64,530 Seagate Technology Holdings PLC $STX Shares Bought by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA increased its position in Seagate Technology Holdings PLC (NASDAQ:STX) by 46.4% in the third quarter, HoldingsChannel reports. The firm owned 203,667 shares of the data storage provider’s stock after purchasing an additional 64,530 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Seagate Technology were worth $187,839,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. NewEdge Advisors LLC increased its stake in shares of Seagate Technology by 85.9% during the first quarter. NewEdge Advisors LLC now owns 22,046 shares of the data storage provider’s stock valued at $8,637,000 after purchasing an additional 10,190 shares in the last quarter. UNICOM Systems Inc. lifted its holdings in shares of Seagate Technology by 18.2% during the second quarter. UNICOM Systems Inc. now owns 43,500 shares of the data storage provider’s stock valued at $41,978,000 after purchasing an additional 6,700 shares during the last quarter. USA Financial Formulas bought a new stake in shares of Seagate Technology in the 1st quarter worth approximately $1,328,000. Silverleafe Capital Partners LLC bought a new stake in shares of Seagate Technology in the 3rd quarter worth approximately $820,000. Finally, Financial Insights Inc. bought a new stake in shares of Seagate Technology in the 2nd quarter worth approximately $706,000. 92.87% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on STX. Evercore reaffirmed an “outperform” rating on shares of Seagate Technology in a research report on Wednesday, October 28th. Cantor Fitzgerald dropped their target price on Seagate Technology from $1,300.00 to $1,000.00 and set an “overweight” rating on the stock in a report on Monday, October 26th. Barclays increased their target price on Seagate Technology from $1,000.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, July 30th. Wall Street Zen upgraded Seagate Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, September 26th. Finally, Argus lifted their price target on Seagate Technology from $750.00 to $900.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $1,000.88.

Key Headlines Impacting Seagate Technology

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

• Positive Sentiment: Recent fiscal first-quarter results beat estimates, with revenue of $4.23 billion and EPS of $7.72. Seagate also guided to about $4.8 billion in fiscal second-quarter revenue, supporting the growth case. Earnings Beat Might Change The Case For Seagate Stock
• Positive Sentiment: Growth-focused commentary argues Seagate has attributes that could support above-market performance, adding to the bullish earnings narrative. The articles do not specify additional catalysts. 3 Reasons Growth Investors Will Love Seagate
• Negative Sentiment: A report attributed a sharp decline in Seagate shares to insider selling, which can raise concerns about insiders’ confidence, even though selling alone does not establish their outlook. Seagate Technology Stock Falls on Insider Selling
• Negative Sentiment: Seagate and other AI-linked stocks faced pressure amid a wider AI-trade selloff and calls from a lawmaker to pause advanced AI development. That uncertainty may temper enthusiasm around data-storage demand tied to AI investment. Seagate Sinks as Lawmaker Urges a Pause on Advanced AI Development

Insiders Place Their Bets

In other Seagate Technology news, EVP John Morris sold 15,466 shares of the stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $772.15, for a total transaction of $11,942,071.90. Following the completion of the transaction, the executive vice president owned 31,132 shares of the company’s stock, valued at $24,038,573.80. This represents a 33.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 firm’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 transaction, the executive vice president 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. In the last ninety days, insiders sold 447,108 shares of company stock worth $356,049,743. 0.51% of the stock is currently owned by insiders.

Seagate Technology Stock Performance

Shares of STX opened at $460.99 on Monday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.82 and a quick ratio of 1.25. Seagate Technology Holdings PLC has a one year low of $228.61 and a one year high of $1,145.00. The firm has a market capitalization of $105.82 billion, a P/E ratio of 24.21 and a beta of 2.16. The business has a fifty day moving average of $769.59 and a 200 day moving average of $693.82.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, October 27th. The data storage provider reported $7.68 EPS for the quarter, beating 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 revenue was up 61.0% on a year-over-year basis. During the same period in the prior year, the company earned $2.61 earnings per share. As a group, sell-side analysts anticipate that Seagate Technology Holdings PLC will post 37.96 EPS for the current year.

Seagate Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 7th. Stockholders of record on Wednesday, December 23rd will be paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 0.7%. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.74. The ex-dividend date of this dividend is Wednesday, December 23rd. Seagate Technology’s dividend payout ratio is currently 15.55%.

Seagate Technology Profile

Seagate Technology develops and supplies data-storage products and solutions for businesses and consumers. Its portfolio includes hard disk drives (HDDs), solid-state drives, and storage systems designed for applications ranging from personal computing to large-scale data centers.

The company’s products support cloud and enterprise storage, network-attached storage, video surveillance, gaming, and other uses that require digital data to be stored and accessed. Seagate also offers data-management and storage services through its Lyve platform.

Founded in 1979, Seagate has a long history in the hard disk drive industry.