Insider Selling: Seagate Technology Holdings plc (NASDAQ:STX) CEO Sells 141,785 Shares of Stock

Seagate Technology Holdings plc (NASDAQ:STX) CEO William D. Mosley sold 141,785 shares of the company’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $110.18, for a total value of $15,621,871.30. Following the sale, the chief executive officer now owns 668,616 shares in the company, valued at approximately $73,668,110.88. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Seagate Technology Trading Down 1.8 %

Seagate Technology stock opened at $108.74 on Monday. Seagate Technology Holdings plc has a twelve month low of $63.88 and a twelve month high of $113.57. The stock has a 50 day moving average of $101.37 and a two-hundred day moving average of $97.06. The stock has a market capitalization of $22.89 billion, a price-to-earnings ratio of -84.29 and a beta of 1.03.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.29. Seagate Technology had a negative return on equity of 8.41% and a net margin of 5.11%. The company had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same period last year, the firm earned ($0.29) EPS. The firm’s revenue for the quarter was up 17.8% on a year-over-year basis. Equities analysts predict that Seagate Technology Holdings plc will post 6.72 earnings per share for the current year.

Seagate Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 23rd will be issued a $0.70 dividend. The ex-dividend date is Monday, September 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.57%. Seagate Technology’s dividend payout ratio is currently -217.05%.

Institutional Trading of Seagate Technology

Several hedge funds have recently modified their holdings of STX. Quarry LP acquired a new stake in shares of Seagate Technology in the 2nd quarter valued at approximately $27,000. Kayne Anderson Rudnick Investment Management LLC increased its stake in Seagate Technology by 2,407.1% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock valued at $36,000 after purchasing an additional 337 shares in the last quarter. Family Firm Inc. purchased a new position in Seagate Technology in the 2nd quarter valued at approximately $41,000. ICA Group Wealth Management LLC purchased a new position in Seagate Technology in the 4th quarter valued at approximately $47,000. Finally, Richardson Financial Services Inc. purchased a new position in Seagate Technology in the 4th quarter valued at approximately $47,000. 92.87% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on STX. Bank of America reiterated a “buy” rating and issued a $110.00 price objective on shares of Seagate Technology in a report on Wednesday, June 5th. Wells Fargo & Company increased their price objective on Seagate Technology from $90.00 to $120.00 and gave the company an “equal weight” rating in a report on Wednesday, July 24th. The Goldman Sachs Group increased their price objective on Seagate Technology from $96.00 to $107.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Loop Capital increased their price objective on Seagate Technology from $105.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Finally, Evercore ISI increased their price objective on Seagate Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a report on Tuesday, July 16th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $115.94.

Seagate Technology Company 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.