Seagate Technology (NASDAQ:STX) Stock Price Down 1.4% – Here’s Why

Seagate Technology Holdings PLC (NASDAQ:STX)’s stock price dropped 1.4% during mid-day trading on Tuesday . The company traded as low as $802.05 and last traded at $816.64. Approximately 2,345,149 shares changed hands during trading, a decline of 46% from the average daily volume of 4,377,436 shares. The stock had previously closed at $828.38.

Analysts Set New Price Targets

A number of brokerages have recently commented on STX. Wells Fargo & Company boosted their price objective on shares of Seagate Technology from $1,100.00 to $1,180.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Cantor Fitzgerald reissued an “overweight” rating and issued a $1,300.00 price objective on shares of Seagate Technology in a research report on Wednesday, July 29th. Melius Research assumed coverage on Seagate Technology in a research report on Monday, June 29th. They issued a “buy” rating and a $1,600.00 target price on the stock. Wall Street Zen raised shares of Seagate Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 29th. Finally, Evercore lifted their price objective on Seagate Technology from $750.00 to $1,000.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Seagate Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $986.00.

Seagate Technology Price Performance

The company has a quick ratio of 1.17, a current ratio of 1.67 and a debt-to-equity ratio of 1.56. The stock has a market cap of $180.68 billion, a P/E ratio of 57.43 and a beta of 2.06. The company’s 50 day moving average price is $857.47 and its 200-day moving average price is $706.14.

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

Seagate Technology Dividend Announcement

The business 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. This represents a $2.96 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Thursday, September 24th. Seagate Technology’s dividend payout ratio (DPR) is presently 21.33%.

Insider Buying and Selling

In other news, CFO Gianluca Romano sold 9,076 shares of Seagate Technology stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $849.35, for a total transaction of $7,708,700.60. Following the completion of the transaction, the chief financial officer directly owned 22,997 shares in the company, valued at $19,532,501.95. This trade represents a 28.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William D. Mosley sold 18,138 shares of the company’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $849.35, for a total transaction of $15,405,510.30. Following the completion of the sale, the chief executive officer owned 298,483 shares in the company, valued at $253,516,536.05. This represents a 5.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 161,015 shares of company stock worth $136,765,516 over the last 90 days. 0.79% of the stock is owned by company insiders.

Institutional Trading of Seagate Technology

Several institutional investors and hedge funds have recently modified their holdings of STX. Integrated Wealth Concepts LLC boosted its holdings in Seagate Technology by 168.0% during the 1st quarter. Integrated Wealth Concepts LLC now owns 7,177 shares of the data storage provider’s stock worth $610,000 after acquiring an additional 4,499 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in Seagate Technology in the 2nd quarter valued at about $262,000. Cerity Partners LLC lifted its position in shares of Seagate Technology by 25.8% during the 2nd quarter. Cerity Partners LLC now owns 36,682 shares of the data storage provider’s stock worth $5,294,000 after buying an additional 7,517 shares in the last quarter. Sei Investments Co. boosted its stake in shares of Seagate Technology by 64.8% in the 2nd quarter. Sei Investments Co. now owns 8,543 shares of the data storage provider’s stock worth $1,233,000 after buying an additional 3,358 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Seagate Technology by 0.4% in the second quarter. The Manufacturers Life Insurance Company now owns 127,887 shares of the data storage provider’s stock valued at $18,458,000 after acquiring an additional 462 shares in the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Seagate Technology Company Profile

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.