Gianluca Romano Sells 25,018 Shares of Seagate Technology Holdings plc (NASDAQ:STX) Stock

Seagate Technology Holdings plc (NASDAQ:STX) CFO Gianluca Romano sold 25,018 shares of the stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $117.31, for a total transaction of $2,934,861.58. Following the completion of the transaction, the chief financial officer now directly owns 38,082 shares of the company’s stock, valued at approximately $4,467,399.42. The trade was a 39.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Gianluca Romano also recently made the following trade(s):

• On Friday, May 30th, Gianluca Romano sold 26,816 shares of Seagate Technology stock. The stock was sold at an average price of $117.58, for a total value of $3,153,025.28.

Seagate Technology Stock Down 0.3%

Shares of NASDAQ STX opened at $117.80 on Monday. Seagate Technology Holdings plc has a twelve month low of $63.19 and a twelve month high of $119.13. The firm has a market cap of $25.00 billion, a PE ratio of 21.54 and a beta of 1.32. The business has a fifty day simple moving average of $89.43 and a two-hundred day simple moving average of $93.15.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.75 by $0.15. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same period in the previous year, the company posted $0.33 earnings per share. The firm’s quarterly revenue was up 30.5% on a year-over-year basis. On average, research analysts expect that Seagate Technology Holdings plc will post 6.83 earnings per share for the current year.

Seagate Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Wednesday, June 25th will be given a $0.72 dividend. The ex-dividend date is Wednesday, June 25th. This represents a $2.88 annualized dividend and a dividend yield of 2.44%. Seagate Technology’s payout ratio is presently 41.62%.

Seagate Technology declared that its board has initiated a share buyback plan on Thursday, May 22nd that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the data storage provider to purchase up to 21.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Seagate Technology

Institutional investors have recently bought and sold shares of the business. Ameriflex Group Inc. bought a new stake in Seagate Technology during the 4th quarter valued at $26,000. Elequin Capital LP bought a new position in shares of Seagate Technology in the 4th quarter worth $27,000. Fourth Dimension Wealth LLC purchased a new stake in shares of Seagate Technology during the 4th quarter worth $27,000. Wayfinding Financial LLC bought a new stake in Seagate Technology during the first quarter valued at about $31,000. Finally, Golden State Wealth Management LLC boosted its position in Seagate Technology by 2,200.0% during the first quarter. Golden State Wealth Management LLC now owns 460 shares of the data storage provider’s stock valued at $39,000 after purchasing an additional 440 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on STX. Wells Fargo & Company lifted their target price on Seagate Technology from $105.00 to $122.00 and gave the stock an “equal weight” rating in a report on Friday, May 23rd. Mizuho dropped their price objective on shares of Seagate Technology from $115.00 to $95.00 and set an “outperform” rating for the company in a research note on Thursday, April 10th. Bank of America increased their target price on shares of Seagate Technology from $125.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, May 23rd. UBS Group raised their target price on shares of Seagate Technology from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Wednesday, April 30th. Finally, Citigroup upped their price target on shares of Seagate Technology from $105.00 to $125.00 and gave the company a “buy” rating in a report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Seagate Technology has an average rating of “Moderate Buy” and a consensus price target of $118.89.

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.