Pinnacle West Asset Management Inc. Makes New Investment in Seagate Technology Holdings PLC $STX

Pinnacle West Asset Management Inc. purchased a new stake in shares of Seagate Technology Holdings PLC (NASDAQ:STX) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 5,810 shares of the data storage provider’s stock, valued at approximately $5,607,000. Seagate Technology comprises 3.9% of Pinnacle West Asset Management Inc.’s portfolio, making the stock its 2nd largest position.

Several other large investors have also recently made changes to their positions in STX. PFA Pension Forsikringsaktieselskab acquired a new position in shares of Seagate Technology in the fourth quarter valued at approximately $23,882,000. New York State Teachers Retirement System lifted its holdings in Seagate Technology by 5.0% during the 4th quarter. New York State Teachers Retirement System now owns 187,044 shares of the data storage provider’s stock worth $51,510,000 after buying an additional 8,991 shares in the last quarter. Praxis Investment Management Inc. lifted its holdings in Seagate Technology by 56.5% during the 4th quarter. Praxis Investment Management Inc. now owns 6,615 shares of the data storage provider’s stock worth $1,822,000 after buying an additional 2,389 shares in the last quarter. NewEdge Advisors LLC boosted its position in Seagate Technology by 85.9% in the 1st quarter. NewEdge Advisors LLC now owns 22,046 shares of the data storage provider’s stock valued at $8,637,000 after buying an additional 10,190 shares during the period. Finally, Caprock Group LLC grew its stake in shares of Seagate Technology by 25.3% in the fourth quarter. Caprock Group LLC now owns 18,248 shares of the data storage provider’s stock worth $5,043,000 after acquiring an additional 3,680 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Seagate Technology

In other news, CFO Gianluca Romano sold 880 shares of the firm’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $845.12, for a total transaction of $743,705.60. Following the sale, the chief financial officer owned 20,663 shares of the company’s stock, valued at approximately $17,462,714.56. This trade represents a 4.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP James Ci Lee sold 694 shares of the business’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $877.45, for a total value of $608,950.30. Following the sale, the executive vice president owned 347 shares of the company’s stock, valued at approximately $304,475.15. The trade was a 66.67% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 133,650 shares of company stock worth $116,077,574. 0.79% of the stock is currently owned by corporate insiders.

Seagate Technology Price Performance

Seagate Technology stock opened at $850.00 on Friday. The stock has a market cap of $192.65 billion, a P/E ratio of 61.24 and a beta of 2.06. The company has a fifty day simple moving average of $893.23 and a 200-day simple moving average of $681.60. Seagate Technology Holdings PLC has a 12-month low of $154.22 and a 12-month high of $1,145.00. The company has a current ratio of 1.67, a quick ratio of 1.17 and a debt-to-equity ratio of 1.56.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, July 28th. The data storage provider reported $5.71 EPS for the quarter, beating the consensus estimate of $5.10 by $0.61. Seagate Technology had a return on equity of 369.98% and a net margin of 26.11%.The firm had revenue of $3.63 billion for the quarter, compared to analyst estimates of $3.50 billion. During the same quarter in the prior year, the company posted $2.59 earnings per share. Seagate Technology’s revenue for the quarter was up 48.5% compared to the same quarter last year. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. Equities analysts expect that Seagate Technology Holdings PLC will post 34.42 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Stockholders of record on Thursday, September 24th will be issued a $0.74 dividend. The ex-dividend date is Thursday, September 24th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.3%. Seagate Technology’s dividend payout ratio is presently 21.33%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on STX shares. BNP Paribas Exane upped their price objective on Seagate Technology from $530.00 to $860.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 29th. Morgan Stanley boosted their target price on Seagate Technology from $1,035.00 to $1,187.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. China Renaissance upped their price target on Seagate Technology from $802.00 to $983.00 in a report on Friday, June 12th. Citigroup increased their price target on Seagate Technology from $1,240.00 to $1,300.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $1,300.00 price objective on shares of Seagate Technology in a research note on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $986.00.

Seagate Technology Profile

Seagate Technology (NASDAQ: STX) is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm’s product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate’s products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.