Seagate Technology (NASDAQ:STX) Shares Up 6.9% – Here’s What Happened

Seagate Technology Holdings PLC (NASDAQ:STX)’s share price was up 6.9% on Friday . The company traded as high as $872.00 and last traded at $858.79. 6,949,630 shares were traded during trading, an increase of 60% from the average session volume of 4,349,833 shares. The stock had previously closed at $803.13.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on STX shares. Mizuho boosted their price target on Seagate Technology from $875.00 to $1,090.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. China Renaissance lifted their target price on Seagate Technology from $802.00 to $983.00 in a research report on Friday, June 12th. TD Cowen boosted their target price on Seagate Technology from $850.00 to $1,000.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Wells Fargo & Company raised their target price on shares of Seagate Technology from $1,100.00 to $1,180.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $1,300.00 price objective on shares of Seagate Technology in a research report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $986.00.

Seagate Technology Trading Up 6.9%

The company has a current ratio of 1.67, a quick ratio of 1.17 and a debt-to-equity ratio of 1.56. The company has a market cap of $195.28 billion, a price-to-earnings ratio of 61.87 and a beta of 2.06. The firm’s 50-day moving average price is $843.14 and its 200 day moving average price is $738.45.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, July 28th. The data storage provider reported $5.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.10 by $0.61. Seagate Technology had a net margin of 26.11% and a return on equity of 369.98%. The company had revenue of $3.63 billion for the quarter, compared to analysts’ expectations of $3.50 billion. During the same quarter in the prior year, the firm earned $2.59 EPS. The business’s revenue was up 48.5% on a year-over-year basis. Seagate Technology has set its Q1 2027 guidance at 7.100-7.500 EPS. As a group, equities analysts expect that Seagate Technology Holdings PLC will post 35.7 EPS for the current year.

Seagate Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Stockholders of record on Thursday, September 24th will be issued a dividend of $0.74 per share. The ex-dividend date is Thursday, September 24th. This represents a $2.96 annualized dividend and a dividend yield of 0.3%. Seagate Technology’s payout ratio is currently 21.33%.

Insider Buying and Selling at Seagate Technology

In other Seagate Technology news, CEO William D. Mosley sold 97,889 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $772.14, for a total transaction of $75,584,012.46. Following the completion of the sale, the chief executive officer directly owned 378,108 shares of the company’s stock, valued at approximately $291,952,311.12. The trade was a 20.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Gianluca Romano sold 49,984 shares of the stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $772.16, for a total value of $38,595,645.44. Following the completion of the sale, the chief financial officer directly owned 70,756 shares of the company’s stock, valued at $54,634,952.96. The trade was a 41.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 457,605 shares of company stock worth $370,403,041. 0.51% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in STX. NewEdge Advisors LLC boosted its position in Seagate Technology by 85.9% during the first quarter. NewEdge Advisors LLC now owns 22,046 shares of the data storage provider’s stock valued at $8,637,000 after buying an additional 10,190 shares during the period. USA Financial Formulas bought a new stake in shares of Seagate Technology in the 1st quarter valued at about $1,328,000. Financial Insights Inc. purchased a new stake in Seagate Technology during the 2nd quarter valued at about $706,000. UNICOM Systems Inc. boosted its holdings in Seagate Technology by 18.2% during the 2nd quarter. UNICOM Systems Inc. now owns 43,500 shares of the data storage provider’s stock valued at $41,978,000 after acquiring an additional 6,700 shares during the period. Finally, Contravisory Investment Management Inc. grew its position in Seagate Technology by 590.3% during the 2nd quarter. Contravisory Investment Management Inc. now owns 1,774 shares of the data storage provider’s stock worth $1,712,000 after acquiring an additional 1,517 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

About Seagate Technology

Seagate Technology Holdings plc is a data storage technology company that develops and manufactures mass-capacity storage solutions for businesses and consumers. Its product portfolio is centered on hard disk drives (HDDs), which are used in cloud data centers, enterprise systems, network-attached storage, video and imaging applications, and personal computing.

The company also offers solid-state drives (SSDs), external storage products, storage systems, and related data-management and recovery services.