Valley National Advisers Inc. Cuts Holdings in Seagate Technology Holdings plc (NASDAQ:STX)

Valley National Advisers Inc. reduced its position in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 34.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 328 shares of the data storage provider’s stock after selling 173 shares during the period. Valley National Advisers Inc.’s holdings in Seagate Technology were worth $35,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Quarry LP acquired a new stake in Seagate Technology in the 2nd quarter valued at $27,000. Kayne Anderson Rudnick Investment Management LLC grew its position in shares of Seagate Technology by 2,407.1% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock valued at $36,000 after purchasing an additional 337 shares during the period. Family Firm Inc. acquired a new stake in shares of Seagate Technology in the second quarter valued at about $41,000. Larson Financial Group LLC increased its stake in shares of Seagate Technology by 15,766.7% during the second quarter. Larson Financial Group LLC now owns 476 shares of the data storage provider’s stock worth $49,000 after purchasing an additional 473 shares in the last quarter. Finally, Gilliland Jeter Wealth Management LLC purchased a new position in Seagate Technology in the 3rd quarter valued at about $55,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Northland Securities increased their target price on Seagate Technology from $142.00 to $144.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Wells Fargo & Company increased their price objective on Seagate Technology from $90.00 to $120.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 24th. Rosenblatt Securities lifted their target price on shares of Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. TD Cowen increased their target price on shares of Seagate Technology from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $125.00 price target on shares of Seagate Technology in a research note on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Seagate Technology presently has a consensus rating of “Moderate Buy” and an average target price of $118.83.

Seagate Technology Trading Down 1.6 %

Shares of STX opened at $101.32 on Tuesday. The company’s 50-day moving average price is $105.16 and its 200 day moving average price is $99.83. Seagate Technology Holdings plc has a 12-month low of $66.93 and a 12-month high of $115.32. The firm has a market cap of $21.28 billion, a P/E ratio of -78.54 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, topping the consensus estimate of $1.30 by $0.28. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The firm had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period in the prior year, the business posted ($0.34) EPS. The business’s revenue for the quarter was up 49.1% compared to the same quarter last year. Equities research analysts forecast that Seagate Technology Holdings plc will post 7.35 earnings per share for the current year.

Seagate Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be paid a $0.72 dividend. The ex-dividend date is Friday, December 13th. This is a boost from Seagate Technology’s previous quarterly dividend of $0.70. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.84%. Seagate Technology’s payout ratio is presently -223.26%.

Insider Activity at Seagate Technology

In other Seagate Technology news, CEO William D. Mosley sold 141,785 shares of Seagate Technology stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $110.18, for a total value of $15,621,871.30. Following the completion of the transaction, the chief executive officer now directly owns 668,616 shares of the company’s stock, valued at $73,668,110.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Seagate Technology news, CEO William D. Mosley sold 141,785 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $110.18, for a total value of $15,621,871.30. Following the completion of the transaction, the chief executive officer now owns 668,616 shares of the company’s stock, valued at $73,668,110.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Ban Seng Teh sold 4,872 shares of the company’s stock in a transaction 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 sale, the executive vice president now directly owns 9,969 shares in the company, valued at $1,096,590. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 218,398 shares of company stock worth $23,238,106. 0.89% of the stock is currently owned by company insiders.

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.