Seagate Technology (NASDAQ:STX) CEO William Mosley Sells 20,000 Shares

Seagate Technology Holdings PLC (NASDAQ:STX) CEO William Mosley sold 20,000 shares of the stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $285.56, for a total transaction of $5,711,200.00. Following the completion of the transaction, the chief executive officer owned 429,895 shares in the company, valued at $122,760,816.20. This represents a 4.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Seagate Technology Stock Up 14.0%

Shares of NASDAQ STX traded up $40.59 during mid-day trading on Tuesday, hitting $330.42. 5,547,474 shares of the company were exchanged, compared to its average volume of 3,875,028. The firm has a market cap of $70.56 billion, a price-to-earnings ratio of 42.42, a price-to-earnings-growth ratio of 1.13 and a beta of 1.60. Seagate Technology Holdings PLC has a 1-year low of $63.19 and a 1-year high of $332.00. The stock has a 50 day simple moving average of $273.83 and a 200-day simple moving average of $212.86.

Seagate Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 9th. Investors of record on Wednesday, December 24th will be given a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a yield of 0.9%. This is an increase from Seagate Technology’s previous quarterly dividend of $0.72. The ex-dividend date is Wednesday, December 24th. Seagate Technology’s dividend payout ratio (DPR) is 38.00%.

Institutional Investors Weigh In On Seagate Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in STX. Vanguard Group Inc. grew its stake in Seagate Technology by 1.6% in the third quarter. Vanguard Group Inc. now owns 28,140,287 shares of the data storage provider’s stock valued at $6,642,796,000 after acquiring an additional 442,749 shares during the period. State Street Corp lifted its position in shares of Seagate Technology by 3.1% in the third quarter. State Street Corp now owns 9,276,278 shares of the data storage provider’s stock valued at $2,196,420,000 after buying an additional 274,913 shares during the last quarter. WCM Investment Management LLC bought a new position in shares of Seagate Technology in the third quarter valued at about $1,187,621,000. Geode Capital Management LLC boosted its holdings in shares of Seagate Technology by 1.9% during the second quarter. Geode Capital Management LLC now owns 4,567,181 shares of the data storage provider’s stock worth $656,066,000 after acquiring an additional 85,660 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Seagate Technology by 1,072.5% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,949,512 shares of the data storage provider’s stock valued at $696,262,000 after buying an additional 2,697,957 shares in the last quarter. Institutional investors own 92.87% of the company’s stock.

Wall Street Analyst Weigh In

STX has been the subject of a number of recent analyst reports. TD Cowen raised their price target on shares of Seagate Technology from $270.00 to $340.00 and gave the company a “buy” rating in a report on Tuesday, November 11th. Zacks Research upgraded Seagate Technology from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 2nd. Bank of America boosted their target price on shares of Seagate Technology from $275.00 to $320.00 and gave the stock a “buy” rating in a report on Thursday, November 20th. Weiss Ratings restated a “buy (b)” rating on shares of Seagate Technology in a report on Monday, December 29th. Finally, Fox Advisors increased their target price on shares of Seagate Technology from $245.00 to $270.00 in a research report on Wednesday, October 29th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $293.13.

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.