Seagate Technology (NASDAQ:STX) Shares Gap Up – Here’s Why

Seagate Technology Holdings PLC (NASDAQ:STX) gapped up prior to trading on Tuesday . The stock had previously closed at $802.45, but opened at $864.00. Seagate Technology shares last traded at $862.9050, with a volume of 615,029 shares changing hands.

Analyst Ratings Changes

A number of analysts have issued reports on STX shares. Susquehanna boosted their price target on shares of Seagate Technology from $615.00 to $775.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 8th. Weiss Ratings restated a “buy (b)” rating on shares of Seagate Technology in a report on Wednesday, June 24th. UBS Group lifted their price objective on shares of Seagate Technology from $515.00 to $545.00 and gave the company a “neutral” rating in a report on Wednesday, April 29th. Morgan Stanley upped their target price on shares of Seagate Technology from $767.00 to $1,035.00 and gave the stock an “overweight” rating in a research note on Monday, June 15th. Finally, Argus increased their target price on shares of Seagate Technology from $450.00 to $750.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Twenty-two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $898.52.

Seagate Technology Trading Up 9.6%

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 market cap of $197.20 billion, a PE ratio of 83.31 and a beta of 2.04. The company has a fifty day simple moving average of $886.38 and a two-hundred day simple moving average of $595.30.

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

Seagate Technology Announces Dividend

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

Insider Activity

In other Seagate Technology news, EVP Ban Seng Teh sold 8,003 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $817.28, for a total value of $6,540,691.84. Following the sale, the executive vice president directly owned 3,691 shares of the company’s stock, valued at approximately $3,016,580.48. This represents a 68.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at 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 firm’s stock in a transaction on 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 owned 339,591 shares in the company, valued at $255,131,322.39. The trade was a 8.12% decrease in their ownership of the stock. 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 over the last three months. Insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

Several large investors have recently bought and sold shares of the business. Salomon & Ludwin LLC raised its stake in Seagate Technology by 124.4% in the fourth 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 in the last quarter. Rakuten Securities Inc. boosted its position in shares of Seagate Technology by 884.2% during the 2nd quarter. Rakuten Securities Inc. now owns 187 shares of the data storage provider’s stock worth $27,000 after acquiring an additional 168 shares in the last quarter. Armstrong Advisory Group Inc. acquired a new position in shares of Seagate Technology during the 4th quarter worth about $28,000. Avion Wealth increased its holdings in shares of Seagate Technology by 343.5% in the 4th quarter. Avion Wealth now owns 102 shares of the data storage provider’s stock valued at $28,000 after acquiring an additional 79 shares during the last quarter. Finally, Concord Wealth Partners purchased a new position in shares of Seagate Technology in the 4th quarter valued at about $28,000. 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.