Seagate Technology (NASDAQ:STX) Trading Down 3% – Here’s Why

Seagate Technology Holdings PLC (NASDAQ:STX)’s share price fell 3% on Tuesday . The company traded as low as $766.97 and last traded at $808.80. 3,772,597 shares traded hands during mid-day trading, a decline of 12% from the average session volume of 4,296,733 shares. The stock had previously closed at $834.01.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Wells Fargo & Company lifted their price target on shares of Seagate Technology from $450.00 to $700.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 29th. Mizuho lifted their price target on shares of Seagate Technology from $565.00 to $700.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. The Goldman Sachs Group lifted their price target on shares of Seagate Technology from $385.00 to $700.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Citigroup lifted their price target on shares of Seagate Technology from $595.00 to $740.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Finally, Jefferies Financial Group reaffirmed a “hold” rating on shares of Seagate Technology in a research report on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $719.54.

Seagate Technology Trading Down 3.0%

The business’s 50-day moving average price is $492.12 and its 200 day moving average price is $378.05. The company has a debt-to-equity ratio of 3.16, a current ratio of 1.33 and a quick ratio of 0.85. The firm has a market capitalization of $181.35 billion, a price-to-earnings ratio of 76.74 and a beta of 1.98.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Tuesday, April 28th. The data storage provider reported $4.10 EPS for the quarter, topping analysts’ consensus estimates of $3.51 by $0.59. Seagate Technology had a net margin of 21.60% and a return on equity of 1,005.65%. The business had revenue of $3.11 billion for the quarter, compared to analysts’ expectations of $2.96 billion. During the same period in the previous year, the company posted $1.90 earnings per share. The business’s revenue for the quarter was up 44.1% compared to the same quarter last year. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. On average, equities analysts forecast that Seagate Technology Holdings PLC will post 14.1 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 7th. Stockholders of record on Wednesday, June 24th will be given a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Wednesday, June 24th. Seagate Technology’s payout ratio is presently 28.08%.

Insider Buying and Selling at Seagate Technology

In other news, CEO William D. Mosley sold 24,584 shares of the business’s stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $406.77, for a total transaction of $10,000,033.68. Following the transaction, the chief executive officer directly owned 375,591 shares of the company’s stock, valued at approximately $152,779,151.07. The trade was a 6.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Kian Fatt Chong sold 5,846 shares of the business’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $416.48, for a total transaction of $2,434,742.08. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 102,723 shares of company stock valued at $53,301,684. 0.79% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. WCM Investment Management LLC bought a new stake in shares of Seagate Technology in the third quarter worth $1,187,621,000. Arrowstreet Capital Limited Partnership raised its holdings in Seagate Technology by 1,072.5% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,949,512 shares of the data storage provider’s stock valued at $696,262,000 after acquiring an additional 2,697,957 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Seagate Technology by 1,510.1% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,008,516 shares of the data storage provider’s stock valued at $553,125,000 after acquiring an additional 1,883,769 shares in the last quarter. Norges Bank acquired a new stake in Seagate Technology in the fourth quarter valued at $498,363,000. Finally, Soroban Capital Partners LP raised its holdings in Seagate Technology by 1,468.1% in the second quarter. Soroban Capital Partners LP now owns 1,417,600 shares of the data storage provider’s stock valued at $204,602,000 after acquiring an additional 1,327,197 shares in the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

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.