Pinnacle West Asset Management Inc. Makes New Investment in Seagate Technology Holdings PLC $STX

Pinnacle West Asset Management Inc. bought a new position in shares of Seagate Technology Holdings PLC (NASDAQ:STX) during the second quarter, Holdings Channel.com reports. The fund bought 5,810 shares of the data storage provider’s stock, valued at approximately $5,607,000. Seagate Technology accounts for approximately 3.9% of Pinnacle West Asset Management Inc.’s portfolio, making the stock its 2nd biggest holding.

Several other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp boosted its position in shares of Seagate Technology by 1.0% in the 4th quarter. State Street Corp now owns 9,370,805 shares of the data storage provider’s stock valued at $2,587,535,000 after purchasing an additional 94,527 shares during the period. Morgan Stanley increased its position in Seagate Technology by 5.1% during the fourth quarter. Morgan Stanley now owns 5,317,516 shares of the data storage provider’s stock worth $1,464,391,000 after buying an additional 258,151 shares during the period. Geode Capital Management LLC lifted its stake in Seagate Technology by 5.0% in the fourth quarter. Geode Capital Management LLC now owns 4,896,815 shares of the data storage provider’s stock valued at $1,343,683,000 after buying an additional 234,436 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Seagate Technology by 8.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,193,063 shares of the data storage provider’s stock valued at $879,338,000 after acquiring an additional 243,551 shares during the period. Finally, Northern Trust Corp boosted its holdings in shares of Seagate Technology by 17.4% in the third quarter. Northern Trust Corp now owns 1,920,329 shares of the data storage provider’s stock valued at $453,313,000 after acquiring an additional 284,758 shares during the period. 92.87% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Seagate Technology

In other Seagate Technology news, CFO Gianluca Romano sold 14,091 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $811.25, for a total transaction of $11,431,323.75. Following the transaction, the chief financial officer owned 21,543 shares in the company, valued at approximately $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 accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William D. Mosley sold 20,657 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $910.48, for a total value of $18,807,785.36. Following the transaction, the chief executive officer owned 320,860 shares in the company, valued at $292,136,612.80. The trade was a 6.05% 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 133,650 shares of company stock worth $116,077,574 over the last ninety days. 0.79% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

STX has been the topic of a number of recent research reports. China Renaissance lifted their target price on shares of Seagate Technology from $802.00 to $983.00 in a report on Friday, June 12th. UBS Group increased their price target on shares of Seagate Technology from $515.00 to $545.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 29th. Susquehanna raised their price objective on shares of Seagate Technology from $775.00 to $875.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Citigroup lifted their price objective on shares of Seagate Technology from $1,240.00 to $1,300.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Finally, Wells Fargo & Company upped their target price on shares of Seagate Technology from $1,100.00 to $1,180.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $986.00.

Seagate Technology Price Performance

Seagate Technology stock opened at $850.00 on Friday. Seagate Technology Holdings PLC has a 12 month low of $154.22 and a 12 month high of $1,145.00. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.67 and a quick ratio of 1.17. The business has a 50 day simple moving average of $893.23 and a 200-day simple moving average of $681.60. The stock has a market capitalization of $192.65 billion, a PE ratio of 61.24 and a beta of 2.06.

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

Seagate Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 7th. Stockholders of record on Thursday, September 24th will be issued a $0.74 dividend. The ex-dividend date of this dividend is Thursday, September 24th. This represents a $2.96 annualized dividend and a dividend yield of 0.3%. Seagate Technology’s payout ratio is presently 21.33%.

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.