Seagate Technology (NASDAQ:STX) Shares Gap Down – Here’s What Happened

Seagate Technology Holdings PLC (NASDAQ:STX) gapped down prior to trading on Wednesday . The stock had previously closed at $424.96, but opened at $410.16. Seagate Technology shares last traded at $417.60, with a volume of 1,361,277 shares changing hands.

Analysts Set New Price Targets

Several brokerages have issued reports on STX. TD Cowen lifted their target price on shares of Seagate Technology from $340.00 to $500.00 and gave the stock a “buy” rating in a research note on Wednesday, January 28th. Wells Fargo & Company increased their target price on shares of Seagate Technology from $360.00 to $450.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 28th. Weiss Ratings restated a “buy (b)” rating on shares of Seagate Technology in a research report on Monday, December 29th. UBS Group upped their price objective on shares of Seagate Technology from $385.00 to $440.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Finally, Loop Capital boosted their target price on Seagate Technology from $465.00 to $700.00 and gave the stock a “buy” rating in a report on Monday, February 9th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Seagate Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $447.35.

Seagate Technology Stock Down 2.3%

The company has a debt-to-equity ratio of 7.63, a current ratio of 1.12 and a quick ratio of 0.72. The company has a market capitalization of $90.56 billion, a PE ratio of 46.84, a P/E/G ratio of 0.90 and a beta of 1.61. The business’s 50 day simple moving average is $393.13 and its 200 day simple moving average is $304.00.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, January 27th. The data storage provider reported $3.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.77 by $0.34. Seagate Technology had a net margin of 19.59% and a negative return on equity of 936.38%. The business had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.73 billion. During the same quarter last year, the firm earned $2.03 EPS. The business’s revenue was up 21.5% compared to the same quarter last year. Seagate Technology has set its Q3 2026 guidance at 3.200-3.600 EPS. As a group, analysts anticipate that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 8th. Investors of record on Wednesday, March 25th will be given a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Wednesday, March 25th. Seagate Technology’s dividend payout ratio (DPR) is presently 33.48%.

Insider Activity at Seagate Technology

In related news, Director Jay L. Geldmacher sold 925 shares of Seagate Technology stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $448.02, for a total value of $414,418.50. Following the completion of the sale, the director owned 223 shares in the company, valued at approximately $99,908.46. This trade represents a 80.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ban Seng Teh sold 20,195 shares of the business’s stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of $442.29, for a total value of $8,932,046.55. Following the completion of the sale, the executive vice president directly owned 3,092 shares in the company, valued at approximately $1,367,560.68. The trade was a 86.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 113,635 shares of company stock valued at $44,430,443 over the last quarter. 0.79% of the stock is owned by insiders.

Institutional Investors Weigh In On Seagate Technology

Several institutional investors and hedge funds have recently modified their holdings of STX. Gateway Investment Advisers LLC grew its position in Seagate Technology by 1.8% in the 4th quarter. Gateway Investment Advisers LLC now owns 1,399 shares of the data storage provider’s stock valued at $385,000 after acquiring an additional 25 shares in the last quarter. Trajan Wealth LLC increased its holdings in Seagate Technology by 1.9% during the 4th quarter. Trajan Wealth LLC now owns 1,325 shares of the data storage provider’s stock worth $365,000 after purchasing an additional 25 shares during the period. Fortis Capital Management LLC raised its position in Seagate Technology by 1.1% in the 4th quarter. Fortis Capital Management LLC now owns 2,557 shares of the data storage provider’s stock valued at $704,000 after purchasing an additional 27 shares in the last quarter. EWA LLC grew its position in shares of Seagate Technology by 2.1% during the fourth quarter. EWA LLC now owns 1,370 shares of the data storage provider’s stock worth $377,000 after buying an additional 28 shares in the last quarter. Finally, Icon Wealth Advisors LLC increased its stake in shares of Seagate Technology by 2.7% during the fourth quarter. Icon Wealth Advisors LLC now owns 1,060 shares of the data storage provider’s stock worth $292,000 after buying an additional 28 shares during the period. Hedge funds and other institutional investors own 92.87% of the company’s stock.

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.