11,055 Shares in Seagate Technology Holdings plc (NASDAQ:STX) Bought by NorthCrest Asset Manangement LLC

NorthCrest Asset Manangement LLC acquired a new position in shares of Seagate Technology Holdings plc (NASDAQ:STX) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 11,055 shares of the data storage provider’s stock, valued at approximately $939,000.

Several other hedge funds and other institutional investors have also modified their holdings of STX. Tidal Investments LLC raised its holdings in Seagate Technology by 133.1% during the fourth quarter. Tidal Investments LLC now owns 12,681 shares of the data storage provider’s stock valued at $1,094,000 after buying an additional 7,240 shares in the last quarter. Norges Bank bought a new position in Seagate Technology during the fourth quarter valued at about $25,729,000. Asset Management One Co. Ltd. raised its holdings in Seagate Technology by 9.9% during the fourth quarter. Asset Management One Co. Ltd. now owns 84,222 shares of the data storage provider’s stock valued at $7,360,000 after buying an additional 7,599 shares in the last quarter. Empowered Funds LLC raised its holdings in Seagate Technology by 460.8% during the fourth quarter. Empowered Funds LLC now owns 18,361 shares of the data storage provider’s stock valued at $1,585,000 after buying an additional 15,087 shares in the last quarter. Finally, Allworth Financial LP raised its holdings in Seagate Technology by 207.0% during the fourth quarter. Allworth Financial LP now owns 5,774 shares of the data storage provider’s stock valued at $498,000 after buying an additional 3,893 shares in the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Seagate Technology Trading Up 1.0%

NASDAQ STX opened at $127.27 on Friday. The stock’s 50 day moving average is $98.91 and its two-hundred day moving average is $95.07. The company has a market capitalization of $27.01 billion, a price-to-earnings ratio of 23.27 and a beta of 1.40. Seagate Technology Holdings plc has a 1-year low of $63.19 and a 1-year high of $132.23.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The company’s quarterly revenue was up 30.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.33 earnings per share. On average, analysts predict that Seagate Technology Holdings plc will post 6.83 earnings per share for the current year.

Seagate Technology declared that its board has authorized a stock repurchase program on Thursday, May 22nd that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the data storage provider to buy up to 21.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Seagate Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Wednesday, June 25th will be issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend is Wednesday, June 25th. Seagate Technology’s payout ratio is 41.62%.

Insider Buying and Selling at Seagate Technology

In other news, CEO William D. Mosley sold 70,000 shares of Seagate Technology stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $109.47, for a total value of $7,662,900.00. Following the completion of the transaction, the chief executive officer now owns 485,677 shares in the company, valued at approximately $53,167,061.19. The trade was a 12.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Kian Fatt Chong sold 6,410 shares of Seagate Technology stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $111.26, for a total transaction of $713,176.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 393,192 shares of company stock valued at $46,303,128. 0.81% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on STX shares. BNP Paribas Exane upgraded Seagate Technology from an “underperform” rating to a “neutral” rating and set a $100.00 target price on the stock in a report on Friday, May 16th. Citigroup raised their target price on Seagate Technology from $105.00 to $125.00 and gave the company a “buy” rating in a report on Tuesday, May 20th. Cantor Fitzgerald raised their price target on Seagate Technology from $110.00 to $125.00 and gave the company a “neutral” rating in a research report on Monday, May 19th. UBS Group raised their price target on Seagate Technology from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Wednesday, April 30th. Finally, Wells Fargo & Company raised their price target on Seagate Technology from $105.00 to $122.00 and gave the company an “equal weight” rating in a research report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $119.42.

Seagate Technology 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.