1,630 Seagate Technology Holdings PLC $STX Shares Sold by GRIMES & Co WEALTH MANAGEMENT LLC

GRIMES & Co WEALTH MANAGEMENT LLC decreased its holdings in shares of Seagate Technology Holdings PLC (NASDAQ:STX) by 36.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,814 shares of the data storage provider’s stock after selling 1,630 shares during the period. GRIMES & Co WEALTH MANAGEMENT LLC’s holdings in Seagate Technology were worth $2,596,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of STX. Signature Equity Partners LLC increased its position in shares of Seagate Technology by 383.3% during the 3rd quarter. Signature Equity Partners LLC now owns 29 shares of the data storage provider’s stock worth $27,000 after purchasing an additional 23 shares during the last quarter. Retirement Wealth Solutions LLC increased its position 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 buying an additional 12 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its position in Seagate Technology by 23.1% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 80 shares of the data storage provider’s stock worth $31,000 after buying an additional 15 shares during the last quarter. WealthCollab LLC raised its stake in Seagate Technology by 27.4% in the first quarter. WealthCollab LLC now owns 93 shares of the data storage provider’s stock valued at $36,000 after buying an additional 20 shares during the period. Finally, Catalyst Capital Advisors LLC acquired a new stake in shares of Seagate Technology in the first quarter valued at approximately $39,000. Institutional investors own 92.87% of the company’s stock.

Insider Transactions at Seagate Technology

In other news, CEO William Mosley sold 97,889 shares of the business’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $772.14, for a total transaction of $75,584,012.46. Following the sale, the chief executive officer directly owned 378,108 shares in the company, valued at approximately $291,952,311.12. The trade was a 20.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Ban Teh sold 52,730 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $782.08, for a total value of $41,239,078.40. Following the completion of the transaction, the executive vice president directly owned 5,810 shares of the company’s stock, valued at $4,543,884.80. This represents a 90.08% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 469,319 shares of company stock valued at $373,883,846 over the last three months. Company insiders own 0.51% of the company’s stock.

Seagate Technology Stock Performance

Seagate Technology stock opened at $606.38 on Wednesday. The business’s 50-day moving average price is $790.20 and its two-hundred day moving average price is $691.26. Seagate Technology Holdings PLC has a 12-month low of $228.61 and a 12-month high of $1,145.00. The company has a quick ratio of 1.25, a current ratio of 1.82 and a debt-to-equity ratio of 0.68. The stock has a market cap of $139.20 billion, a PE ratio of 30.23 and a beta of 2.16.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, October 27th. The data storage provider reported $7.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.44 by $0.24. The business had revenue of $4.23 billion during the quarter, compared to analysts’ expectations of $4.15 billion. Seagate Technology had a net margin of 31.86% and a return on equity of 252.47%. The firm’s quarterly revenue was up 61.0% compared to the same quarter last year. During the same period in the prior year, the company earned $2.61 EPS. As a group, analysts expect that Seagate Technology Holdings PLC will post 37.96 earnings per share for the current fiscal year.

Seagate Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 7th. Shareholders of record on Wednesday, December 23rd will be issued a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, December 23rd. This is a boost from Seagate Technology’s previous quarterly dividend of $0.74. Seagate Technology’s payout ratio is currently 15.55%.

Analyst Ratings Changes

Several brokerages have recently commented on STX. Evercore reiterated an “outperform” rating on shares of Seagate Technology in a research note on Wednesday, October 28th. TD Cowen reduced their target price on shares of Seagate Technology from $1,000.00 to $900.00 and set a “buy” rating for the company in a report on Wednesday, October 28th. Cantor Fitzgerald decreased their target price on Seagate Technology from $1,300.00 to $1,000.00 and set an “overweight” rating on the stock in a research report on Monday, October 26th. Robert W. Baird set a $1,350.00 price target on shares of Seagate Technology in a research report on Wednesday, October 28th. Finally, Zacks Research cut Seagate Technology from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 28th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Seagate Technology has an average rating of “Moderate Buy” and a consensus price target of $1,000.88.

Key Headlines Impacting Seagate Technology

Here are the key news stories impacting Seagate Technology this week:

• Positive Sentiment: Seagate’s reported $1.2 billion debt paydown, surging free cash flow and higher dividend point to improved financial flexibility and greater capacity for shareholder returns. Seagate’s $1.2 Billion Debt Paydown: What Comes Next for Investors?
• Positive Sentiment: Analysts cited cloud-storage demand, pricing and the ramp-up of Seagate’s HAMR technology as drivers of an improving fiscal second-quarter outlook, supporting expectations for revenue and earnings growth. Execution remains important. Seagate Q2 Outlook Signals Stronger Growth as HAMR Ramp Accelerates
• Positive Sentiment: A rebound in chip stocks and technology shares offered a supportive backdrop for STX and helped accompany its rally. Why is Seagate Stock Rallying Today?
• Neutral Sentiment: CEO William D. Mosley and EVP John Morris reported share sales. The transactions were made under pre-arranged Rule 10b5-1 plans; Mosley continued to hold a substantial stake. Such planned sales may be less informative than discretionary transactions, though investors may still monitor insider activity. SEC filing for CEO share sale
• Negative Sentiment: Despite stronger operating results, STX had fallen sharply over the prior month. Commentary flags its premium valuation and execution risks as concerns, leaving the stock vulnerable if growth expectations disappoint. STX Falls as Risks Test AI Storage Momentum

Seagate Technology Company Profile

Seagate Technology Holdings plc (NASDAQ: STX) is a data storage company that develops and manufactures mass-capacity storage products and solutions. Its portfolio is centered on hard disk drives (HDDs) used in cloud data centers, enterprise systems, network-attached storage, video and imaging applications, and personal computers.

The company also provides storage-related services and solutions designed to help organizations store, manage, protect, and access large volumes of digital information.