Seagate Technology (NASDAQ:STX) Trading 4.8% Higher – Here’s Why

Seagate Technology Holdings PLC (NASDAQ:STX) shares rose 4.8% during mid-day trading on Tuesday . The stock traded as high as $936.94 and last traded at $919.84. Approximately 5,264,014 shares changed hands during trading, an increase of 21% from the average session volume of 4,356,070 shares. The stock had previously closed at $877.33.

Analyst Ratings Changes

STX has been the topic of several recent analyst reports. Sanford C. Bernstein reiterated an “outperform” rating and set a $1,350.00 price objective on shares of Seagate Technology in a research report on Wednesday, July 29th. Melius Research assumed coverage on shares of Seagate Technology in a research note on Monday, June 29th. They set a “buy” rating and a $1,600.00 target price for the company. Wells Fargo & Company lifted their price target on shares of Seagate Technology from $1,100.00 to $1,180.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $1,300.00 price target on shares of Seagate Technology in a research note on Wednesday, July 29th. Finally, Fox Advisors downgraded shares of Seagate Technology from an “overweight” rating to an “equal weight” rating in a report on Monday, June 22nd. 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’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $986.00.

Seagate Technology Stock Up 4.8%

The company’s fifty day moving average price is $842.44 and its 200-day moving average price is $745.49. The stock has a market cap of $209.16 billion, a P/E ratio of 66.27 and a beta of 2.06. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.17 and a current ratio of 1.67.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Tuesday, July 28th. The data storage provider reported $5.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.10 by $0.61. The firm had revenue of $3.63 billion during the quarter, compared to analyst estimates of $3.50 billion. Seagate Technology had a return on equity of 369.98% and a net margin of 26.11%.Seagate Technology’s quarterly revenue was up 48.5% compared to the same quarter last year. During the same period last year, the company earned $2.59 EPS. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. Equities analysts forecast that Seagate Technology Holdings PLC will post 35.7 EPS for the current year.

Seagate Technology Dividend Announcement

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

Insider Buying and Selling

In other Seagate Technology news, EVP Ban Teh sold 52,730 shares of Seagate Technology stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $782.08, for a total value of $41,239,078.40. Following the transaction, the executive vice president directly owned 5,810 shares of the company’s stock, valued at approximately $4,543,884.80. The trade was a 90.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Mosley sold 97,889 shares of the company’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $772.14, for a total value of $75,584,012.46. Following the transaction, the chief executive officer directly owned 378,108 shares in the company, valued at $291,952,311.12. This represents a 20.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 466,959 shares of company stock worth $378,615,011 in the last three months. Corporate insiders own 0.51% of the company’s stock.

Institutional Trading of Seagate Technology

Several large investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC raised its position in Seagate Technology by 85.9% during the 1st quarter. NewEdge Advisors LLC now owns 22,046 shares of the data storage provider’s stock worth $8,637,000 after buying an additional 10,190 shares during the last quarter. USA Financial Formulas acquired a new stake in Seagate Technology during the 1st quarter valued at approximately $1,328,000. Financial Insights Inc. purchased a new stake in shares of Seagate Technology in the 2nd quarter valued at $706,000. UNICOM Systems Inc. boosted its holdings in shares of Seagate Technology by 18.2% in the 2nd quarter. UNICOM Systems Inc. now owns 43,500 shares of the data storage provider’s stock valued at $41,978,000 after acquiring an additional 6,700 shares during the last quarter. Finally, Contravisory Investment Management Inc. increased its stake in shares of Seagate Technology by 590.3% in the second quarter. Contravisory Investment Management Inc. now owns 1,774 shares of the data storage provider’s stock worth $1,712,000 after acquiring an additional 1,517 shares during the period. Hedge funds and other institutional investors own 92.87% of the company’s stock.

About Seagate Technology

Seagate Technology Holdings plc is a data storage technology company that develops and manufactures mass-capacity storage solutions for businesses and consumers. Its product portfolio is centered on hard disk drives (HDDs), which are used in cloud data centers, enterprise systems, network-attached storage, video and imaging applications, and personal computing.

The company also offers solid-state drives (SSDs), external storage products, storage systems, and related data-management and recovery services.