First Trust Direct Indexing L.P. Raises Position in Seagate Technology Holdings plc (NASDAQ:STX)

First Trust Direct Indexing L.P. grew its position in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 18.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,163 shares of the data storage provider’s stock after buying an additional 1,259 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Seagate Technology were worth $894,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC raised its position in Seagate Technology by 20.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,105 shares of the data storage provider’s stock worth $1,219,000 after buying an additional 2,217 shares during the last quarter. Retirement Systems of Alabama raised its holdings in shares of Seagate Technology by 0.3% during the first quarter. Retirement Systems of Alabama now owns 43,005 shares of the data storage provider’s stock valued at $4,002,000 after purchasing an additional 130 shares during the last quarter. Mission Wealth Management LP bought a new position in Seagate Technology during the first quarter valued at approximately $240,000. Wakefield Asset Management LLLP purchased a new stake in Seagate Technology in the first quarter worth approximately $310,000. Finally, Choreo LLC grew its position in Seagate Technology by 3.7% in the 1st quarter. Choreo LLC now owns 6,357 shares of the data storage provider’s stock worth $591,000 after purchasing an additional 228 shares during the period. Institutional investors own 92.87% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on STX shares. Citigroup increased their price target on Seagate Technology from $125.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. StockNews.com raised Seagate Technology from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. TD Cowen upped their price target on shares of Seagate Technology from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Loop Capital boosted their target price on shares of Seagate Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Finally, Robert W. Baird upped their target price on shares of Seagate Technology from $100.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Seagate Technology currently has an average rating of “Moderate Buy” and an average target price of $118.83.

Seagate Technology Price Performance

STX stock opened at $99.11 on Friday. The company has a market capitalization of $20.96 billion, a price-to-earnings ratio of 25.88 and a beta of 1.04. The business has a 50 day simple moving average of $104.91 and a two-hundred day simple moving average of $100.04. Seagate Technology Holdings plc has a 1-year low of $70.31 and a 1-year high of $115.32.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, beating the consensus estimate of $1.30 by $0.28. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The business had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the prior year, the firm earned ($0.34) EPS. The business’s revenue was up 49.1% on a year-over-year basis. Sell-side analysts anticipate that Seagate Technology Holdings plc will post 7.35 EPS for the current fiscal year.

Seagate Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 2.91%. This is a boost from Seagate Technology’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, December 13th. Seagate Technology’s dividend payout ratio is 73.11%.

Insider Activity

In related news, SVP John Christopher Morris sold 1,131 shares of the business’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total value of $126,558.90. Following the sale, the senior vice president now owns 7,191 shares in the company, valued at approximately $804,672.90. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Seagate Technology news, Director Jay L. Geldmacher sold 4,100 shares of the business’s stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $103.30, for a total transaction of $423,530.00. Following the transaction, the director now owns 2,852 shares in the company, valued at $294,611.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP John Christopher Morris sold 1,131 shares of the stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $111.90, for a total transaction of $126,558.90. Following the completion of the sale, the senior vice president now directly owns 7,191 shares in the company, valued at $804,672.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 218,398 shares of company stock worth $23,238,106. 0.81% of the stock is currently owned by insiders.

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.