Seagate Technology (NASDAQ:STX) Shares Gap Down – Here’s What Happened

Shares of Seagate Technology Holdings PLC (NASDAQ:STX) gapped down before the market opened on Friday . The stock had previously closed at $913.36, but opened at $879.21. Seagate Technology shares last traded at $867.9510, with a volume of 948,345 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on STX shares. JPMorgan Chase & Co. lifted their price target on shares of Seagate Technology from $775.00 to $920.00 and gave the company an “overweight” rating in a research note on Thursday, June 11th. Susquehanna upped their price objective on shares of Seagate Technology from $615.00 to $775.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 8th. Wedbush increased their price objective on shares of Seagate Technology from $700.00 to $825.00 and gave the company an “outperform” rating in a report on Monday, April 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of Seagate Technology in a research report on Wednesday, June 24th. Finally, Fox Advisors cut shares of Seagate Technology from an “overweight” rating to an “equal weight” rating in a research note on Monday, June 22nd. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $898.52.

Seagate Technology Trading Down 3.8%

The company has a current ratio of 1.33, a quick ratio of 0.85 and a debt-to-equity ratio of 3.16. The company has a fifty day moving average price of $892.03 and a two-hundred day moving average price of $608.50. The firm has a market capitalization of $197.06 billion, a price-to-earnings ratio of 82.96 and a beta of 2.04.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, April 28th. The data storage provider reported $4.10 EPS for the quarter, beating the consensus estimate of $3.51 by $0.59. The firm had revenue of $3.11 billion during the quarter, compared to analysts’ expectations of $2.96 billion. Seagate Technology had a return on equity of 1,005.65% and a net margin of 21.60%.The business’s revenue for the quarter was up 44.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.90 earnings per share. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. As a group, research analysts forecast that Seagate Technology Holdings PLC will post 14.14 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Wednesday, June 24th were paid a $0.74 dividend. The ex-dividend date of this dividend was Wednesday, June 24th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.3%. Seagate Technology’s dividend payout ratio (DPR) is 28.08%.

Insider Buying and Selling

In other news, EVP John Christopher Morris sold 5,626 shares of the business’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $738.37, for a total transaction of $4,154,069.62. Following the transaction, the executive vice president owned 11,954 shares of the company’s stock, valued at approximately $8,826,474.98. The trade was a 32.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William D. Mosley sold 30,000 shares of the company’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $751.29, for a total transaction of $22,538,700.00. Following the completion of the sale, the chief executive officer directly owned 339,591 shares of the company’s stock, valued at $255,131,322.39. This represents a 8.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 151,069 shares of company stock worth $126,191,753 in the last quarter. 0.79% of the stock is currently owned by insiders.

Institutional Trading of Seagate Technology

Hedge funds have recently made changes to their positions in the company. Salomon & Ludwin LLC raised its position in shares of Seagate Technology by 124.4% during the 4th quarter. Salomon & Ludwin LLC now owns 92 shares of the data storage provider’s stock valued at $27,000 after buying an additional 51 shares during the period. Rakuten Securities Inc. grew its position in Seagate Technology by 884.2% in the second quarter. Rakuten Securities Inc. now owns 187 shares of the data storage provider’s stock worth $27,000 after acquiring an additional 168 shares during the period. Avion Wealth increased its stake in Seagate Technology by 343.5% during the fourth quarter. Avion Wealth now owns 102 shares of the data storage provider’s stock worth $28,000 after acquiring an additional 79 shares during the last quarter. Concord Wealth Partners acquired a new stake in Seagate Technology during the fourth quarter worth $28,000. Finally, Annis Gardner Whiting Capital Advisors LLC raised its position in Seagate Technology by 23.1% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 80 shares of the data storage provider’s stock valued at $31,000 after purchasing an additional 15 shares during the period. Hedge funds and other 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.