Algert Global LLC Buys New Position in Seagate Technology Holdings plc (NASDAQ:STX)

Algert Global LLC purchased a new position in Seagate Technology Holdings plc (NASDAQ:STX) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 5,589 shares of the data storage provider’s stock, valued at approximately $612,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Ashton Thomas Securities LLC bought a new stake in shares of Seagate Technology during the 3rd quarter worth $26,000. Quarry LP purchased a new stake in shares of Seagate Technology during the second quarter valued at $27,000. Kayne Anderson Rudnick Investment Management LLC boosted its position 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 valued at $36,000 after purchasing an additional 337 shares during the period. Family Firm Inc. purchased a new position in Seagate Technology in the 2nd quarter worth about $41,000. Finally, Advisors Asset Management Inc. raised its holdings in Seagate Technology by 177.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock worth $44,000 after buying an additional 258 shares during the period. 92.87% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on STX. StockNews.com raised shares of Seagate Technology from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. Citigroup boosted their target price on shares of Seagate Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Wedbush reaffirmed an “outperform” rating and issued a $150.00 target price on shares of Seagate Technology in a research report on Wednesday, October 23rd. Evercore ISI increased their price objective on Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $125.00 price objective on shares of Seagate Technology in a research report on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $118.83.

Insider Activity at Seagate Technology

In other news, SVP John Christopher Morris sold 1,131 shares of Seagate Technology stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $111.90, for a total value of $126,558.90. Following the transaction, the senior vice president now directly owns 7,191 shares in the company, valued at approximately $804,672.90. The trade was a 13.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Kian Fatt Chong sold 9,182 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $105.50, for a total value of $968,701.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 201,820 shares of company stock worth $21,892,856. 0.81% of the stock is owned by insiders.

Seagate Technology Price Performance

Seagate Technology stock opened at $101.33 on Friday. Seagate Technology Holdings plc has a one year low of $76.87 and a one year high of $115.32. The company’s fifty day moving average price is $104.51 and its two-hundred day moving average price is $101.98. The company has a market capitalization of $21.43 billion, a price-to-earnings ratio of 26.46 and a beta of 1.05.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, beating 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 negative return on equity of 32.19% and a net margin of 11.34%. The firm’s revenue was up 49.1% compared to the same quarter last year. During the same period last year, the business earned ($0.34) EPS. As a group, sell-side analysts anticipate that Seagate Technology Holdings plc will post 7.18 earnings per share for the current year.

Seagate Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Sunday, December 15th will be issued a dividend of $0.72 per share. This is an increase from Seagate Technology’s previous quarterly dividend of $0.70. This represents a $2.88 annualized dividend and a dividend yield of 2.84%. The ex-dividend date of this dividend is Friday, December 13th. Seagate Technology’s dividend payout ratio is currently 75.20%.

Seagate Technology 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.