Seagate Technology (NASDAQ:STX) Shares Gap Up – Here’s Why

Seagate Technology Holdings plc (NASDAQ:STX) shares gapped up before the market opened on Monday . The stock had previously closed at $70.15, but opened at $74.93. Seagate Technology shares last traded at $73.14, with a volume of 500,711 shares trading hands.

Wall Street Analyst Weigh In

Several research firms recently weighed in on STX. UBS Group lifted their price target on shares of Seagate Technology from $95.00 to $105.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Citigroup dropped their price target on Seagate Technology from $125.00 to $115.00 and set a “buy” rating on the stock in a research report on Tuesday, March 18th. Summit Insights upgraded Seagate Technology from a “hold” rating to a “buy” rating in a report on Wednesday, January 22nd. Morgan Stanley lowered their price target on shares of Seagate Technology from $133.00 to $129.00 and set an “overweight” rating for the company in a research report on Tuesday, January 21st. Finally, Mizuho cut their price objective on shares of Seagate Technology from $115.00 to $95.00 and set an “outperform” rating on the stock in a report on Thursday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $120.17.

Seagate Technology Trading Up 5.1 %

The business has a 50-day moving average price of $89.19 and a 200 day moving average price of $95.75. The stock has a market capitalization of $15.60 billion, a P/E ratio of 13.47 and a beta of 1.21.

Seagate Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 2nd. Stockholders of record on Wednesday, March 19th were paid a dividend of $0.72 per share. The ex-dividend date was Wednesday, March 19th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.91%. Seagate Technology’s dividend payout ratio is 52.65%.

Insider Activity at Seagate Technology

In related news, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $84.56, for a total value of $1,691,200.00. Following the completion of the sale, the chief executive officer now directly owns 555,677 shares in the company, valued at $46,988,047.12. The trade was a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.81% of the stock is owned by company insiders.

Institutional Trading of Seagate Technology

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Seagate Technology by 6.9% in the 4th quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider’s stock worth $2,414,446,000 after purchasing an additional 1,814,821 shares in the last quarter. Sanders Capital LLC increased its stake in shares of Seagate Technology by 1.0% in the fourth quarter. Sanders Capital LLC now owns 16,530,152 shares of the data storage provider’s stock worth $1,426,717,000 after acquiring an additional 162,561 shares during the period. Capital Research Global Investors raised its holdings in shares of Seagate Technology by 56.5% during the fourth quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider’s stock worth $1,348,262,000 after purchasing an additional 5,640,443 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Seagate Technology by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 4,295,225 shares of the data storage provider’s stock valued at $370,013,000 after purchasing an additional 132,713 shares during the last quarter. Finally, Invesco Ltd. grew its position in Seagate Technology by 14.6% during the 4th quarter. Invesco Ltd. now owns 2,761,534 shares of the data storage provider’s stock worth $238,348,000 after purchasing an additional 352,300 shares during the period. 92.87% of the stock is currently owned by institutional investors.

About Seagate Technology

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.