Generali Asset Management SPA SGR Sells 8,581 Shares of Seagate Technology Holdings PLC $STX

Generali Asset Management SPA SGR decreased its stake in Seagate Technology Holdings PLC (NASDAQ:STX) by 34.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,986 shares of the data storage provider’s stock after selling 8,581 shares during the period. Generali Asset Management SPA SGR’s holdings in Seagate Technology were worth $3,774,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Norges Bank bought a new stake in Seagate Technology in the second quarter valued at approximately $197,027,000. Boston Partners bought a new position in Seagate Technology during the 2nd quarter worth approximately $193,500,000. Soroban Capital Partners LP lifted its position in shares of Seagate Technology by 1,468.1% in the 2nd quarter. Soroban Capital Partners LP now owns 1,417,600 shares of the data storage provider’s stock worth $204,602,000 after purchasing an additional 1,327,197 shares during the period. Maple Rock Capital Partners Inc. boosted its stake in shares of Seagate Technology by 85.3% in the 2nd quarter. Maple Rock Capital Partners Inc. now owns 1,131,752 shares of the data storage provider’s stock valued at $163,346,000 after purchasing an additional 520,846 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of Seagate Technology by 5.0% in the 2nd quarter. State Street Corp now owns 9,001,365 shares of the data storage provider’s stock valued at $1,305,499,000 after purchasing an additional 432,455 shares during the last quarter. 92.87% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on STX. Benchmark lifted their target price on shares of Seagate Technology from $255.00 to $325.00 and gave the stock a “buy” rating in a research note on Tuesday, December 16th. Barclays increased their price target on Seagate Technology from $200.00 to $240.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 29th. UBS Group dropped their price objective on Seagate Technology from $235.00 to $230.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 29th. Morgan Stanley upped their target price on Seagate Technology from $270.00 to $337.00 and gave the company an “overweight” rating in a research report on Wednesday, December 17th. Finally, Argus lifted their target price on Seagate Technology from $170.00 to $300.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 30th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $293.13.

Seagate Technology Price Performance

Shares of STX opened at $287.54 on Friday. Seagate Technology Holdings PLC has a one year low of $63.19 and a one year high of $308.93. The company has a market cap of $61.41 billion, a PE ratio of 36.91, a P/E/G ratio of 1.08 and a beta of 1.60. The stock has a 50-day moving average of $272.64 and a 200-day moving average of $210.63.

Seagate Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 9th. Stockholders of record on Wednesday, December 24th will be issued a dividend of $0.74 per share. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.72. This represents a $2.96 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Wednesday, December 24th. Seagate Technology’s dividend payout ratio is presently 38.00%.

Insider Buying and Selling

In related news, CFO Gianluca Romano sold 54,021 shares of Seagate Technology stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $285.16, for a total value of $15,404,628.36. Following the completion of the sale, the chief financial officer owned 56,293 shares of the company’s stock, valued at approximately $16,052,511.88. This trade represents a 48.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Kian Fatt Chong sold 7,078 shares of the business’s stock in a transaction on Thursday, October 30th. The shares were sold at an average price of $272.14, for a total transaction of $1,926,206.92. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 112,555 shares of company stock worth $31,032,007 over the last quarter. Corporate insiders own 0.79% 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.