Seagate Technology (NASDAQ:STX) Sets New 1-Year Low Following Insider Selling

Seagate Technology Holdings plc (NASDAQ:STX)’s share price reached a new 52-week low during trading on Thursday following insider selling activity. The company traded as low as $73.12 and last traded at $73.05, with a volume of 2534535 shares trading hands. The stock had previously closed at $85.52.

Specifically, CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $84.56, for a total transaction of $1,691,200.00. Following the transaction, the chief executive officer now directly owns 555,677 shares in the company, valued at $46,988,047.12. The trade was a 3.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Wall Street Analyst Weigh In

A number of research firms have weighed in on STX. Susquehanna boosted their price objective on Seagate Technology from $65.00 to $68.00 and gave the stock a “negative” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company dropped their price objective on shares of Seagate Technology from $120.00 to $110.00 and set an “equal weight” rating for the company in a report on Thursday, January 16th. The Goldman Sachs Group reduced their target price on shares of Seagate Technology from $112.00 to $99.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. UBS Group boosted their target price on shares of Seagate Technology from $95.00 to $105.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $120.00 price target on shares of Seagate Technology in a report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $121.00.

Seagate Technology Stock Down 6.7 %

The business’s fifty day moving average is $93.10 and its two-hundred day moving average is $97.54. The stock has a market cap of $14.13 billion, a price-to-earnings ratio of 12.20 and a beta of 1.01.

Seagate Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Wednesday, March 19th were paid a $0.72 dividend. The ex-dividend date was Wednesday, March 19th. This represents a $2.88 annualized dividend and a dividend yield of 4.32%. Seagate Technology’s dividend payout ratio (DPR) is 52.65%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Public Sector Pension Investment Board boosted its stake in shares of Seagate Technology by 50.1% in the 3rd quarter. Public Sector Pension Investment Board now owns 10,491 shares of the data storage provider’s stock valued at $1,149,000 after buying an additional 3,500 shares during the period. Rockefeller Capital Management L.P. acquired a new stake in Seagate Technology in the third quarter valued at approximately $1,238,000. Benjamin Edwards Inc. purchased a new position in Seagate Technology in the third quarter worth approximately $1,039,000. Hilltop Holdings Inc. acquired a new position in Seagate Technology during the 3rd quarter worth approximately $228,000. Finally, HighTower Advisors LLC increased its position in shares of Seagate Technology by 23.5% in the 3rd quarter. HighTower Advisors LLC now owns 285,610 shares of the data storage provider’s stock valued at $31,270,000 after purchasing an additional 54,341 shares during the last quarter. 92.87% of the stock is currently owned by hedge funds and other institutional investors.

About Seagate Technology

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.