Seagate Technology Holdings PLC $STX Stock Bought by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA increased its stake in shares of Seagate Technology Holdings PLC (NASDAQ:STX) by 46.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 203,667 shares of the data storage provider’s stock after buying an additional 64,530 shares during the quarter. Pictet Asset Management Holding SA owned 0.09% of Seagate Technology worth $187,839,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of STX. Formidable Asset Management LLC purchased a new position in Seagate Technology during the third quarter worth about $342,000. Plancorp LLC grew its position in Seagate Technology by 42.8% in the 3rd quarter. Plancorp LLC now owns 971 shares of the data storage provider’s stock worth $896,000 after purchasing an additional 291 shares in the last quarter. Providence First Trust Co purchased a new stake in Seagate Technology in the 3rd quarter valued at about $720,000. CenterBook Partners LP purchased a new stake in Seagate Technology in the 3rd quarter valued at about $9,042,000. Finally, International Assets Investment Management LLC increased its stake in Seagate Technology by 56.0% in the 3rd quarter. International Assets Investment Management LLC now owns 2,593 shares of the data storage provider’s stock valued at $2,452,000 after buying an additional 931 shares during the last quarter. 92.87% of the stock is owned by hedge funds and other institutional investors.

Seagate Technology News Roundup

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

Analyst Ratings Changes

Several research firms have recently issued reports on STX. Argus upped their target price on Seagate Technology from $750.00 to $900.00 and gave the company a “buy” rating in a report on Thursday, July 30th. UBS Group reaffirmed a “buy” rating on shares of Seagate Technology in a research report on Monday, November 2nd. Zacks Research lowered Seagate Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, September 28th. Wall Street Zen raised Seagate Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, September 26th. Finally, Summit Insights downgraded Seagate Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, October 28th. Twenty-three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $1,000.88.

Seagate Technology Stock Performance

Shares of STX stock opened at $460.99 on Monday. The company’s fifty day simple moving average is $769.59 and its two-hundred day simple moving average is $693.82. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.82 and a quick ratio of 1.25. Seagate Technology Holdings PLC has a 1 year low of $228.61 and a 1 year high of $1,145.00. The stock has a market capitalization of $105.82 billion, a price-to-earnings ratio of 24.21 and a beta of 2.16.

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

Seagate Technology Increases Dividend

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

Insider Activity at Seagate Technology

In other news, CEO William Mosley sold 6,720 shares of the company’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $622.82, for a total value of $4,185,350.40. Following the completion of the sale, the chief executive officer owned 346,108 shares of the company’s stock, valued at approximately $215,562,984.56. This represents a 1.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ban Teh sold 52,730 shares of the company’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $782.08, for a total transaction of $41,239,078.40. Following the sale, the executive vice president owned 5,810 shares of the company’s stock, valued at approximately $4,543,884.80. The trade was a 90.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 447,108 shares of company stock worth $356,049,743 in the last three months. 0.51% of the stock is owned by insiders.

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.