Seagate Technology (NASDAQ:STX) Trading Up 4.8% – Here’s What Happened

Seagate Technology Holdings PLC (NASDAQ:STX) shares were up 4.8% during trading on Tuesday . The company traded as high as $936.94 and last traded at $919.84. Approximately 5,264,014 shares traded hands during mid-day trading, an increase of 21% from the average session volume of 4,356,070 shares. The stock had previously closed at $877.33.

Analysts Set New Price Targets

Several research firms have recently issued reports on STX. Citigroup raised their price target on shares of Seagate Technology from $1,240.00 to $1,300.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Mizuho upped their price objective on shares of Seagate Technology from $875.00 to $1,090.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. Cantor Fitzgerald restated an “overweight” rating and issued a $1,300.00 target price on shares of Seagate Technology in a report on Wednesday, July 29th. Rosenblatt Securities lifted their price objective on Seagate Technology from $1,300.00 to $1,400.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Finally, Melius Research began coverage on Seagate Technology in a research report on Monday, June 29th. They set a “buy” rating and a $1,600.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $986.00.

Seagate Technology Stock Performance

The company has a market cap of $207.92 billion, a PE ratio of 65.87 and a beta of 2.06. The company has a 50-day moving average of $845.18 and a 200-day moving average of $753.25. The company has a quick ratio of 1.17, a current ratio of 1.67 and a debt-to-equity ratio of 1.56.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, July 28th. The data storage provider reported $5.71 earnings per share for the quarter, beating analysts’ consensus estimates of $5.10 by $0.61. Seagate Technology had a net margin of 26.11% and a return on equity of 369.98%. The company had revenue of $3.63 billion for the quarter, compared to analyst estimates of $3.50 billion. During the same period last year, the firm earned $2.59 earnings per share. The firm’s revenue was up 48.5% on a year-over-year basis. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. As a group, analysts anticipate that Seagate Technology Holdings PLC will post 35.7 earnings per share for the current year.

Seagate Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 7th. Shareholders of record on Thursday, September 24th will be given a dividend of $0.74 per share. The ex-dividend date is Thursday, September 24th. This represents a $2.96 annualized dividend and a dividend yield of 0.3%. Seagate Technology’s dividend payout ratio is currently 21.33%.

Insider Buying and Selling

In related news, EVP Ban Teh sold 52,730 shares of the stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $782.08, for a total value of $41,239,078.40. Following the sale, the executive vice president owned 5,810 shares in the company, valued at approximately $4,543,884.80. This trade represents a 90.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Mosley sold 97,889 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $772.14, for a total transaction of $75,584,012.46. Following the completion of the sale, the chief executive officer directly owned 378,108 shares in the company, valued at $291,952,311.12. This represents a 20.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 466,959 shares of company stock valued at $378,615,011 in the last ninety days. 0.51% of the stock is owned by company insiders.

Institutional Trading of Seagate Technology

Hedge funds and other institutional investors have recently bought and sold shares of the company. QRG Capital Management Inc. lifted its holdings in shares of Seagate Technology by 15.5% in the 2nd quarter. QRG Capital Management Inc. now owns 21,081 shares of the data storage provider’s stock worth $20,343,000 after acquiring an additional 2,826 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in Seagate Technology by 163.4% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 3,940 shares of the data storage provider’s stock valued at $3,802,000 after acquiring an additional 2,444 shares during the period. Silicon Valley Capital Partners boosted its holdings in Seagate Technology by 1,988.5% during the 2nd quarter. Silicon Valley Capital Partners now owns 543 shares of the data storage provider’s stock valued at $524,000 after acquiring an additional 517 shares during the period. Altar Rock LLC bought a new position in Seagate Technology during the 2nd quarter worth approximately $260,000. Finally, Wellington Altus USA Inc. increased its stake in Seagate Technology by 137.3% in the 2nd quarter. Wellington Altus USA Inc. now owns 140 shares of the data storage provider’s stock worth $135,000 after purchasing an additional 81 shares during the period. Hedge funds and other institutional investors own 92.87% of the company’s stock.

About Seagate Technology

Seagate Technology Holdings plc is a data storage technology company that develops and manufactures mass-capacity storage solutions for businesses and consumers. Its product portfolio is centered on hard disk drives (HDDs), which are used in cloud data centers, enterprise systems, network-attached storage, video and imaging applications, and personal computing.

The company also offers solid-state drives (SSDs), external storage products, storage systems, and related data-management and recovery services.