Seagate Technology Holdings PLC (NASDAQ:STX) Stake Boosted by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lifted its stake in Seagate Technology Holdings PLC (NASDAQ:STX) by 350.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 50,416 shares of the data storage provider’s stock after acquiring an additional 39,231 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Seagate Technology were worth $4,262,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Seagate Technology by 6.9% in the fourth quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider’s stock worth $2,414,446,000 after acquiring an additional 1,814,821 shares during 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 last quarter. Capital Research Global Investors increased its stake in shares of Seagate Technology by 56.5% in 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 acquiring an additional 5,640,443 shares during the last quarter. Geode Capital Management LLC increased its position in Seagate Technology by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 4,295,225 shares of the data storage provider’s stock worth $370,013,000 after buying an additional 132,713 shares during the last quarter. Finally, Invesco Ltd. increased its position in Seagate Technology by 14.6% during the fourth quarter. Invesco Ltd. now owns 2,761,534 shares of the data storage provider’s stock worth $238,348,000 after buying an additional 352,300 shares during the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

Seagate Technology Trading Down 1.6%

NASDAQ:STX opened at $149.45 on Monday. Seagate Technology Holdings PLC has a 1 year low of $63.19 and a 1 year high of $152.16. The firm has a 50 day moving average of $118.28 and a 200-day moving average of $99.45. The stock has a market capitalization of $31.72 billion, a P/E ratio of 21.60 and a beta of 1.45.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, April 29th. The data storage provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. Seagate Technology had a net margin of 17.49% and a negative return on equity of 105.02%. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.14 billion. During the same quarter in the previous year, the company posted $0.33 earnings per share. Seagate Technology’s quarterly revenue was up 30.5% compared to the same quarter last year. As a group, analysts forecast that Seagate Technology Holdings PLC will post 6.83 EPS for the current fiscal year.

Seagate Technology announced that its board has approved a share repurchase program on Thursday, May 22nd that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the data storage provider to reacquire up to 21.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Seagate Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Wednesday, June 25th will be issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date is Wednesday, June 25th. Seagate Technology’s dividend payout ratio is currently 41.62%.

Insider Activity at Seagate Technology

In other Seagate Technology news, Director Michael R. Cannon sold 24,190 shares of Seagate Technology stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $119.00, for a total transaction of $2,878,610.00. Following the completion of the sale, the director owned 10,835 shares of the company’s stock, valued at approximately $1,289,365. The trade was a 69.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ban Seng Teh sold 599 shares of Seagate Technology stock in a transaction on Monday, June 16th. The stock was sold at an average price of $130.00, for a total transaction of $77,870.00. Following the sale, the executive vice president directly owned 10,329 shares of the company’s stock, valued at $1,342,770. This represents a 5.48% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 393,791 shares of company stock worth $47,582,998. 0.81% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on STX. Citigroup increased their target price on shares of Seagate Technology from $105.00 to $125.00 and gave the stock a “buy” rating in a research report on Tuesday, May 20th. Mizuho lowered their target price on shares of Seagate Technology from $115.00 to $95.00 and set an “outperform” rating on the stock in a research report on Thursday, April 10th. BNP Paribas Exane raised Seagate Technology from an “underperform” rating to a “neutral” rating and set a $100.00 price target on the stock in a research report on Friday, May 16th. Wall Street Zen downgraded Seagate Technology from a “buy” rating to a “hold” rating in a research report on Friday, May 30th. Finally, Wells Fargo & Company raised their price target on Seagate Technology from $105.00 to $122.00 and gave the company an “equal weight” rating in a research report on Friday, May 23rd. One analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $119.42.

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.