ARS Investment Partners LLC Invests $6.45 Million in Seagate Technology Holdings plc (NASDAQ:STX)

ARS Investment Partners LLC purchased a new position in shares of Seagate Technology Holdings plc (NASDAQ:STX) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 74,675 shares of the data storage provider’s stock, valued at approximately $6,445,000.

Other institutional investors have also modified their holdings of the company. Ashton Thomas Securities LLC purchased a new stake in shares of Seagate Technology in the third quarter valued at $26,000. Quarry LP purchased a new position in shares of Seagate Technology in the 2nd quarter worth about $27,000. Kayne Anderson Rudnick Investment Management LLC raised its holdings in shares of Seagate Technology by 2,407.1% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock worth $36,000 after purchasing an additional 337 shares during the period. Advisors Asset Management Inc. grew its stake in shares of Seagate Technology by 177.9% in the third quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock valued at $44,000 after buying an additional 258 shares in the last quarter. Finally, JFS Wealth Advisors LLC grew its stake in shares of Seagate Technology by 232.5% in the third quarter. JFS Wealth Advisors LLC now owns 419 shares of the data storage provider’s stock valued at $46,000 after buying an additional 293 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Insider Buying and Selling

In other news, CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $99.53, for a total value of $1,990,600.00. Following the completion of the sale, the chief executive officer now owns 642,497 shares of the company’s stock, valued at approximately $63,947,726.41. The trade was a 3.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Kian Fatt Chong sold 9,182 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $105.50, for a total transaction of $968,701.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,173 shares of company stock worth $5,529,679. Insiders own 0.81% of the company’s stock.

Seagate Technology Price Performance

Seagate Technology stock opened at $97.67 on Tuesday. The company’s 50 day simple moving average is $94.32 and its 200 day simple moving average is $100.28. Seagate Technology Holdings plc has a fifty-two week low of $82.31 and a fifty-two week high of $115.32. The firm has a market capitalization of $20.66 billion, a price-to-earnings ratio of 25.50 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.30 by $0.28. The business had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The firm’s revenue for the quarter was up 49.1% on a year-over-year basis. During the same period in the previous year, the company earned ($0.34) earnings per share. As a group, analysts predict that Seagate Technology Holdings plc will post 7.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on STX shares. The Goldman Sachs Group lowered their price objective on Seagate Technology from $112.00 to $99.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Northland Securities lifted their target price on Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Cantor Fitzgerald reiterated a “neutral” rating and issued a $125.00 target price on shares of Seagate Technology in a research report on Wednesday, October 23rd. StockNews.com downgraded Seagate Technology from a “buy” rating to a “hold” rating in a report on Tuesday, January 14th. Finally, Wells Fargo & Company cut their price target on Seagate Technology from $120.00 to $110.00 and set an “equal weight” rating on the stock in a report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Seagate Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $120.94.

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.