Miracle Mile Advisors LLC Makes New $488,000 Investment in Seagate Technology Holdings PLC $STX

Miracle Mile Advisors LLC purchased a new stake in shares of Seagate Technology Holdings PLC (NASDAQ:STX) in the third quarter, according to its most recent filing with the SEC. The firm purchased 2,067 shares of the data storage provider’s stock, valued at approximately $488,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Harbor Asset Planning Inc. purchased a new stake in Seagate Technology during the second quarter worth $27,000. Rakuten Securities Inc. grew its stake in Seagate Technology by 884.2% in the 2nd quarter. Rakuten Securities Inc. now owns 187 shares of the data storage provider’s stock valued at $27,000 after acquiring an additional 168 shares during the last quarter. MTM Investment Management LLC purchased a new position in Seagate Technology during the 2nd quarter valued at about $29,000. GoalVest Advisory LLC raised its position in Seagate Technology by 30.6% during the second quarter. GoalVest Advisory LLC now owns 320 shares of the data storage provider’s stock worth $46,000 after acquiring an additional 75 shares during the last quarter. Finally, Trust Co. of Toledo NA OH purchased a new stake in shares of Seagate Technology in the second quarter valued at about $57,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

Analysts Set New Price Targets

STX has been the subject of several research reports. Mizuho lifted their price objective on Seagate Technology from $245.00 to $280.00 and gave the stock an “outperform” rating in a research report on Friday, October 17th. Citigroup boosted their price target on Seagate Technology from $275.00 to $320.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Morgan Stanley increased their price objective on Seagate Technology from $270.00 to $337.00 and gave the company an “overweight” rating in a research note on Wednesday, December 17th. Zacks Research upgraded Seagate Technology from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 2nd. Finally, BNP Paribas Exane reduced their target price on shares of Seagate Technology from $240.00 to $230.00 and set a “neutral” rating on the stock in a report on Wednesday, October 29th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $293.13.

Seagate Technology Trading Up 4.4%

Seagate Technology stock opened at $287.54 on Monday. The stock has a fifty day moving average price of $272.64 and a 200 day moving average price of $211.75. Seagate Technology Holdings PLC has a 52 week low of $63.19 and a 52 week high of $308.93. The firm has a market capitalization of $61.41 billion, a P/E ratio of 36.91, a PEG ratio of 1.13 and a beta of 1.60.

Seagate Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 9th. Stockholders of record on Wednesday, December 24th will be issued a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Wednesday, December 24th. This is an increase from Seagate Technology’s previous quarterly dividend of $0.72. Seagate Technology’s payout ratio is currently 38.00%.

Insiders Place Their Bets

In related news, EVP Ban Seng Teh sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $270.00, for a total value of $1,620,000.00. Following the completion of the sale, the executive vice president directly owned 12,041 shares in the company, valued at approximately $3,251,070. The trade was a 33.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Gianluca Romano sold 54,021 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $285.16, for a total transaction of $15,404,628.36. Following the transaction, the chief financial officer directly owned 56,293 shares of the company’s stock, valued at $16,052,511.88. This trade represents a 48.97% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 112,555 shares of company stock valued at $31,032,007. 0.79% of the stock is currently owned by corporate 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.