GAMMA Investing LLC Acquires 254,354 Shares of Seagate Technology Holdings plc (NASDAQ:STX)

GAMMA Investing LLC increased its holdings in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 9,116.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 257,144 shares of the data storage provider’s stock after acquiring an additional 254,354 shares during the period. GAMMA Investing LLC owned approximately 0.12% of Seagate Technology worth $21,844,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Tidal Investments LLC raised its holdings in shares of Seagate Technology by 133.1% during the fourth quarter. Tidal Investments LLC now owns 12,681 shares of the data storage provider’s stock valued at $1,094,000 after purchasing an additional 7,240 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Seagate Technology by 9.5% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 48,834 shares of the data storage provider’s stock valued at $4,215,000 after buying an additional 4,229 shares during the last quarter. Norges Bank purchased a new stake in Seagate Technology during the fourth quarter valued at approximately $25,729,000. Asset Management One Co. Ltd. increased its holdings in Seagate Technology by 9.9% during the fourth quarter. Asset Management One Co. Ltd. now owns 84,222 shares of the data storage provider’s stock valued at $7,360,000 after buying an additional 7,599 shares during the last quarter. Finally, Entropy Technologies LP increased its holdings in Seagate Technology by 434.0% during the fourth quarter. Entropy Technologies LP now owns 40,677 shares of the data storage provider’s stock valued at $3,511,000 after buying an additional 33,060 shares during the last quarter. Institutional investors own 92.87% of the company’s stock.

Seagate Technology Trading Up 0.0%

Shares of STX stock opened at $127.70 on Friday. The firm has a 50-day moving average price of $92.48 and a 200 day moving average price of $93.96. Seagate Technology Holdings plc has a twelve month low of $63.19 and a twelve month high of $129.95. The company has a market capitalization of $27.10 billion, a price-to-earnings ratio of 23.35 and a beta of 1.32.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.75 by $0.15. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.14 billion. Seagate Technology had a negative return on equity of 63.48% and a net margin of 14.67%. The company’s revenue for the quarter was up 30.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.33 EPS. As a group, research analysts predict that Seagate Technology Holdings plc will post 6.83 earnings per share for the current year.

Seagate Technology announced that its Board of Directors has approved a stock buyback plan on Thursday, May 22nd that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the data storage provider to reacquire up to 21.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Seagate Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th will be given a $0.72 dividend. The ex-dividend date of this dividend is Wednesday, June 25th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.26%. Seagate Technology’s dividend payout ratio (DPR) is 41.62%.

Insider Activity at Seagate Technology

In other Seagate Technology news, EVP Ban Seng Teh sold 63,418 shares of the firm’s stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $125.00, for a total transaction of $7,927,250.00. Following the completion of the sale, the executive vice president now directly owns 14,658 shares in the company, valued at approximately $1,832,250. This trade represents a 81.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO William D. Mosley sold 70,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $109.47, for a total value of $7,662,900.00. Following the completion of the transaction, the chief executive officer now directly owns 485,677 shares in the company, valued at $53,167,061.19. The trade was a 12.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 308,368 shares of company stock worth $35,537,051 in the last quarter. 0.81% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on STX shares. Wall Street Zen cut shares of Seagate Technology from a “buy” rating to a “hold” rating in a research note on Friday, May 30th. Wedbush reissued an “outperform” rating and issued a $140.00 price objective on shares of Seagate Technology in a research note on Wednesday, May 21st. Barclays increased their price objective on shares of Seagate Technology from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 30th. Morgan Stanley increased their price objective on shares of Seagate Technology from $99.00 to $140.00 and gave the stock an “overweight” rating in a research note on Friday, May 23rd. Finally, Cantor Fitzgerald raised their target price on shares of Seagate Technology from $110.00 to $125.00 and gave the company a “neutral” rating in a research note on Monday, May 19th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $118.89.

Seagate Technology 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.