Oppenheimer & Co. Inc. Decreases Holdings in Seagate Technology Holdings plc (NASDAQ:STX)

Oppenheimer & Co. Inc. lowered its holdings in Seagate Technology Holdings plc (NASDAQ:STX) by 14.6% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 21,090 shares of the data storage provider’s stock after selling 3,593 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Seagate Technology were worth $2,310,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in STX. Victory Capital Management Inc. boosted its holdings in Seagate Technology by 133.8% in the third quarter. Victory Capital Management Inc. now owns 171,952 shares of the data storage provider’s stock valued at $18,834,000 after purchasing an additional 98,418 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Seagate Technology by 2.2% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 465,428 shares of the data storage provider’s stock valued at $50,978,000 after buying an additional 10,122 shares in the last quarter. GSA Capital Partners LLP purchased a new position in shares of Seagate Technology in the 3rd quarter valued at $259,000. Entropy Technologies LP raised its stake in Seagate Technology by 42.2% during the 3rd quarter. Entropy Technologies LP now owns 7,617 shares of the data storage provider’s stock worth $834,000 after acquiring an additional 2,260 shares in the last quarter. Finally, Apollon Wealth Management LLC lifted its position in Seagate Technology by 4.3% in the third quarter. Apollon Wealth Management LLC now owns 12,194 shares of the data storage provider’s stock valued at $1,336,000 after acquiring an additional 503 shares during the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on STX shares. Rosenblatt Securities upped their target price on Seagate Technology from $125.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Cantor Fitzgerald reiterated a “neutral” rating and set a $125.00 target price on shares of Seagate Technology in a research note on Wednesday, October 23rd. UBS Group boosted their target price on Seagate Technology from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Citigroup boosted their price target on shares of Seagate Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Finally, Evercore ISI increased their price objective on Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $118.83.

Seagate Technology Trading Down 0.7 %

NASDAQ:STX opened at $96.79 on Friday. The firm has a market cap of $20.47 billion, a price-to-earnings ratio of 25.27 and a beta of 1.05. The company’s 50-day moving average is $105.02 and its two-hundred day moving average is $101.34. Seagate Technology Holdings plc has a 12-month low of $74.33 and a 12-month high of $115.32.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.28. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The firm had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the prior year, the business posted ($0.34) earnings per share. The firm’s revenue for the quarter was up 49.1% compared to the same quarter last year. On average, equities research analysts forecast that Seagate Technology Holdings plc will post 7.35 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 Monday, January 6th. Investors of record on Sunday, December 15th will be issued a $0.72 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.88 dividend on an annualized basis and a yield of 2.98%. This is a boost from Seagate Technology’s previous quarterly dividend of $0.70. Seagate Technology’s dividend payout ratio (DPR) is presently 73.11%.

Insider Activity

In related news, SVP John Christopher Morris sold 1,131 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $111.90, for a total transaction of $126,558.90. Following the transaction, the senior vice president now directly owns 7,191 shares of the company’s stock, valued at approximately $804,672.90. The trade was a 13.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Yolanda Lee Conyers sold 750 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total transaction of $72,075.00. Following the sale, the director now directly owns 3,034 shares of the company’s stock, valued at approximately $291,567.40. The trade was a 19.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 201,820 shares of company stock valued at $21,892,856 in the last three months. Corporate insiders own 0.81% of the company’s stock.

Seagate Technology Company Profile

Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It provides mass capacity storage products, including enterprise nearline hard disk drives (HDDs), enterprise nearline solid state drives (SSDs), enterprise nearline systems, video and image HDDs, and network-attached storage drives.