Seagate Technology (NASDAQ:STX) Shares Down 5.7% – Should You Sell?

Seagate Technology Holdings PLC (NASDAQ:STX)’s share price dropped 5.7% during mid-day trading on Wednesday . The company traded as low as $788.97 and last traded at $828.30. 4,702,252 shares were traded during mid-day trading, an increase of 11% from the average session volume of 4,248,578 shares. The stock had previously closed at $878.31.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. TD Cowen raised their price target on shares of Seagate Technology from $500.00 to $850.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Wedbush boosted their price objective on shares of Seagate Technology from $700.00 to $825.00 and gave the company an “outperform” rating in a report on Monday, April 27th. China Renaissance increased their target price on shares of Seagate Technology from $802.00 to $983.00 in a research report on Friday, June 12th. Barclays raised their target price on shares of Seagate Technology from $750.00 to $1,000.00 and gave the stock an “overweight” rating in a report on Wednesday, May 27th. Finally, Wall Street Zen upgraded shares of Seagate Technology from a “hold” rating to a “buy” rating in a research report on Saturday, May 2nd. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Seagate Technology has a consensus rating of “Moderate Buy” and an average price target of $898.52.

Seagate Technology Stock Performance

The firm has a market cap of $185.73 billion, a price-to-earnings ratio of 78.59 and a beta of 2.04. The stock has a 50 day moving average of $886.49 and a 200 day moving average of $581.00. The company has a quick ratio of 0.85, a current ratio of 1.33 and a debt-to-equity ratio of 3.16.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, April 28th. The data storage provider reported $4.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.51 by $0.59. Seagate Technology had a net margin of 21.60% and a return on equity of 1,005.65%. The firm had revenue of $3.11 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same period in the prior year, the company posted $1.90 earnings per share. The business’s revenue for the quarter was up 44.1% on a year-over-year basis. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. As a group, analysts anticipate that Seagate Technology Holdings PLC will post 14.14 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Wednesday, June 24th were given a dividend of $0.74 per share. The ex-dividend date was Wednesday, June 24th. This represents a $2.96 annualized dividend and a dividend yield of 0.4%. Seagate Technology’s dividend payout ratio (DPR) is currently 28.08%.

Insider Activity

In other Seagate Technology news, EVP John Christopher Morris sold 5,626 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $738.37, for a total transaction of $4,154,069.62. Following the completion of the transaction, the executive vice president directly owned 11,954 shares in the company, valued at $8,826,474.98. The trade was a 32.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ban Seng Teh sold 8,003 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $817.28, for a total value of $6,540,691.84. Following the sale, the executive vice president owned 3,691 shares of the company’s stock, valued at $3,016,580.48. The trade was a 68.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 151,069 shares of company stock valued at $126,191,753. 0.79% of the stock is owned by insiders.

Institutional Trading of Seagate Technology

Institutional investors and hedge funds have recently modified their holdings of the business. Annis Gardner Whiting Capital Advisors LLC lifted its holdings in shares of Seagate Technology by 23.1% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 80 shares of the data storage provider’s stock worth $31,000 after acquiring an additional 15 shares during the last quarter. Salomon & Ludwin LLC increased its position in Seagate Technology by 124.4% during the 4th quarter. Salomon & Ludwin LLC now owns 92 shares of the data storage provider’s stock worth $27,000 after purchasing an additional 51 shares in the last quarter. WealthCollab LLC increased its position in Seagate Technology by 27.4% during the 1st quarter. WealthCollab LLC now owns 93 shares of the data storage provider’s stock worth $36,000 after purchasing an additional 20 shares in the last quarter. Catalyst Capital Advisors LLC bought a new position in Seagate Technology in the 1st quarter valued at approximately $39,000. Finally, Armstrong Advisory Group Inc. bought a new position in Seagate Technology in the 4th quarter valued at approximately $28,000. 92.87% of the stock is currently owned by institutional investors.

About Seagate Technology

Seagate Technology (NASDAQ: STX) is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm’s product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate’s products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.