Seagate Technology (NASDAQ:STX) Stock Price Down 7.9% – What’s Next?

Seagate Technology Holdings PLC (NASDAQ:STX)’s share price traded down 7.9% on Wednesday . The company traded as low as $829.11 and last traded at $832.56. 5,802,045 shares traded hands during mid-day trading, an increase of 30% from the average daily volume of 4,451,491 shares. The stock had previously closed at $903.68.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on STX shares. Evercore boosted their price objective on Seagate Technology from $750.00 to $1,000.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 12th. Zacks Research upgraded Seagate Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 28th. Fox Advisors cut Seagate Technology from an “overweight” rating to an “equal weight” rating in a research report on Monday, June 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of Seagate Technology in a research note on Wednesday, June 24th. Finally, UBS Group raised their price objective on Seagate Technology from $515.00 to $545.00 and gave the company a “neutral” rating in a report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $986.00.

Seagate Technology Trading Down 0.0%

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 fifty day moving average price of $894.85 and a two-hundred day moving average price of $680.42. The firm has a market capitalization of $192.65 billion, a price-to-earnings ratio of 61.24 and a beta of 2.06.

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

Seagate Technology Dividend Announcement

The business also recently declared 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. This represents a $2.96 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Thursday, September 24th. Seagate Technology’s payout ratio is currently 21.33%.

Insiders Place Their Bets

In other Seagate Technology news, CFO Gianluca Romano sold 14,091 shares of the business’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $811.25, for a total value of $11,431,323.75. Following the transaction, the chief financial officer directly owned 21,543 shares in the company, valued at $17,476,758.75. The trade was a 39.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ban Seng Teh sold 7,361 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $920.80, for a total transaction of $6,778,008.80. Following the sale, the executive vice president owned 2,931 shares of the company’s stock, valued at $2,698,864.80. This represents a 71.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 133,650 shares of company stock valued at $116,077,574 over the last ninety days. Company insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Seagate Technology

Several large investors have recently modified their holdings of STX. Jones Financial Companies Lllp purchased a new stake in Seagate Technology in the 2nd quarter valued at about $39,000. Trust Co. of Vermont purchased a new position in Seagate Technology during the second quarter worth about $54,000. Triumph Capital Management increased its position in shares of Seagate Technology by 93.5% during the second quarter. Triumph Capital Management now owns 60 shares of the data storage provider’s stock valued at $58,000 after acquiring an additional 29 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC raised its stake in shares of Seagate Technology by 23.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 80 shares of the data storage provider’s stock valued at $31,000 after acquiring an additional 15 shares during the period. Finally, Salomon & Ludwin LLC raised its stake in shares of Seagate Technology by 124.4% in the 4th quarter. Salomon & Ludwin LLC now owns 92 shares of the data storage provider’s stock valued at $27,000 after acquiring an additional 51 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.