Brighton Jones LLC Lowers Position in Seagate Technology Holdings plc (NASDAQ:STX)

Brighton Jones LLC lessened its position in Seagate Technology Holdings plc (NASDAQ:STX) by 17.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 13,394 shares of the data storage provider’s stock after selling 2,740 shares during the quarter. Brighton Jones LLC’s holdings in Seagate Technology were worth $1,138,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Capital Research Global Investors increased its position in Seagate Technology by 56.5% during the 4th quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider’s stock valued at $1,348,262,000 after buying an additional 5,640,443 shares in the last quarter. Vanguard Group Inc. increased its position in Seagate Technology by 6.9% during the 4th quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider’s stock valued at $2,414,446,000 after buying an additional 1,814,821 shares in the last quarter. Marshall Wace LLP bought a new position in Seagate Technology during the 4th quarter valued at approximately $77,341,000. Junto Capital Management LP bought a new position in Seagate Technology during the 4th quarter valued at approximately $60,303,000. Finally, Janus Henderson Group PLC increased its holdings in shares of Seagate Technology by 2,853.4% in the 4th quarter. Janus Henderson Group PLC now owns 670,976 shares of the data storage provider’s stock worth $57,925,000 after purchasing an additional 648,257 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Seagate Technology Stock Up 3.0%

Shares of Seagate Technology stock opened at $131.04 on Tuesday. The stock’s 50-day simple moving average is $100.20 and its 200-day simple moving average is $95.24. Seagate Technology Holdings plc has a 52 week low of $63.19 and a 52 week high of $132.23. The company has a market capitalization of $27.81 billion, a price-to-earnings ratio of 23.96 and a beta of 1.40.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, April 29th. The data storage provider reported $1.90 EPS 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 business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same period in the previous year, the business earned $0.33 earnings per share. The business’s revenue was up 30.5% on a year-over-year basis. On average, equities analysts expect that Seagate Technology Holdings plc will post 6.83 earnings per share for the current year.

Seagate Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Wednesday, June 25th will be paid a dividend of $0.72 per share. The ex-dividend date of this dividend is Wednesday, June 25th. This represents a $2.88 annualized dividend and a yield of 2.20%. Seagate Technology’s payout ratio is currently 41.62%.

Seagate Technology announced that its Board of Directors has initiated a share repurchase plan on Thursday, May 22nd that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the data storage provider to buy up to 21.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Wall Street Zen lowered Seagate Technology from a “buy” rating to a “hold” rating in a report on Friday, May 30th. Bank of America lifted their target price on Seagate Technology from $135.00 to $145.00 and gave the stock a “buy” rating in a report on Monday, June 9th. Mizuho reduced their target price on Seagate Technology from $115.00 to $95.00 and set an “outperform” rating for the company in a report on Thursday, April 10th. Cantor Fitzgerald lifted their target price on Seagate Technology from $110.00 to $125.00 and gave the stock a “neutral” rating in a report on Monday, May 19th. Finally, Wedbush reissued an “outperform” rating and issued a $140.00 target price on shares of Seagate Technology in a report on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $119.42.

Insiders Place Their Bets

In related news, CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $84.56, for a total value of $1,691,200.00. Following the completion of the sale, the chief executive officer now owns 555,677 shares in the company, valued at approximately $46,988,047.12. The trade was a 3.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Yolanda Lee Conyers sold 750 shares of the business’s stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $117.01, for a total value of $87,757.50. Following the completion of the sale, the director now owns 5,055 shares of the company’s stock, valued at $591,485.55. The trade was a 12.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 393,192 shares of company stock valued at $46,303,128 over the last ninety days. 0.81% of the stock is owned by insiders.

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.