Seagate Technology Holdings plc (NASDAQ:STX) Holdings Cut by Independent Advisor Alliance

Independent Advisor Alliance cut its stake in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 11.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,698 shares of the data storage provider’s stock after selling 2,126 shares during the quarter. Independent Advisor Alliance’s holdings in Seagate Technology were worth $1,719,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Sequoia Financial Advisors LLC raised its holdings in shares of Seagate Technology by 3.6% during the third quarter. Sequoia Financial Advisors LLC now owns 2,560 shares of the data storage provider’s stock valued at $281,000 after buying an additional 89 shares during the last quarter. CWM LLC boosted its position in Seagate Technology by 3.0% during the 2nd quarter. CWM LLC now owns 3,307 shares of the data storage provider’s stock worth $342,000 after acquiring an additional 97 shares during the period. Affinity Capital Advisors LLC grew its stake in shares of Seagate Technology by 1.5% in the third quarter. Affinity Capital Advisors LLC now owns 6,620 shares of the data storage provider’s stock worth $725,000 after purchasing an additional 100 shares in the last quarter. Kingswood Wealth Advisors LLC increased its holdings in shares of Seagate Technology by 3.7% during the second quarter. Kingswood Wealth Advisors LLC now owns 3,452 shares of the data storage provider’s stock valued at $357,000 after purchasing an additional 122 shares during the period. Finally, Burney Co. raised its stake in shares of Seagate Technology by 3.3% during the first quarter. Burney Co. now owns 3,948 shares of the data storage provider’s stock valued at $367,000 after purchasing an additional 125 shares in the last quarter. Institutional investors own 92.87% of the company’s stock.

Seagate Technology Stock Performance

Seagate Technology stock opened at $101.66 on Wednesday. The company has a 50 day moving average price of $104.69 and a 200 day moving average price of $101.86. Seagate Technology Holdings plc has a 52 week low of $76.30 and a 52 week high of $115.32. The firm has a market capitalization of $21.50 billion, a price-to-earnings ratio of 26.54 and a beta of 1.05.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 EPS for the quarter, topping the consensus estimate of $1.30 by $0.28. The business had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. Seagate Technology’s revenue was up 49.1% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.34) earnings per share. Equities analysts forecast that Seagate Technology Holdings plc will post 7.18 earnings per share for the current fiscal year.

Seagate Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be issued a $0.72 dividend. This is an increase from Seagate Technology’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, December 13th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.83%. Seagate Technology’s dividend payout ratio is currently 73.11%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on STX. Rosenblatt Securities increased their target price on shares of Seagate Technology from $125.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Northland Securities increased their price objective on shares of Seagate Technology from $142.00 to $144.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. StockNews.com raised Seagate Technology from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. Evercore ISI increased their price target on Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Wedbush reissued an “outperform” rating and issued a $150.00 price objective on shares of Seagate Technology in a research note on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $118.83.

Insider Transactions at Seagate Technology

In other news, CEO William D. Mosley sold 141,785 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $110.18, for a total transaction of $15,621,871.30. Following the completion of the sale, the chief executive officer now directly owns 668,616 shares of the company’s stock, valued at $73,668,110.88. This trade represents a 17.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total value of $72,075.00. Following the sale, the director now owns 3,034 shares of the company’s stock, valued at approximately $291,567.40. This represents a 19.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 201,820 shares of company stock valued at $21,892,856 over the last three months. 0.81% of the stock is owned by corporate insiders.

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.