Seagate Technology (NASDAQ:STX) Trading Down 2% – What’s Next?

Seagate Technology Holdings PLC (NASDAQ:STX)’s stock price fell 2% during mid-day trading on Wednesday . The stock traded as low as $885.39 and last traded at $885.92. Approximately 3,392,873 shares were traded during trading, a decline of 22% from the average daily volume of 4,348,081 shares. The stock had previously closed at $904.38.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on STX. Barclays increased their price objective on shares of Seagate Technology from $1,000.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Thursday, July 30th. TD Cowen upped their price target on shares of Seagate Technology from $850.00 to $1,000.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. China Renaissance increased their price target on shares of Seagate Technology from $802.00 to $983.00 in a research report on Friday, June 12th. Wall Street Zen cut shares of Seagate Technology from a “strong-buy” rating to a “buy” rating in a research note on Sunday, September 6th. Finally, Rosenblatt Securities upped their target price on Seagate Technology from $1,300.00 to $1,400.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $986.00.

Seagate Technology Price Performance

The company has a market capitalization of $188.38 billion, a price-to-earnings ratio of 59.87 and a beta of 2.06. The company has a fifty day simple moving average of $848.58 and a two-hundred day simple moving average of $724.71. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.17 and a current ratio of 1.67.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, July 28th. The data storage provider reported $5.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.10 by $0.61. The business had revenue of $3.63 billion for the quarter, compared to analysts’ expectations of $3.50 billion. Seagate Technology had a return on equity of 369.98% and a net margin of 26.11%.The business’s revenue was up 48.5% on a year-over-year basis. During the same quarter last year, the firm earned $2.59 earnings per share. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. As a group, research analysts anticipate that Seagate Technology Holdings PLC will post 35.7 earnings per share for the current year.

Seagate Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 7th. Shareholders of record on Thursday, September 24th will be issued a $0.74 dividend. The ex-dividend date is Thursday, September 24th. This represents a $2.96 annualized dividend and a yield of 0.4%. Seagate Technology’s payout ratio is 21.33%.

Insider Activity at Seagate Technology

In related news, EVP James Lee sold 9,013 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $794.84, for a total value of $7,163,892.92. Following the completion of the sale, the executive vice president directly owned 347 shares in the company, valued at approximately $275,809.48. The trade was a 96.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Mosley sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $816.28, for a total transaction of $24,488,400.00. Following the transaction, the chief executive officer directly owned 295,168 shares of the company’s stock, valued at $240,939,735.04. This trade represents a 9.23% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 181,299 shares of company stock worth $152,971,204. 0.79% of the stock is owned by insiders.

Hedge Funds Weigh In On Seagate Technology

A number of hedge funds have recently made changes to their positions in STX. Rakuten Securities Inc. boosted its holdings in Seagate Technology by 884.2% in the second quarter. Rakuten Securities Inc. now owns 187 shares of the data storage provider’s stock valued at $27,000 after acquiring an additional 168 shares during the last quarter. Retirement Wealth Solutions LLC increased its stake in Seagate Technology by 70.6% during the second quarter. Retirement Wealth Solutions LLC now owns 29 shares of the data storage provider’s stock worth $28,000 after acquiring an additional 12 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC raised its holdings in shares of Seagate Technology by 23.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 80 shares of the data storage provider’s stock worth $31,000 after purchasing an additional 15 shares during the period. Quarry LP purchased a new position in shares of Seagate Technology in the 4th quarter worth about $31,000. Finally, WealthCollab LLC lifted its stake in shares of Seagate Technology by 27.4% in the 1st quarter. WealthCollab LLC now owns 93 shares of the data storage provider’s stock valued at $36,000 after purchasing an additional 20 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Seagate Technology Company Profile

Seagate Technology Holdings plc is a data storage technology company that develops and manufactures mass-capacity storage solutions for businesses and consumers. Its product portfolio is centered on hard disk drives (HDDs), which are used in cloud data centers, enterprise systems, network-attached storage, video and imaging applications, and personal computing.

The company also offers solid-state drives (SSDs), external storage products, storage systems, and related data-management and recovery services.