Tidal Investments LLC Acquires 956 Shares of Seagate Technology Holdings plc (NASDAQ:STX)

Tidal Investments LLC raised its holdings in Seagate Technology Holdings plc (NASDAQ:STX) by 21.3% during the third quarter, Holdings Channel reports. The institutional investor owned 5,441 shares of the data storage provider’s stock after buying an additional 956 shares during the quarter. Tidal Investments LLC’s holdings in Seagate Technology were worth $596,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Optimist Retirement Group LLC purchased a new position in shares of Seagate Technology during the third quarter valued at approximately $249,000. Wilmington Savings Fund Society FSB bought a new position in Seagate Technology during the 3rd quarter valued at $54,000. World Investment Advisors LLC purchased a new position in Seagate Technology during the 3rd quarter worth $217,000. TCW Group Inc. grew its stake in shares of Seagate Technology by 62.4% in the 3rd quarter. TCW Group Inc. now owns 359,042 shares of the data storage provider’s stock worth $39,326,000 after acquiring an additional 138,001 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Seagate Technology by 8.3% in the third quarter. Geode Capital Management LLC now owns 4,162,512 shares of the data storage provider’s stock valued at $454,477,000 after purchasing an additional 318,416 shares during the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Rosenblatt Securities upped their price objective on shares of Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a report on Wednesday, October 23rd. Evercore ISI increased their price target on Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Northland Securities boosted their price target on shares of Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, StockNews.com upgraded shares of Seagate Technology from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. Two equities research 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’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $118.83.

Seagate Technology Stock Down 0.3 %

Shares of STX opened at $87.31 on Monday. The business’s 50-day moving average price is $100.86 and its 200-day moving average price is $102.17. Seagate Technology Holdings plc has a twelve month low of $79.39 and a twelve month high of $115.32. The stock has a market cap of $18.47 billion, a PE ratio of 22.80 and a beta of 1.03.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, beating the consensus estimate of $1.30 by $0.28. The firm had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The business’s quarterly revenue was up 49.1% compared to the same quarter last year. During the same period last year, the firm earned ($0.34) EPS. Analysts expect that Seagate Technology Holdings plc will post 7.18 earnings per share for the current fiscal year.

Seagate Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Sunday, December 15th will be issued a $0.72 dividend. The ex-dividend date is Friday, December 13th. This represents a $2.88 annualized dividend and a dividend yield of 3.30%. This is a boost from Seagate Technology’s previous quarterly dividend of $0.70. Seagate Technology’s dividend payout ratio (DPR) is presently 75.20%.

Insider Activity

In other news, Director Yolanda Lee Conyers sold 750 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $101.82, for a total transaction of $76,365.00. Following the transaction, the director now directly owns 6,555 shares in the company, valued at approximately $667,430.10. This represents a 10.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ban Seng Teh sold 4,872 shares of the business’s 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 sale, the executive vice president now owns 9,969 shares of the company’s stock, valued at $1,096,590. The trade was a 32.83 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 221,961 shares of company stock worth $23,967,629. 0.81% of the stock is currently owned by insiders.

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.