Readystate Asset Management LP Buys 31,228 Shares of Seagate Technology Holdings plc (NASDAQ:STX)

Readystate Asset Management LP boosted its stake in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 219.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,470 shares of the data storage provider’s stock after buying an additional 31,228 shares during the period. Readystate Asset Management LP’s holdings in Seagate Technology were worth $4,980,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in STX. Ashton Thomas Securities LLC bought a new stake in shares of Seagate Technology in the 3rd quarter worth $26,000. Quarry LP bought a new stake in shares of Seagate Technology in the 2nd quarter worth $27,000. Kayne Anderson Rudnick Investment Management LLC increased its holdings in shares of 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 worth $36,000 after purchasing an additional 337 shares in the last quarter. Family Firm Inc. bought a new stake in shares of Seagate Technology in the 2nd quarter worth $41,000. Finally, Advisors Asset Management Inc. increased its holdings in shares of Seagate Technology by 177.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock worth $44,000 after purchasing an additional 258 shares in the last quarter. Institutional investors own 92.87% of the company’s stock.

Seagate Technology Price Performance

Shares of NASDAQ STX opened at $97.63 on Thursday. Seagate Technology Holdings plc has a 1-year low of $76.87 and a 1-year high of $115.32. The business’s 50 day moving average is $104.10 and its two-hundred day moving average is $102.04. The stock has a market capitalization of $20.65 billion, a P/E ratio of 25.49 and a beta of 1.03.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating 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 business had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the prior year, the business posted ($0.34) earnings per share. The company’s quarterly revenue was up 49.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Seagate Technology Holdings plc will post 7.18 earnings per share for the current fiscal year.

Seagate Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be paid a dividend of $0.72 per share. This is a boost from Seagate Technology’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.95%. Seagate Technology’s dividend payout ratio is currently 73.11%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on STX. Citigroup raised their price target on Seagate Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Cantor Fitzgerald restated a “neutral” rating and issued a $125.00 price target on shares of Seagate Technology in a research note on Wednesday, October 23rd. Rosenblatt Securities raised their price target on Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Evercore ISI lifted their target price on Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Benchmark reiterated a “hold” rating on shares of Seagate Technology in a research report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, Seagate Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $118.83.

Insider Activity

In related news, Director Yolanda Lee Conyers sold 750 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $101.82, for a total value of $76,365.00. Following the transaction, the director now owns 6,555 shares of the company’s stock, valued at $667,430.10. This represents a 10.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John Christopher Morris sold 1,131 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $111.90, for a total value of $126,558.90. Following the completion of the transaction, the senior vice president now directly owns 7,191 shares in the company, valued at approximately $804,672.90. This trade represents a 13.59 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 221,820 shares of company stock valued at $23,953,746. 0.81% of the stock is currently owned by insiders.

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.