CacheTech Inc. Decreases Stake in Seagate Technology Holdings plc (NASDAQ:STX)

02 Nov 2024, 12:04 by Kim Johansen · The Markets Daily

CacheTech Inc. reduced its stake in Seagate Technology Holdings plc (NASDAQ:STX – Free Report) by 3.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,532 shares of the data storage provider’s stock after selling 388 shares during the quarter. CacheTech Inc.’s holdings in Seagate Technology were worth $1,044,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of STX. Wealth Enhancement Advisory Services LLC raised its position in shares of Seagate Technology by 20.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,105 shares of the data storage provider’s stock valued at $1,219,000 after purchasing an additional 2,217 shares during the last quarter. First Trust Direct Indexing L.P. raised its position in Seagate Technology by 6.1% during the 1st quarter. First Trust Direct Indexing L.P. now owns 5,894 shares of the data storage provider’s stock worth $548,000 after buying an additional 339 shares during the last quarter. Retirement Systems of Alabama raised its position in Seagate Technology by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 43,005 shares of the data storage provider’s stock worth $4,002,000 after buying an additional 130 shares during the last quarter. Mission Wealth Management LP purchased a new position in Seagate Technology during the 1st quarter worth approximately $240,000. Finally, Wakefield Asset Management LLLP purchased a new position in Seagate Technology during the 1st quarter worth approximately $310,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on STX shares. StockNews.com raised shares of Seagate Technology from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. Citigroup raised their price target on shares of Seagate Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Loop Capital raised their price target on shares of Seagate Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Robert W. Baird boosted their target price on shares of Seagate Technology from $100.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Finally, TD Cowen raised their price target 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. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $118.83.

Read Our Latest Analysis on STX

Seagate Technology Stock Performance

Shares of STX opened at $99.11 on Friday. The stock has a 50 day moving average price of $104.80 and a 200 day moving average price of $100.14. Seagate Technology Holdings plc has a one year low of $70.31 and a one year high of $115.32. The stock has a market capitalization of $20.96 billion, a price-to-earnings ratio of 25.88 and a beta of 1.05.

Seagate Technology (NASDAQ:STX – Get Free Report) last released its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.30 by $0.28. The business had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The company’s revenue for the quarter was up 49.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.34) earnings per share. On average, analysts predict that Seagate Technology Holdings plc will post 7.35 earnings per share for the current year.

Seagate Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be issued a dividend of $0.72 per share. This is a boost from Seagate Technology’s previous quarterly dividend of $0.70. This represents a $2.88 annualized dividend and a dividend yield of 2.91%. The ex-dividend date is Friday, December 13th. Seagate Technology’s payout ratio is currently 73.11%.

Insider Activity

In other Seagate Technology news, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total value of $72,075.00. Following the transaction, the director now owns 3,034 shares of the company’s stock, valued at $291,567.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total value of $72,075.00. Following the sale, the director now owns 3,034 shares in the company, valued at approximately $291,567.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $93.46, for a total value of $1,869,200.00. Following the sale, the chief executive officer now owns 654,270 shares in the company, valued at approximately $61,148,074.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 218,398 shares of company stock worth $23,238,106 over the last ninety days. Corporate insiders own 0.81% of the company’s stock.

About Seagate Technology

(Free Report)

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.