MGO One Seven LLC Acquires New Shares in Seagate Technology Holdings plc (NASDAQ:STX)

Posted by Defense World Staff on Aug 15th, 2023

MGO One Seven LLC purchased a new stake in shares of Seagate Technology Holdings plc (NASDAQ:STX – Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 5,510 shares of the data storage provider’s stock, valued at approximately $364,000.

A number of other large investors have also recently made changes to their positions in STX. Los Angeles Capital Management LLC lifted its holdings in Seagate Technology by 132.8% in the first quarter. Los Angeles Capital Management LLC now owns 284,714 shares of the data storage provider’s stock valued at $18,825,000 after acquiring an additional 162,417 shares during the period. Avantax Advisory Services Inc. boosted its holdings in shares of Seagate Technology by 30.0% in the first quarter. Avantax Advisory Services Inc. now owns 10,378 shares of the data storage provider’s stock worth $686,000 after buying an additional 2,397 shares during the last quarter. Nordea Investment Management AB grew its position in Seagate Technology by 1.0% during the fourth quarter. Nordea Investment Management AB now owns 217,578 shares of the data storage provider’s stock valued at $11,432,000 after buying an additional 2,211 shares during the period. CIBC Asset Management Inc raised its position in Seagate Technology by 7.0% in the fourth quarter. CIBC Asset Management Inc now owns 29,686 shares of the data storage provider’s stock worth $1,562,000 after acquiring an additional 1,952 shares during the period. Finally, Checchi Capital Advisers LLC purchased a new position in shares of Seagate Technology during the 1st quarter worth $239,000. 87.37% of the stock is currently owned by institutional investors.

Insider Activity

In related news, SVP Katherine Schuelke sold 3,487 shares of the firm’s stock in a transaction on Friday, May 26th. The shares were sold at an average price of $62.09, for a total transaction of $216,507.83. Following the completion of the transaction, the senior vice president now owns 28,658 shares of the company’s stock, valued at $1,779,375.22. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on STX. Mizuho reduced their price objective on Seagate Technology from $69.00 to $66.00 in a research note on Thursday, July 27th. Susquehanna upped their price target on Seagate Technology from $33.00 to $40.00 in a research report on Thursday, July 27th. Bank of America lowered their price objective on Seagate Technology from $71.00 to $70.00 in a research report on Thursday, June 8th. Northland Securities dropped their price target on shares of Seagate Technology from $74.00 to $70.00 and set an “outperform” rating for the company in a research report on Friday, April 21st. Finally, TD Cowen dropped their target price on shares of Seagate Technology from $72.00 to $70.00 and set an “outperform” rating for the company in a report on Friday, April 21st. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Seagate Technology currently has an average rating of “Hold” and a consensus target price of $64.74.

Read Our Latest Research Report on Seagate Technology

Seagate Technology Trading Up 1.4 %

Shares of NASDAQ:STX opened at $67.81 on Tuesday. The business’s fifty day simple moving average is $62.58 and its 200-day simple moving average is $63.06. The company has a market capitalization of $14.06 billion, a PE ratio of -26.59 and a beta of 1.10. Seagate Technology Holdings plc has a 12-month low of $47.47 and a 12-month high of $82.91.

Seagate Technology (NASDAQ:STX – Get Free Report) last announced its quarterly earnings data on Wednesday, July 26th. The data storage provider reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.05. The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.68 billion. Seagate Technology had a negative net margin of 7.16% and a negative return on equity of 69.08%. The business’s quarterly revenue was down 39.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.41 earnings per share. Research analysts predict that Seagate Technology Holdings plc will post -0.21 EPS for the current year.

Seagate Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Tuesday, September 26th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date of this dividend is Monday, September 25th. Seagate Technology’s dividend payout ratio is presently -109.80%.

About Seagate Technology

(Free Report)

Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It provides mass capacity storage products, including enterprise nearline hard disk drives (HDDs), enterprise nearline solid state drives (SSDs), enterprise nearline systems, video and image HDDs, and network-attached storage drives.