Seagate Technology (NASDAQ:STX) Stock Price Down 8.2% – Time to Sell?

Shares of Seagate Technology Holdings PLC (NASDAQ:STX) were down 8.2% during trading on Thursday . The company traded as low as $281.72 and last traded at $283.0990. Approximately 2,116,524 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 3,685,467 shares. The stock had previously closed at $308.26.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Fox Advisors increased their price target on Seagate Technology from $245.00 to $270.00 in a report on Wednesday, October 29th. Benchmark upped their price target on shares of Seagate Technology from $255.00 to $325.00 and gave the company a “buy” rating in a research report on Tuesday, December 16th. Barclays boosted their target price on shares of Seagate Technology from $200.00 to $240.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 29th. Argus boosted their price objective on shares of Seagate Technology from $170.00 to $300.00 and gave the company a “strong-buy” rating in a research report on Thursday, October 30th. Finally, Morgan Stanley raised their target price on Seagate Technology from $270.00 to $337.00 and gave the stock an “overweight” rating in a report on Wednesday, December 17th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $293.13.

Seagate Technology Trading Up 6.9%

The stock has a market capitalization of $64.92 billion, a price-to-earnings ratio of 39.03, a P/E/G ratio of 1.11 and a beta of 1.60. The firm has a 50-day moving average of $278.12 and a 200-day moving average of $216.60.

Seagate Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 9th. Investors of record on Wednesday, December 24th were issued a $0.74 dividend. This is a boost from Seagate Technology’s previous quarterly dividend of $0.72. The ex-dividend date was Wednesday, December 24th. This represents a $2.96 annualized dividend and a yield of 1.0%. Seagate Technology’s dividend payout ratio is currently 38.00%.

Insider Buying and Selling at Seagate Technology

In other news, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $272.91, for a total value of $204,682.50. Following the sale, the director directly owned 5,601 shares of the company’s stock, valued at $1,528,568.91. This represents a 11.81% 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, CEO William D. Mosley sold 20,000 shares of the firm’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $285.56, for a total transaction of $5,711,200.00. Following the transaction, the chief executive officer directly owned 429,895 shares of the company’s stock, valued at approximately $122,760,816.20. This trade represents a 4.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 132,555 shares of company stock worth $36,743,207. Corporate insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in STX. Vision Financial Markets LLC acquired a new position in shares of Seagate Technology during the second quarter worth about $173,000. Nordea Investment Management AB raised its stake in shares of Seagate Technology by 18.0% during the 2nd quarter. Nordea Investment Management AB now owns 18,422 shares of the data storage provider’s stock worth $2,632,000 after buying an additional 2,808 shares in the last quarter. Central Asset Investments & Management Holdings HK Ltd lifted its holdings in shares of Seagate Technology by 185.8% in the 2nd quarter. Central Asset Investments & Management Holdings HK Ltd now owns 18,734 shares of the data storage provider’s stock valued at $2,704,000 after buying an additional 12,178 shares during the period. Channing Capital Management LLC purchased a new stake in shares of Seagate Technology in the second quarter valued at approximately $4,542,000. Finally, Chapin Davis Inc. acquired a new position in Seagate Technology during the third quarter worth $9,064,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

Seagate Technology Company 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.