Allspring Global Investments Holdings LLC Trims Position in Seagate Technology Holdings plc (NASDAQ:STX)

Allspring Global Investments Holdings LLC trimmed its holdings in Seagate Technology Holdings plc (NASDAQ:STXGet Rating) by 87.6% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 12,987 shares of the data storage provider’s stock after selling 91,534 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Seagate Technology were worth $691,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in STX. Oakworth Capital Inc. purchased a new stake in shares of Seagate Technology in the second quarter valued at about $29,000. Hallmark Capital Management Inc. acquired a new position in Seagate Technology during the second quarter worth about $32,000. Ronald Blue Trust Inc. acquired a new stake in shares of Seagate Technology in the second quarter valued at approximately $33,000. West Branch Capital LLC acquired a new stake in shares of Seagate Technology in the second quarter valued at approximately $35,000. Finally, Janiczek Wealth Management LLC grew its position in shares of Seagate Technology by 286.4% in the second quarter. Janiczek Wealth Management LLC now owns 541 shares of the data storage provider’s stock valued at $43,000 after purchasing an additional 401 shares during the last quarter. 82.69% of the stock is owned by hedge funds and other institutional investors.

Seagate Technology Price Performance

Shares of STX stock opened at $59.34 on Monday. The firm has a market cap of $12.25 billion, a P/E ratio of 11.41, a P/E/G ratio of 35.23 and a beta of 1.06. The company has a debt-to-equity ratio of 46.44, a current ratio of 1.19 and a quick ratio of 0.68. Seagate Technology Holdings plc has a 1-year low of $47.47 and a 1-year high of $117.03. The firm has a fifty day moving average of $54.01 and a two-hundred day moving average of $61.79.

Seagate Technology (NASDAQ:STXGet Rating) last announced its quarterly earnings data on Wednesday, October 26th. The data storage provider reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.15). The company had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.11 billion. Seagate Technology had a return on equity of 716.97% and a net margin of 10.89%. Seagate Technology’s revenue was down 34.7% on a year-over-year basis. During the same period in the prior year, the business earned $2.27 earnings per share. As a group, research analysts anticipate that Seagate Technology Holdings plc will post 1.27 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 5th. Stockholders of record on Wednesday, December 21st were given a $0.70 dividend. The ex-dividend date was Tuesday, December 20th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 4.72%. Seagate Technology’s payout ratio is currently 53.85%.

Analyst Ratings Changes

Several analysts have recently commented on STX shares. Susquehanna Bancshares lowered their price target on shares of Seagate Technology from $40.00 to $38.00 in a research report on Thursday, October 27th. Wedbush lowered their price target on shares of Seagate Technology from $65.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, October 24th. Rosenblatt Securities reduced their price objective on shares of Seagate Technology from $80.00 to $60.00 and set a “buy” rating on the stock in a research note on Thursday, October 27th. UBS Group downgraded shares of Seagate Technology from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $85.00 to $55.00 in a research note on Thursday, October 27th. Finally, The Goldman Sachs Group reduced their price objective on shares of Seagate Technology from $71.00 to $61.00 and set a “neutral” rating on the stock in a research note on Friday, October 28th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $70.83.

About Seagate Technology

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Seagate Technology Holdings Plc operates as holding company that is engaged in the development, production, and distribution of data storage products and electronic data storage solutions. Its products include hard disk drives, solid state hybrid drives, solid state drives, peripheral component interconnect express cards, serial advanced technology attachment controllers, storage subsystems and computing solutions.

Further Reading

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Institutional Ownership by Quarter for Seagate Technology (NASDAQ:STX)

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