Seagate Technology Holdings plc (NASDAQ:STX) Shares Sold by Seven Eight Capital LP

Seven Eight Capital LP reduced its stake in Seagate Technology Holdings plc (NASDAQ:STX) by 81.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 10,991 shares of the data storage provider’s stock after selling 47,065 shares during the quarter. Seven Eight Capital LP’s holdings in Seagate Technology were worth $1,135,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Bessemer Group Inc. grew its position in Seagate Technology by 68.7% in the 1st quarter. Bessemer Group Inc. now owns 17,564 shares of the data storage provider’s stock valued at $1,634,000 after acquiring an additional 7,150 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Seagate Technology by 2.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 258,033 shares of the data storage provider’s stock valued at $24,011,000 after purchasing an additional 6,044 shares in the last quarter. Chapin Davis Inc. increased its stake in Seagate Technology by 210.8% during the 1st quarter. Chapin Davis Inc. now owns 29,152 shares of the data storage provider’s stock worth $2,713,000 after buying an additional 19,773 shares during the period. The Manufacturers Life Insurance Company boosted its position in Seagate Technology by 1.1% in the 4th quarter. The Manufacturers Life Insurance Company now owns 136,111 shares of the data storage provider’s stock valued at $11,620,000 after buying an additional 1,419 shares during the period. Finally, Sanders Capital LLC grew its stake in shares of Seagate Technology by 3.0% in the fourth quarter. Sanders Capital LLC now owns 15,486,153 shares of the data storage provider’s stock worth $1,322,053,000 after acquiring an additional 443,768 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on STX. Loop Capital lifted their target price on Seagate Technology from $105.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. TD Cowen boosted their price objective on Seagate Technology from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Citigroup raised their target price on shares of Seagate Technology from $120.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. The Goldman Sachs Group boosted their price target on shares of Seagate Technology from $96.00 to $107.00 and gave the stock a “neutral” rating in a report on Wednesday, July 24th. Finally, Wells Fargo & Company raised their price objective on shares of Seagate Technology from $90.00 to $120.00 and gave the company an “equal weight” rating in a report on Wednesday, July 24th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $115.94.

Seagate Technology Stock Up 0.6 %

NASDAQ:STX opened at $104.74 on Friday. Seagate Technology Holdings plc has a 52-week low of $63.32 and a 52-week high of $113.57. The stock’s 50 day moving average price is $101.15 and its 200 day moving average price is $96.54. The company has a market capitalization of $22.05 billion, a PE ratio of -81.19 and a beta of 1.03.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.29. The business had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.87 billion. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The company’s quarterly revenue was up 17.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.29) EPS. As a group, sell-side analysts anticipate that Seagate Technology Holdings plc will post 6.72 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 23rd will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date is Monday, September 23rd. Seagate Technology’s dividend payout ratio is currently -217.05%.

Insider Activity at Seagate Technology

In other Seagate Technology news, EVP Ban Seng Teh sold 10,117 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $110.00, for a total transaction of $1,112,870.00. Following the completion of the sale, the executive vice president now directly owns 5,387 shares of the company’s stock, valued at approximately $592,570. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Ban Seng Teh sold 10,117 shares of Seagate Technology stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $110.00, for a total value of $1,112,870.00. Following the sale, the executive vice president now owns 5,387 shares of the company’s stock, valued at $592,570. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO William D. Mosley sold 20,000 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $93.46, for a total transaction of $1,869,200.00. Following the transaction, the chief executive officer now directly owns 654,270 shares of the company’s stock, valued at $61,148,074.20. The disclosure for this sale can be found here. Insiders have sold 56,627 shares of company stock worth $5,489,495 in the last quarter. Company insiders own 0.89% of the company’s stock.

About Seagate Technology

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.