LPL Financial LLC Has $16.84 Million Stock Position in Seagate Technology Holdings PLC (NASDAQ:STX)

LPL Financial LLC boosted its position in Seagate Technology Holdings PLC (NASDAQ:STX) by 16.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 198,282 shares of the data storage provider’s stock after acquiring an additional 28,364 shares during the period. LPL Financial LLC owned 0.09% of Seagate Technology worth $16,844,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. American Century Companies Inc. raised its holdings in shares of Seagate Technology by 0.9% in the 4th quarter. American Century Companies Inc. now owns 29,099 shares of the data storage provider’s stock worth $2,512,000 after acquiring an additional 246 shares during the last quarter. World Investment Advisors increased its holdings in Seagate Technology by 77.0% during the 4th quarter. World Investment Advisors now owns 3,510 shares of the data storage provider’s stock worth $303,000 after purchasing an additional 1,527 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of Seagate Technology by 4.4% in the fourth quarter. Wells Fargo & Company MN now owns 996,394 shares of the data storage provider’s stock worth $85,999,000 after purchasing an additional 41,567 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Seagate Technology by 14.6% in the fourth quarter. Invesco Ltd. now owns 2,761,534 shares of the data storage provider’s stock valued at $238,348,000 after purchasing an additional 352,300 shares in the last quarter. Finally, FIL Ltd purchased a new position in shares of Seagate Technology during the fourth quarter valued at approximately $3,145,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

Wall Street Analyst Weigh In

STX has been the subject of a number of analyst reports. BNP Paribas Exane raised Seagate Technology from an “underperform” rating to a “neutral” rating and set a $100.00 price target for the company in a research report on Friday, May 16th. Barclays raised their price target on shares of Seagate Technology from $90.00 to $125.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 30th. UBS Group boosted their price target on shares of Seagate Technology from $85.00 to $155.00 and gave the stock a “neutral” rating in a report on Monday, July 21st. Wedbush reiterated an “outperform” rating and issued a $140.00 price objective on shares of Seagate Technology in a research note on Wednesday, May 21st. Finally, Citigroup lifted their target price on shares of Seagate Technology from $140.00 to $170.00 and gave the stock a “buy” rating in a research report on Friday, July 11th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $151.44.

Seagate Technology Stock Performance

Shares of STX opened at $151.74 on Wednesday. Seagate Technology Holdings PLC has a fifty-two week low of $63.19 and a fifty-two week high of $157.62. The business has a 50-day moving average of $139.82 and a 200 day moving average of $108.57. The firm has a market cap of $32.27 billion, a P/E ratio of 22.41, a price-to-earnings-growth ratio of 0.98 and a beta of 1.50.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, July 29th. The data storage provider reported $2.59 earnings per share for the quarter, topping the consensus estimate of $2.45 by $0.14. The firm had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.40 billion. Seagate Technology had a net margin of 16.15% and a negative return on equity of 169.60%. The company’s revenue was up 29.5% on a year-over-year basis. During the same quarter last year, the company earned $1.05 earnings per share. As a group, research analysts predict that Seagate Technology Holdings PLC will post 6.83 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Tuesday, September 30th will be given a $0.72 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $2.88 annualized dividend and a dividend yield of 1.9%. Seagate Technology’s payout ratio is 42.54%.

Seagate Technology declared that its board has approved a stock buyback 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 purchase up to 21.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other Seagate Technology news, CEO William D. Mosley sold 70,000 shares of the firm’s stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $109.47, for a total value of $7,662,900.00. Following the completion of the transaction, the chief executive officer owned 485,677 shares in the company, valued at $53,167,061.19. This trade represents a 12.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ban Seng Teh sold 63,418 shares of the company’s stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $125.00, for a total value of $7,927,250.00. Following the sale, the executive vice president owned 14,658 shares in the company, valued at approximately $1,832,250. This represents a 81.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 426,046 shares of company stock valued at $52,535,806 in the last ninety days. 0.81% of the stock is owned by company 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.