Summit Financial Wealth Advisors LLC Reduces Stock Holdings in Seagate Technology Holdings plc (NASDAQ:STX)

Summit Financial Wealth Advisors LLC reduced its stake in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 6.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,005 shares of the data storage provider’s stock after selling 200 shares during the quarter. Summit Financial Wealth Advisors LLC’s holdings in Seagate Technology were worth $280,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in STX. Vanguard Group Inc. grew its holdings in Seagate Technology by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 24,006,681 shares of the data storage provider’s stock worth $2,049,450,000 after purchasing an additional 425,117 shares during the period. Capital Research Global Investors increased its position in Seagate Technology by 39.3% during the 4th quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock valued at $1,418,413,000 after buying an additional 4,685,454 shares in the last quarter. Sanders Capital LLC raised its stake in Seagate Technology by 3.0% during the fourth quarter. Sanders Capital LLC now owns 15,486,153 shares of the data storage provider’s stock valued at $1,322,053,000 after buying an additional 443,768 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Seagate Technology by 3.0% in the third quarter. Wellington Management Group LLP now owns 4,381,497 shares of the data storage provider’s stock worth $288,960,000 after acquiring an additional 127,214 shares in the last quarter. Finally, Norges Bank bought a new stake in Seagate Technology in the fourth quarter worth $188,834,000. 92.87% of the stock is currently owned by institutional investors.

Insider Activity at Seagate Technology

In related news, SVP John Christopher Morris sold 11,158 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the completion of the transaction, the senior vice president now owns 17,767 shares in the company, valued at $1,599,030. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, SVP John Christopher Morris sold 11,158 shares of Seagate Technology 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 sale, the senior vice president now directly owns 17,767 shares of the company’s stock, valued at $1,599,030. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ban Seng Teh sold 9,703 shares of the 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 transaction, the executive vice president now directly owns 15,185 shares of the company’s stock, valued at $1,442,575. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,531 shares of company stock valued at $3,592,946. 0.89% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on STX shares. Citigroup started coverage on shares of Seagate Technology in a research note on Tuesday, May 14th. They issued a “buy” rating and a $110.00 target price on the stock. The Goldman Sachs Group lifted their target price on Seagate Technology from $84.00 to $96.00 and gave the stock a “neutral” rating in a report on Wednesday, April 24th. Morgan Stanley raised Seagate Technology from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $73.00 to $115.00 in a research report on Tuesday, March 26th. Susquehanna lifted their price objective on Seagate Technology from $50.00 to $55.00 and gave the stock a “negative” rating in a report on Wednesday, April 10th. Finally, Cantor Fitzgerald raised their price target on shares of Seagate Technology from $95.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, April 24th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $98.29.

Seagate Technology Trading Up 1.4 %

NASDAQ STX traded up $1.39 on Monday, reaching $103.43. 2,001,187 shares of the stock were exchanged, compared to its average volume of 2,604,804. Seagate Technology Holdings plc has a one year low of $57.32 and a one year high of $107.91. The firm has a market capitalization of $21.72 billion, a PE ratio of -80.18 and a beta of 1.02. The company’s 50-day simple moving average is $97.33 and its two-hundred day simple moving average is $91.02.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.29 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.68 billion. The firm’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.43) earnings per share. Sell-side analysts forecast that Seagate Technology Holdings plc will post 0.44 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 5th. Investors of record on Thursday, June 20th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.71%. The ex-dividend date was Thursday, June 20th. Seagate Technology’s dividend payout ratio is currently -217.05%.

Seagate Technology Company 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.