Fred Alger Management LLC Acquires Shares of 41,517 Seagate Technology Holdings PLC $STX

Fred Alger Management LLC bought a new position in Seagate Technology Holdings PLC (NASDAQ:STX) during the third quarter, HoldingsChannel.com reports. The fund bought 41,517 shares of the data storage provider’s stock, valued at approximately $9,827,000.

Several other institutional investors and hedge funds have also made changes to their positions in STX. Integrated Wealth Concepts LLC grew its holdings in shares of Seagate Technology by 168.0% in the first quarter. Integrated Wealth Concepts LLC now owns 7,177 shares of the data storage provider’s stock worth $610,000 after purchasing an additional 4,499 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in Seagate Technology during the 2nd quarter valued at about $262,000. PNC Financial Services Group Inc. lifted its holdings in Seagate Technology by 10.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 51,129 shares of the data storage provider’s stock valued at $7,379,000 after buying an additional 4,647 shares in the last quarter. Foundations Investment Advisors LLC purchased a new stake in Seagate Technology in the 2nd quarter valued at about $436,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in Seagate Technology by 7.5% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 52,047 shares of the data storage provider’s stock worth $7,512,000 after acquiring an additional 3,632 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors.

Seagate Technology Stock Up 3.9%

Seagate Technology stock opened at $398.78 on Tuesday. Seagate Technology Holdings PLC has a 1-year low of $63.19 and a 1-year high of $459.84. The business has a fifty day moving average price of $380.42 and a 200-day moving average price of $293.80. The company has a debt-to-equity ratio of 7.63, a current ratio of 1.12 and a quick ratio of 0.72. The stock has a market capitalization of $86.96 billion, a price-to-earnings ratio of 45.11, a PEG ratio of 0.85 and a beta of 1.61.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, January 27th. The data storage provider reported $3.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.77 by $0.34. The company had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.73 billion. Seagate Technology had a negative return on equity of 936.38% and a net margin of 19.59%.The firm’s quarterly revenue was up 21.5% compared to the same quarter last year. During the same period in the prior year, the company posted $2.03 EPS. Seagate Technology has set its Q3 2026 guidance at 3.200-3.600 EPS. Equities research analysts forecast that Seagate Technology Holdings PLC will post 6.83 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 8th. Investors of record on Wednesday, March 25th will be given a $0.74 dividend. This represents a $2.96 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Wednesday, March 25th. Seagate Technology’s dividend payout ratio (DPR) is presently 33.48%.

Insider Transactions at Seagate Technology

In related news, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $285.56, for a total value of $5,711,200.00. Following the completion of the sale, the chief executive officer directly owned 429,895 shares in the company, valued at $122,760,816.20. This trade represents a 4.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jay L. Geldmacher sold 925 shares of the business’s stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $448.02, for a total transaction of $414,418.50. Following the sale, the director directly owned 223 shares in the company, valued at approximately $99,908.46. This represents a 80.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 89,051 shares of company stock worth $34,430,409 over the last ninety days. 0.79% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on STX shares. Barclays raised their target price on shares of Seagate Technology from $370.00 to $425.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 28th. Loop Capital increased their price objective on Seagate Technology from $465.00 to $700.00 and gave the stock a “buy” rating in a research note on Monday, February 9th. Bank of America raised their price objective on Seagate Technology from $320.00 to $400.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. TD Cowen upped their target price on Seagate Technology from $340.00 to $500.00 and gave the stock a “buy” rating in a report on Wednesday, January 28th. Finally, Morgan Stanley increased their price target on Seagate Technology from $337.00 to $372.00 and gave the stock an “overweight” rating in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $447.35.

About Seagate Technology

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.