Wells Fargo & Company MN Purchases 460,599 Shares of Seagate Technology Holdings plc (NASDAQ:STX)

Wells Fargo & Company MN lifted its holdings in Seagate Technology Holdings plc (NASDAQ:STX) by 83.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,014,075 shares of the data storage provider’s stock after acquiring an additional 460,599 shares during the period. Wells Fargo & Company MN owned approximately 0.48% of Seagate Technology worth $86,572,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Coldstream Capital Management Inc. acquired a new stake in Seagate Technology in the fourth quarter worth $211,000. Blankinship & Foster LLC acquired a new stake in shares of Seagate Technology in the 4th quarter valued at about $243,000. Paragon Private Wealth Management LLC acquired a new stake in shares of Seagate Technology in the 4th quarter valued at about $216,000. UBS Group AG increased its position in Seagate Technology by 29.9% in the 4th quarter. UBS Group AG now owns 495,150 shares of the data storage provider’s stock valued at $42,271,000 after buying an additional 113,886 shares in the last quarter. Finally, Norges Bank acquired a new position in Seagate Technology during the 4th quarter worth approximately $188,834,000. 92.87% of the stock is owned by institutional investors and hedge funds.

Seagate Technology Price Performance

Shares of NASDAQ:STX opened at $93.46 on Friday. The company has a market capitalization of $19.63 billion, a PE ratio of -72.45, a price-to-earnings-growth ratio of 193.66 and a beta of 1.06. Seagate Technology Holdings plc has a 1 year low of $57.06 and a 1 year high of $101.26. The business has a fifty day moving average price of $89.41 and a two-hundred day moving average price of $85.86.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The company had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.68 billion. The business’s quarterly revenue was down 11.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.43) EPS. Sell-side analysts anticipate that Seagate Technology Holdings plc will post 0.4 earnings per share for the current year.

Seagate Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Thursday, June 20th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $2.80 annualized dividend and a yield of 3.00%. Seagate Technology’s payout ratio is -217.05%.

Insider Buying and Selling at Seagate Technology

In other news, EVP Ban Seng Teh sold 9,703 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $95.00, for a total value of $921,785.00. Following the sale, the executive vice president now owns 15,185 shares of the company’s stock, valued at $1,442,575. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, EVP Ban Seng Teh sold 9,703 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $95.00, for a total transaction of $921,785.00. Following the sale, the executive vice president now directly owns 15,185 shares in the company, valued at approximately $1,442,575. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP John Christopher Morris sold 11,158 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $90.00, for a total value of $1,004,220.00. Following the completion of the transaction, the senior vice president now owns 17,767 shares of the company’s stock, valued at approximately $1,599,030. The disclosure for this sale can be found here. 0.89% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on STX. Evercore ISI assumed coverage on Seagate Technology in a report on Tuesday, February 27th. They set an “outperform” rating and a $110.00 price objective for the company. Wells Fargo & Company boosted their price target on shares of Seagate Technology from $80.00 to $90.00 and gave the company an “equal weight” rating in a research note on Thursday, February 1st. Morgan Stanley raised shares of Seagate Technology from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $73.00 to $115.00 in a research note on Tuesday, March 26th. Barclays decreased their target price on shares of Seagate Technology from $85.00 to $80.00 and set an “equal weight” rating for the company in a research report on Monday, April 22nd. Finally, The Goldman Sachs Group upped their target price on shares of Seagate Technology from $84.00 to $96.00 and gave the stock a “neutral” rating in a report on Wednesday, April 24th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $95.50.

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.