Seagate Technology Holdings PLC $STX Shares Sold by ARS Investment Partners LLC

ARS Investment Partners LLC lessened its stake in Seagate Technology Holdings PLC (NASDAQ:STX) by 15.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 104,387 shares of the data storage provider’s stock after selling 19,454 shares during the quarter. Seagate Technology comprises approximately 1.6% of ARS Investment Partners LLC’s holdings, making the stock its 20th biggest holding. ARS Investment Partners LLC’s holdings in Seagate Technology were worth $24,642,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Norges Bank purchased a new position in shares of Seagate Technology in the 2nd quarter worth $197,027,000. Boston Partners acquired a new stake in Seagate Technology during the second quarter worth about $193,500,000. Soroban Capital Partners LP raised its holdings in shares of Seagate Technology by 1,468.1% in the 2nd quarter. Soroban Capital Partners LP now owns 1,417,600 shares of the data storage provider’s stock worth $204,602,000 after purchasing an additional 1,327,197 shares during the period. Maple Rock Capital Partners Inc. lifted its stake in shares of Seagate Technology by 85.3% in the 2nd quarter. Maple Rock Capital Partners Inc. now owns 1,131,752 shares of the data storage provider’s stock valued at $163,346,000 after purchasing an additional 520,846 shares in the last quarter. Finally, State Street Corp grew its holdings in shares of Seagate Technology by 5.0% during the 2nd quarter. State Street Corp now owns 9,001,365 shares of the data storage provider’s stock worth $1,305,499,000 after purchasing an additional 432,455 shares during the period. 92.87% of the stock is owned by hedge funds and other institutional investors.

Seagate Technology Stock Performance

Shares of STX opened at $285.22 on Thursday. Seagate Technology Holdings PLC has a one year low of $63.19 and a one year high of $308.93. The stock has a 50-day moving average price of $264.34 and a 200 day moving average price of $203.69. The company has a market capitalization of $60.91 billion, a P/E ratio of 36.61, a P/E/G ratio of 1.11 and a beta of 1.59.

Seagate Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Stockholders of record on Wednesday, December 24th will be given a dividend of $0.74 per share. The ex-dividend date of this dividend is Wednesday, December 24th. This is an increase from Seagate Technology’s previous quarterly dividend of $0.72. This represents a $2.96 dividend on an annualized basis and a dividend yield of 1.0%. Seagate Technology’s dividend payout ratio is 36.97%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on STX shares. Sanford C. Bernstein raised their price target on shares of Seagate Technology from $275.00 to $370.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. Rosenblatt Securities increased their price objective on shares of Seagate Technology from $250.00 to $270.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Argus upped their price target on shares of Seagate Technology from $170.00 to $300.00 and gave the stock a “strong-buy” rating in a research report on Thursday, October 30th. Cantor Fitzgerald raised their price objective on Seagate Technology from $280.00 to $400.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. Finally, Mizuho upped their target price on Seagate Technology from $245.00 to $280.00 and gave the stock an “outperform” rating in a research report on Friday, October 17th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Seagate Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $293.13.

Insiders Place Their Bets

In other news, CFO Gianluca Romano sold 54,021 shares of the business’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $285.16, for a total value of $15,404,628.36. Following the completion of the sale, the chief financial officer owned 56,293 shares of the company’s stock, valued at approximately $16,052,511.88. The trade was a 48.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $271.03, for a total transaction of $5,420,600.00. Following the completion of the sale, the chief executive officer owned 445,668 shares in the company, valued at approximately $120,789,398.04. This trade represents a 4.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 132,555 shares of company stock valued at $36,030,007. 0.79% of the stock is owned by insiders.

Seagate Technology Profile

Seagate Technology (NASDAQ: STX) is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm’s product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate’s products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.