Seagate Technology Holdings plc (NASDAQ:STX) Shares Sold by Clearbridge Investments LLC

Clearbridge Investments LLC reduced its holdings in Seagate Technology Holdings plc (NASDAQ:STX) by 5.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,513,148 shares of the data storage provider’s stock after selling 143,680 shares during the quarter. Clearbridge Investments LLC’s holdings in Seagate Technology were worth $259,533,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in STX. Vanguard Group Inc. grew its stake in shares of Seagate Technology by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock valued at $2,303,274,000 after buying an additional 746,395 shares during the period. Capital Research Global Investors grew its position in Seagate Technology by 39.3% during the fourth quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock valued at $1,418,413,000 after acquiring an additional 4,685,454 shares during the period. Duquesne Family Office LLC increased its stake in Seagate Technology by 22.0% during the second quarter. Duquesne Family Office LLC now owns 1,755,278 shares of the data storage provider’s stock worth $181,268,000 after acquiring an additional 316,295 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Seagate Technology by 0.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,019,657 shares of the data storage provider’s stock worth $105,306,000 after purchasing an additional 9,062 shares during the period. Finally, Russell Investments Group Ltd. lifted its stake in shares of Seagate Technology by 6.2% in the 1st quarter. Russell Investments Group Ltd. now owns 688,996 shares of the data storage provider’s stock valued at $64,130,000 after purchasing an additional 40,100 shares in the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Wedbush increased their target price on shares of Seagate Technology from $100.00 to $130.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Rosenblatt Securities raised their target price on shares of Seagate Technology from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Susquehanna upped their price target on shares of Seagate Technology from $55.00 to $65.00 and gave the stock a “negative” rating in a research report on Wednesday, July 24th. TD Cowen raised their price objective on Seagate Technology from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Finally, UBS Group upped their target price on Seagate Technology from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $115.94.

Seagate Technology Stock Performance

Shares of Seagate Technology stock opened at $107.82 on Wednesday. The firm has a market cap of $22.70 billion, a PE ratio of -83.58 and a beta of 1.03. Seagate Technology Holdings plc has a 1 year low of $64.12 and a 1 year high of $113.57. The firm’s 50-day simple moving average is $101.44 and its 200-day simple moving average is $97.29.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.29. Seagate Technology had a negative return on equity of 8.41% and a net margin of 5.11%. The business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the previous year, the business earned ($0.29) EPS. The business’s quarterly revenue was up 17.8% on a year-over-year basis. On average, equities analysts predict that Seagate Technology Holdings plc will post 6.72 earnings per share for the current year.

Seagate Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 23rd will be given a $0.70 dividend. The ex-dividend date is Monday, September 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.60%. Seagate Technology’s payout ratio is currently -217.05%.

Insider Activity

In other news, EVP Ban Seng Teh sold 4,872 shares of the stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $110.00, for a total transaction of $535,920.00. Following the sale, the executive vice president now directly owns 9,969 shares in the company, valued at approximately $1,096,590. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Ban Seng Teh sold 4,872 shares of the stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $110.00, for a total value of $535,920.00. Following the completion of the transaction, the executive vice president now directly owns 9,969 shares of the company’s stock, valued at approximately $1,096,590. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William D. Mosley sold 20,000 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $93.46, for a total value of $1,869,200.00. Following the completion of the transaction, the chief executive officer now directly owns 654,270 shares of the company’s stock, valued at approximately $61,148,074.20. The disclosure for this sale can be found here. In the last three months, insiders sold 203,284 shares of company stock valued at $21,647,287. Company insiders own 0.89% of the company’s stock.

Seagate Technology Company 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.