Seagate Technology (NASDAQ:STX) Shares Gap Down to $96.81

Seagate Technology Holdings plc (NASDAQ:STX) shares gapped down prior to trading on Tuesday . The stock had previously closed at $96.81, but opened at $93.72. Seagate Technology shares last traded at $94.07, with a volume of 616,977 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have weighed in on STX shares. Benchmark reiterated a “hold” rating on shares of Seagate Technology in a research report on Wednesday, April 24th. Barclays lowered their price target on Seagate Technology from $85.00 to $80.00 and set an “equal weight” rating for the company in a research report on Monday, April 22nd. Robert W. Baird boosted their price objective on Seagate Technology from $70.00 to $100.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. Evercore ISI assumed coverage on Seagate Technology in a report on Tuesday, February 27th. They set an “outperform” rating and a $110.00 target price for the company. Finally, Susquehanna increased their price target on shares of Seagate Technology from $50.00 to $55.00 and gave the stock a “negative” rating in a research report on Wednesday, April 10th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $95.50.

Seagate Technology Trading Up 1.1 %

The firm’s fifty day moving average price is $89.41 and its 200-day moving average price is $85.86. The firm has a market cap of $19.88 billion, a price-to-earnings ratio of -73.39, a PEG ratio of 191.47 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.68 billion. The firm’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter last year, the firm posted ($0.43) EPS. On average, sell-side analysts expect that Seagate Technology Holdings plc will post 0.4 earnings per share for the current year.

Seagate Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 20th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.96%. Seagate Technology’s payout ratio is -217.05%.

Insiders Place Their Bets

In other news, EVP Ban Seng Teh sold 9,703 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $95.00, for a total value of $921,785.00. Following the completion of the sale, the executive vice president now directly owns 15,185 shares of the company’s stock, valued at $1,442,575. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, SVP John Christopher Morris sold 11,158 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the completion of the transaction, the senior vice president now directly owns 17,767 shares of the company’s stock, valued at $1,599,030. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ban Seng Teh sold 9,703 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $95.00, for a total transaction of $921,785.00. Following the completion of the sale, the executive vice president now owns 15,185 shares of the company’s stock, valued at approximately $1,442,575. The disclosure for this sale can be found here. 0.89% of the stock is currently owned by insiders.

Institutional Trading of Seagate Technology

Institutional investors have recently modified their holdings of the business. Teacher Retirement System of Texas increased its holdings in shares of Seagate Technology by 2.8% in the 3rd quarter. Teacher Retirement System of Texas now owns 14,438 shares of the data storage provider’s stock valued at $952,000 after purchasing an additional 387 shares in the last quarter. M&T Bank Corp lifted its position in shares of Seagate Technology by 6.0% during the 3rd quarter. M&T Bank Corp now owns 10,303 shares of the data storage provider’s stock valued at $679,000 after acquiring an additional 585 shares during the period. Nisa Investment Advisors LLC grew its holdings in shares of Seagate Technology by 31.5% in the 3rd quarter. Nisa Investment Advisors LLC now owns 34,213 shares of the data storage provider’s stock worth $2,256,000 after acquiring an additional 8,200 shares during the period. California Public Employees Retirement System increased its stake in Seagate Technology by 1.5% in the 3rd quarter. California Public Employees Retirement System now owns 374,258 shares of the data storage provider’s stock valued at $24,682,000 after purchasing an additional 5,457 shares in the last quarter. Finally, Private Advisor Group LLC raised its holdings in Seagate Technology by 7.4% during the third quarter. Private Advisor Group LLC now owns 16,650 shares of the data storage provider’s stock worth $1,098,000 after purchasing an additional 1,144 shares during the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

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.