AlphaStar Capital Management LLC Trims Stock Position in Seagate Technology Holdings plc (NASDAQ:STX)

AlphaStar Capital Management LLC lessened its position in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 8.7% during the second quarter, HoldingsChannel.com reports. The fund owned 2,111 shares of the data storage provider’s stock after selling 200 shares during the period. AlphaStar Capital Management LLC’s holdings in Seagate Technology were worth $218,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of STX. Vanguard Group Inc. raised its holdings in shares of Seagate Technology by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 24,753,076 shares of the data storage provider’s stock valued at $2,303,274,000 after acquiring an additional 746,395 shares in the last quarter. Capital Research Global Investors increased its position in shares of Seagate Technology by 39.3% in the fourth quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock worth $1,418,413,000 after purchasing an additional 4,685,454 shares during the last quarter. Sanders Capital LLC raised its stake in Seagate Technology by 3.0% in the fourth quarter. Sanders Capital LLC now owns 15,486,153 shares of the data storage provider’s stock valued at $1,322,053,000 after purchasing an additional 443,768 shares in the last quarter. Clearbridge Investments LLC lifted its position in Seagate Technology by 14.5% during the first quarter. Clearbridge Investments LLC now owns 2,656,828 shares of the data storage provider’s stock valued at $247,218,000 after purchasing an additional 337,464 shares during the last quarter. Finally, Norges Bank purchased a new position in Seagate Technology in the 4th quarter worth approximately $188,834,000. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Seagate Technology

In other news, EVP Ban Seng Teh sold 10,742 shares of the stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $100.00, for a total value of $1,074,200.00. Following the sale, the executive vice president now directly owns 5,042 shares of the company’s stock, valued at $504,200. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CFO Gianluca Romano sold 25,760 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $94.54, for a total transaction of $2,435,350.40. Following the completion of the sale, the chief financial officer now owns 52,620 shares of the company’s stock, valued at $4,974,694.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ban Seng Teh sold 10,742 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $100.00, for a total transaction of $1,074,200.00. Following the completion of the transaction, the executive vice president now owns 5,042 shares of the company’s stock, valued at $504,200. The disclosure for this sale can be found here. Insiders have sold a total of 72,547 shares of company stock valued at $7,084,361 in the last ninety days. 0.89% of the stock is currently owned by corporate insiders.

Seagate Technology Stock Down 3.9 %

Shares of STX stock opened at $100.71 on Wednesday. The business’s fifty day moving average is $102.20 and its 200 day moving average is $95.22. The stock has a market cap of $21.17 billion, a price-to-earnings ratio of -78.07 and a beta of 1.02. Seagate Technology Holdings plc has a twelve month low of $62.43 and a twelve month high of $113.57.

Seagate Technology (NASDAQ:STX) last released its earnings results 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 net margin of 5.11% and a negative return on equity of 8.41%. The firm had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the prior year, the firm earned ($0.29) EPS. The company’s revenue was up 17.8% compared to the same quarter last year. Equities research analysts expect that Seagate Technology Holdings plc will post 6.72 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 23rd will be issued a dividend of $0.70 per share. The ex-dividend date is Monday, September 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.78%. Seagate Technology’s payout ratio is -217.05%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on STX. Rosenblatt Securities lifted their price objective on shares of Seagate Technology from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Northland Securities lifted their price target on Seagate Technology from $119.00 to $142.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Evercore ISI increased their price objective on Seagate Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a research report on Tuesday, July 16th. Benchmark restated a “hold” rating on shares of Seagate Technology in a research report on Wednesday, July 24th. Finally, Morgan Stanley upped their target price on Seagate Technology from $115.00 to $133.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $115.94.

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.