Wedbush Securities Inc. Decreases Stake in Seagate Technology Holdings plc (NASDAQ:STX)

Posted by Defense World Staff on Apr 19th, 2023

Wedbush Securities Inc. lessened its holdings in Seagate Technology Holdings plc (NASDAQ:STX – Get Rating) by 3.1% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,008 shares of the data storage provider’s stock after selling 160 shares during the period. Wedbush Securities Inc.’s holdings in Seagate Technology were worth $263,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of STX. CENTRAL TRUST Co increased its holdings in Seagate Technology by 50.0% during the third quarter. CENTRAL TRUST Co now owns 900 shares of the data storage provider’s stock worth $48,000 after buying an additional 300 shares during the last quarter. Private Trust Co. NA purchased a new stake in shares of Seagate Technology during the 4th quarter worth approximately $55,000. Wipfli Financial Advisors LLC bought a new stake in shares of Seagate Technology in the 3rd quarter worth approximately $74,000. Lee Financial Co lifted its stake in Seagate Technology by 9,233.3% in the third quarter. Lee Financial Co now owns 1,400 shares of the data storage provider’s stock valued at $75,000 after purchasing an additional 1,385 shares during the last quarter. Finally, Ronald Blue Trust Inc. grew its holdings in Seagate Technology by 189.0% during the fourth quarter. Ronald Blue Trust Inc. now owns 1,445 shares of the data storage provider’s stock valued at $77,000 after purchasing an additional 945 shares during the period. 82.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on STX. Barclays boosted their target price on Seagate Technology from $70.00 to $75.00 in a research note on Thursday, January 26th. Wedbush reiterated a “neutral” rating and set a $55.00 target price on shares of Seagate Technology in a research report on Friday, April 14th. Evercore ISI boosted their price target on shares of Seagate Technology from $60.00 to $70.00 in a research report on Thursday, January 26th. Mizuho upgraded shares of Seagate Technology from a “neutral” rating to a “buy” rating and upped their price target for the company from $62.00 to $82.00 in a research note on Friday, February 10th. Finally, Cowen lifted their price objective on shares of Seagate Technology from $65.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, January 26th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Seagate Technology currently has an average rating of “Hold” and a consensus price target of $68.75.

Insider Activity

In related news, EVP Jeffrey D. Nygaard sold 36,809 shares of the business’s stock in a transaction that occurred on Wednesday, February 1st. The stock was sold at an average price of $69.14, for a total value of $2,544,974.26. Following the completion of the sale, the executive vice president now owns 30,360 shares in the company, valued at approximately $2,099,090.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.00% of the company’s stock.

Seagate Technology Trading Up 0.0 %

STX stock opened at $64.27 on Wednesday. Seagate Technology Holdings plc has a 1-year low of $47.47 and a 1-year high of $88.25. The stock has a market cap of $13.27 billion, a price-to-earnings ratio of 22.87, a price-to-earnings-growth ratio of 63.08 and a beta of 1.09. The company’s 50 day moving average is $65.06 and its 200 day moving average is $58.90.

Seagate Technology (NASDAQ:STX – Get Rating) last issued its quarterly earnings results on Wednesday, January 25th. The data storage provider reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.05. Seagate Technology had a net margin of 6.61% and a negative return on equity of 1,031.05%. The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.83 billion. During the same quarter in the prior year, the firm earned $2.28 EPS. The business’s revenue for the quarter was down 39.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Seagate Technology Holdings plc will post 0.83 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 6th. Stockholders of record on Wednesday, March 22nd were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date of this dividend was Tuesday, March 21st. Seagate Technology’s payout ratio is currently 99.64%.

Seagate Technology Company Profile

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Seagate Technology Holdings Plc operates as holding company that is engaged in the development, production, and distribution of data storage products and electronic data storage solutions. Its products include hard disk drives, solid state hybrid drives, solid state drives, peripheral component interconnect express cards, serial advanced technology attachment controllers, storage subsystems and computing solutions.