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $118.83.

Insider Transactions at Seagate Technology

In other news, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $101.82, for a total transaction of $76,365.00. Following the completion of the sale, the director now owns 6,555 shares in the company, valued at $667,430.10. The trade was a 10.27 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William D. Mosley sold 20,000 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $99.53, for a total transaction of $1,990,600.00. Following the completion of the transaction, the chief executive officer now owns 642,497 shares in the company, valued at $63,947,726.41. This represents a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 55,304 shares of company stock worth $5,656,238. Corporate insiders own 0.81% of the company’s stock.

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.