Seagate Technology (NASDAQ:STX) Shares Gap Down – What’s Next?

Seagate Technology Holdings PLC (NASDAQ:STX) gapped down before the market opened on Wednesday . The stock had previously closed at $424.96, but opened at $410.16. Seagate Technology shares last traded at $417.60, with a volume of 1,361,277 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on STX. Citigroup raised their target price on shares of Seagate Technology from $460.00 to $480.00 and gave the company a “buy” rating in a research note on Friday, February 6th. Benchmark increased their price objective on Seagate Technology from $255.00 to $325.00 and gave the company a “buy” rating in a report on Tuesday, December 16th. Zacks Research raised Seagate Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 17th. Evercore upped their target price on Seagate Technology from $330.00 to $450.00 and gave the company an “outperform” rating in a research report on Wednesday, January 28th. Finally, Morgan Stanley raised their price target on Seagate Technology from $337.00 to $372.00 and gave the stock an “overweight” rating in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $447.35.

Seagate Technology Trading Down 2.3%

The company has a 50 day simple moving average of $393.13 and a two-hundred day simple moving average of $304.00. The company has a debt-to-equity ratio of 7.63, a quick ratio of 0.72 and a current ratio of 1.12. The firm has a market cap of $90.56 billion, a PE ratio of 46.84, a P/E/G ratio of 0.90 and a beta of 1.61.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, January 27th. The data storage provider reported $3.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.77 by $0.34. The firm had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.73 billion. Seagate Technology had a negative return on equity of 936.38% and a net margin of 19.59%.The company’s revenue for the quarter was up 21.5% compared to the same quarter last year. During the same period last year, the business posted $2.03 earnings per share. Seagate Technology has set its Q3 2026 guidance at 3.200-3.600 EPS. Analysts expect that Seagate Technology Holdings PLC will post 6.83 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 8th. Shareholders of record on Wednesday, March 25th will be paid a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a yield of 0.7%. The ex-dividend date is Wednesday, March 25th. Seagate Technology’s payout ratio is presently 33.48%.

Insider Transactions at Seagate Technology

In related news, CEO William D. Mosley sold 24,584 shares of the firm’s stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $406.77, for a total transaction of $10,000,033.68. Following the completion of the transaction, the chief executive officer owned 375,591 shares of the company’s stock, valued at $152,779,151.07. This trade represents a 6.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jay L. Geldmacher sold 925 shares of the company’s stock in a transaction on Friday, January 30th. The shares were sold at an average price of $448.02, for a total transaction of $414,418.50. Following the completion of the sale, the director directly owned 223 shares in the company, valued at approximately $99,908.46. The trade was a 80.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 113,635 shares of company stock valued at $44,430,443. 0.79% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in STX. WCM Investment Management LLC purchased a new stake in Seagate Technology in the 3rd quarter worth $1,187,621,000. Arrowstreet Capital Limited Partnership grew its position in shares of Seagate Technology by 1,072.5% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,949,512 shares of the data storage provider’s stock valued at $696,262,000 after purchasing an additional 2,697,957 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Seagate Technology by 1,510.1% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,008,516 shares of the data storage provider’s stock worth $553,125,000 after purchasing an additional 1,883,769 shares in the last quarter. Norges Bank acquired a new position in shares of Seagate Technology during the 4th quarter worth about $498,363,000. Finally, Soroban Capital Partners LP lifted its stake in Seagate Technology by 1,468.1% in the 2nd quarter. Soroban Capital Partners LP now owns 1,417,600 shares of the data storage provider’s stock valued at $204,602,000 after buying an additional 1,327,197 shares in the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

About Seagate Technology

Seagate Technology (NASDAQ: STX) is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm’s product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate’s products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.