Seagate Technology (NASDAQ:STX) Stock Price Up 2.5% – Here’s What Happened

Seagate Technology Holdings PLC (NASDAQ:STX)’s share price traded up 2.5% during mid-day trading on Thursday. The company traded as high as $946.36 and last traded at $945.57. Approximately 2,463,377 shares traded hands during trading, a decline of 43% from the average session volume of 4,301,820 shares. The stock had previously closed at $922.34.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Susquehanna raised their price objective on shares of Seagate Technology from $775.00 to $875.00 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. Wall Street Zen upgraded Seagate Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, September 26th. Fox Advisors lowered Seagate Technology from an “overweight” rating to an “equal weight” rating in a research note on Monday, June 22nd. Zacks Research lowered shares of Seagate Technology from a “strong-buy” rating to a “hold” rating in a research report on Monday. Finally, JPMorgan Chase & Co. increased their price objective on Seagate Technology from $1,095.00 to $1,240.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $986.00.

Seagate Technology Trading Up 2.5%

The business has a 50 day moving average of $854.07 and a 200 day moving average of $772.32. The firm has a market capitalization of $215.01 billion, a price-to-earnings ratio of 68.12 and a beta of 2.06. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.67 and a quick ratio of 1.17.

Seagate Technology (NASDAQ:STX) last issued its 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 for the quarter, compared to analysts’ expectations of $3.50 billion. Seagate Technology had a return on equity of 369.98% and a net margin of 26.11%.The company’s revenue was up 48.5% compared to the same quarter last year. During the same quarter last year, the business earned $2.59 earnings per share. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. As a group, research analysts predict that Seagate Technology Holdings PLC will post 35.7 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

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

Insider Activity

In related news, EVP John Morris sold 9,354 shares of the firm’s stock in a transaction on Monday, September 21st. The stock was sold at an average price of $877.91, for a total transaction of $8,211,970.14. Following the sale, the executive vice president owned 22,693 shares of the company’s stock, valued at approximately $19,922,411.63. This trade represents a 29.19% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Gianluca Romano sold 49,984 shares of Seagate Technology stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $772.16, for a total transaction of $38,595,645.44. Following the completion of the transaction, the chief financial officer directly owned 70,756 shares in the company, valued at approximately $54,634,952.96. The trade was a 41.40% decrease in their position. 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 sold a total of 436,959 shares of company stock worth $351,170,369 over the last three months. Company insiders own 0.51% of the company’s stock.

Institutional Trading of Seagate Technology

A number of hedge funds have recently made changes to their positions in STX. NewEdge Advisors LLC grew its stake 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 last quarter. UNICOM Systems Inc. boosted its position in shares of Seagate Technology by 18.2% during the 2nd quarter. UNICOM Systems Inc. now owns 43,500 shares of the data storage provider’s stock worth $41,978,000 after acquiring an additional 6,700 shares in the last quarter. USA Financial Formulas acquired a new position in shares of Seagate Technology during the 1st quarter worth $1,328,000. Financial Insights Inc. acquired a new position in Seagate Technology during the second quarter worth about $706,000. Finally, Contravisory Investment Management Inc. lifted its stake in Seagate Technology by 590.3% in the 2nd quarter. Contravisory Investment Management Inc. now owns 1,774 shares of the data storage provider’s stock valued at $1,712,000 after purchasing an additional 1,517 shares during the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

About Seagate Technology

Seagate Technology Holdings plc is a data storage technology company that designs, manufactures and supplies solutions for storing, managing and accessing digital information. Its product portfolio is centered on hard disk drives (HDDs), including high-capacity drives used in cloud data centers, enterprise environments, surveillance systems, network-attached storage and personal computing.

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