Insider Selling: Seagate Technology Holdings plc (NASDAQ:STX) CEO Sells 20,000 Shares of Stock

Seagate Technology Holdings plc (NASDAQ:STX) CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $99.53, for a total transaction of $1,990,600.00. Following the transaction, the chief executive officer now owns 642,497 shares of the company’s stock, valued at approximately $63,947,726.41. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Seagate Technology Stock Performance

NASDAQ:STX opened at $102.98 on Thursday. Seagate Technology Holdings plc has a 52-week low of $70.31 and a 52-week high of $115.32. The company has a market cap of $21.78 billion, a P/E ratio of 26.89 and a beta of 1.05. The stock’s 50-day simple moving average is $104.80 and its 200 day simple moving average is $100.64.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data 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. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The company had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter in the prior year, the business posted ($0.34) EPS. The business’s revenue was up 49.1% compared to the same quarter last year. As a group, equities analysts predict that Seagate Technology Holdings plc will post 7.35 earnings per share for the current fiscal year.

Seagate Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be given a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from Seagate Technology’s previous quarterly dividend of $0.70. Seagate Technology’s dividend payout ratio (DPR) is 73.11%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its holdings in Seagate Technology by 20.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,105 shares of the data storage provider’s stock worth $1,219,000 after purchasing an additional 2,217 shares during the period. First Trust Direct Indexing L.P. boosted its stake in shares of 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 acquiring an additional 339 shares during the period. Retirement Systems of Alabama increased its holdings in shares of 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 acquiring an additional 130 shares during the last quarter. Mission Wealth Management LP bought a new stake in Seagate Technology in the 1st quarter valued at $240,000. Finally, Choreo LLC lifted its holdings in Seagate Technology by 3.7% during the 1st quarter. Choreo LLC now owns 6,357 shares of the data storage provider’s stock valued at $591,000 after purchasing an additional 228 shares during the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

STX has been the subject of several research analyst reports. TD Cowen boosted their price target on shares of Seagate Technology from $110.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Wedbush reissued an “outperform” rating and issued a $150.00 target price on shares of Seagate Technology in a research note on Wednesday, October 23rd. Robert W. Baird raised their price target on Seagate Technology from $100.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Benchmark reiterated a “hold” rating on shares of Seagate Technology in a research report on Wednesday, October 23rd. Finally, Barclays increased their target price on Seagate Technology from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $118.83.

About Seagate Technology

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.