Seagate Technology (NASDAQ:STX) Stock Price Down 6.5% – Here’s What Happened

Seagate Technology Holdings PLC (NASDAQ:STX)’s stock price was down 6.5% during mid-day trading on Monday . The stock traded as low as $774.00 and last traded at $794.65. 3,118,753 shares traded hands during mid-day trading, a decline of 30% from the average session volume of 4,426,755 shares. The stock had previously closed at $850.00.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Bank of America upped their target price on shares of Seagate Technology from $1,000.00 to $1,150.00 and gave the company a “buy” rating in a research note on Wednesday, July 1st. Wells Fargo & Company raised their price target on shares of Seagate Technology from $1,100.00 to $1,180.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Evercore raised their target price on Seagate Technology from $750.00 to $1,000.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. Fox Advisors lowered Seagate Technology from an “overweight” rating to an “equal weight” rating in a report on Monday, June 22nd. Finally, Wall Street Zen downgraded shares of Seagate Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 15th. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $986.00.

Seagate Technology Price Performance

The firm has a market cap of $180.11 billion, a P/E ratio of 57.25 and a beta of 2.06. The stock’s 50-day moving average is $893.23 and its 200-day moving average is $683.35. The company has a quick ratio of 1.17, a current ratio of 1.67 and a debt-to-equity ratio of 1.56.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, July 28th. The data storage provider reported $5.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.10 by $0.61. The company had revenue of $3.63 billion during the quarter, compared to analysts’ expectations of $3.50 billion. Seagate Technology had a net margin of 26.11% and a return on equity of 369.98%. Seagate Technology’s quarterly revenue was up 48.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.59 earnings per share. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. As a group, equities analysts anticipate that Seagate Technology Holdings PLC will post 34.42 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 7th. Shareholders of record on Thursday, September 24th will be issued a $0.74 dividend. This represents a $2.96 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Thursday, September 24th. Seagate Technology’s dividend payout ratio is 21.33%.

Insider Activity at Seagate Technology

In other news, CFO Gianluca Romano sold 880 shares of the business’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $845.12, for a total value of $743,705.60. Following the sale, the chief financial officer owned 20,663 shares of the company’s stock, valued at $17,462,714.56. The trade was a 4.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP John Christopher Morris sold 168 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $817.76, for a total value of $137,383.68. Following the completion of the sale, the executive vice president directly owned 11,920 shares of the company’s stock, valued at approximately $9,747,699.20. The trade was a 1.39% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 133,650 shares of company stock valued at $116,077,574 over the last three months. Insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Seagate Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Retirement Wealth Solutions LLC raised its position in shares of Seagate Technology by 70.6% in the 2nd quarter. Retirement Wealth Solutions LLC now owns 29 shares of the data storage provider’s stock valued at $28,000 after buying an additional 12 shares in the last quarter. Jones Financial Companies Lllp acquired a new position in Seagate Technology in the second quarter valued at $39,000. Trust Co. of Vermont acquired a new position in shares of Seagate Technology in the 2nd quarter valued at about $54,000. Triumph Capital Management boosted its holdings in shares of Seagate Technology by 93.5% during the 2nd quarter. Triumph Capital Management now owns 60 shares of the data storage provider’s stock worth $58,000 after buying an additional 29 shares in the last quarter. Finally, Washington Trust Advisors Inc. grew its holdings in Seagate Technology by 712.5% in the second quarter. Washington Trust Advisors Inc. now owns 65 shares of the data storage provider’s stock worth $62,000 after purchasing an additional 57 shares during the period. Institutional investors and hedge funds own 92.87% of the company’s stock.

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.