CenterBook Partners LP Purchases 9,803 Shares of Seagate Technology Holdings PLC $STX

CenterBook Partners LP purchased a new stake in Seagate Technology Holdings PLC (NASDAQ:STX) during the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 9,803 shares of the data storage provider’s stock, valued at approximately $9,042,000.

Several other large investors have also modified their holdings of STX. International Assets Investment Management LLC lifted its holdings in shares of Seagate Technology by 56.0% during the third quarter. International Assets Investment Management LLC now owns 2,593 shares of the data storage provider’s stock valued at $2,452,000 after purchasing an additional 931 shares during the last quarter. Allegiance Financial Group Advisory Services LLC increased its stake in Seagate Technology by 30.4% in the 3rd quarter. Allegiance Financial Group Advisory Services LLC now owns 747 shares of the data storage provider’s stock worth $690,000 after purchasing an additional 174 shares in the last quarter. Calamos Wealth Management LLC lifted its stake in Seagate Technology by 3.4% during the third quarter. Calamos Wealth Management LLC now owns 15,849 shares of the data storage provider’s stock valued at $14,618,000 after buying an additional 515 shares in the last quarter. Calamos Advisors LLC boosted its holdings in shares of Seagate Technology by 219.2% in the third quarter. Calamos Advisors LLC now owns 87,625 shares of the data storage provider’s stock worth $80,820,000 after buying an additional 60,177 shares during the period. Finally, Alta Advisers Ltd increased its position in shares of Seagate Technology by 28.8% in the third quarter. Alta Advisers Ltd now owns 15,668 shares of the data storage provider’s stock worth $14,451,000 after acquiring an additional 3,502 shares in the last quarter. 92.87% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Ban Teh sold 52,730 shares of Seagate Technology stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $782.08, for a total value of $41,239,078.40. Following the completion of the sale, the executive vice president directly owned 5,810 shares of the company’s stock, valued at approximately $4,543,884.80. This trade represents a 90.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP John Morris sold 2,675 shares of the company’s stock in a transaction on Friday, October 30th. The shares were sold at an average price of $650.15, for a total value of $1,739,151.25. Following the transaction, the executive vice president directly owned 20,933 shares in the company, valued at $13,609,589.95. This trade represents a 11.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 447,108 shares of company stock valued at $356,049,743 over the last quarter. Company insiders own 0.51% of the company’s stock.

Key Stories Impacting Seagate Technology

Here are the key news stories impacting Seagate Technology this week:

• Positive Sentiment: Recent fiscal first-quarter results beat estimates, with revenue of $4.23 billion and EPS of $7.72. Seagate also guided to about $4.8 billion in fiscal second-quarter revenue, supporting the growth case. Earnings Beat Might Change The Case For Seagate Stock
• Positive Sentiment: Growth-focused commentary argues Seagate has attributes that could support above-market performance, adding to the bullish earnings narrative. The articles do not specify additional catalysts. 3 Reasons Growth Investors Will Love Seagate
• Negative Sentiment: A report attributed a sharp decline in Seagate shares to insider selling, which can raise concerns about insiders’ confidence, even though selling alone does not establish their outlook. Seagate Technology Stock Falls on Insider Selling
• Negative Sentiment: Seagate and other AI-linked stocks faced pressure amid a wider AI-trade selloff and calls from a lawmaker to pause advanced AI development. That uncertainty may temper enthusiasm around data-storage demand tied to AI investment. Seagate Sinks as Lawmaker Urges a Pause on Advanced AI Development

Seagate Technology Price Performance

NASDAQ:STX traded down $5.54 during mid-day trading on Friday, hitting $460.99. The company’s stock had a trading volume of 8,272,008 shares, compared to its average volume of 5,627,659. The stock has a fifty day moving average of $769.59 and a 200-day moving average of $693.82. Seagate Technology Holdings PLC has a fifty-two week low of $228.61 and a fifty-two week high of $1,145.00. The company has a market capitalization of $105.82 billion, a price-to-earnings ratio of 24.21 and a beta of 2.16. The company has a current ratio of 1.82, a quick ratio of 1.25 and a debt-to-equity ratio of 0.68.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, October 27th. The data storage provider reported $7.68 EPS for the quarter, beating analysts’ consensus estimates of $7.44 by $0.24. The firm had revenue of $4.23 billion for the quarter, compared to analyst estimates of $4.15 billion. Seagate Technology had a net margin of 31.86% and a return on equity of 252.47%. The company’s revenue for the quarter was up 61.0% compared to the same quarter last year. During the same period in the previous year, the business earned $2.61 earnings per share. As a group, equities analysts forecast that Seagate Technology Holdings PLC will post 37.96 EPS for the current fiscal year.

Seagate Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 7th. Stockholders of record on Wednesday, December 23rd will be paid a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 0.7%. This is an increase from Seagate Technology’s previous quarterly dividend of $0.74. The ex-dividend date of this dividend is Wednesday, December 23rd. Seagate Technology’s payout ratio is currently 15.55%.

Wall Street Analyst Weigh In

STX has been the topic of several research analyst reports. Summit Insights cut shares of Seagate Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, October 28th. Zacks Research downgraded Seagate Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, September 28th. Citigroup reduced their price target on shares of Seagate Technology from $1,300.00 to $1,050.00 and set a “buy” rating for the company in a research report on Wednesday, October 28th. Sanford C. Bernstein restated an “outperform” rating and set a $1,350.00 price target on shares of Seagate Technology in a report on Wednesday, July 29th. Finally, Rosenblatt Securities dropped their price target on shares of Seagate Technology from $1,400.00 to $1,100.00 and set a “buy” rating on the stock in a research note on Monday, October 26th. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,000.88.

Seagate Technology Company Profile

Seagate Technology develops and supplies data-storage products and solutions for businesses and consumers. Its portfolio includes hard disk drives (HDDs), solid-state drives, and storage systems designed for applications ranging from personal computing to large-scale data centers.

The company’s products support cloud and enterprise storage, network-attached storage, video surveillance, gaming, and other uses that require digital data to be stored and accessed. Seagate also offers data-management and storage services through its Lyve platform.

Founded in 1979, Seagate has a long history in the hard disk drive industry.