Envestnet Asset Management Inc. Decreases Stock Holdings in Seagate Technology Holdings plc (NASDAQ:STX)

Envestnet Asset Management Inc. lowered its stake in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 8.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 139,595 shares of the data storage provider’s stock after selling 12,889 shares during the period. Envestnet Asset Management Inc.’s holdings in Seagate Technology were worth $14,416,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Family Firm Inc. purchased a new stake in shares of Seagate Technology in the second quarter valued at about $41,000. ICA Group Wealth Management LLC purchased a new stake in shares of Seagate Technology in the fourth quarter valued at about $47,000. Richardson Financial Services Inc. purchased a new stake in shares of Seagate Technology in the fourth quarter valued at about $47,000. Larson Financial Group LLC lifted its holdings in shares of Seagate Technology by 15,766.7% in the second quarter. Larson Financial Group LLC now owns 476 shares of the data storage provider’s stock valued at $49,000 after purchasing an additional 473 shares in the last quarter. Finally, Viking Fund Management LLC lifted its holdings in shares of Seagate Technology by 722.2% in the first quarter. Viking Fund Management LLC now owns 740 shares of the data storage provider’s stock valued at $69,000 after purchasing an additional 650 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Wedbush upped their price target on shares of Seagate Technology from $100.00 to $130.00 and gave the company an “outperform” rating in a report on Monday, July 22nd. Susquehanna boosted their price objective on shares of Seagate Technology from $55.00 to $65.00 and gave the company a “negative” rating in a research report on Wednesday, July 24th. Citigroup boosted their price objective on shares of Seagate Technology from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Morgan Stanley boosted their price objective on shares of Seagate Technology from $115.00 to $133.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Finally, The Goldman Sachs Group boosted their price objective on shares of Seagate Technology from $96.00 to $107.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Seagate Technology presently has an average rating of “Hold” and a consensus target price of $115.94.

Insider Activity

In other news, CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $93.46, for a total value of $1,869,200.00. Following the completion of the transaction, the chief executive officer now directly owns 654,270 shares in the company, valued at $61,148,074.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Seagate Technology news, Director Yolanda Lee Conyers sold 750 shares of the stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total transaction of $72,075.00. Following the transaction, the director now directly owns 3,034 shares in the company, valued at approximately $291,567.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William D. Mosley sold 20,000 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $93.46, for a total transaction of $1,869,200.00. Following the sale, the chief executive officer now directly owns 654,270 shares in the company, valued at $61,148,074.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 56,627 shares of company stock worth $5,489,495. 0.89% of the stock is currently owned by company insiders.

Seagate Technology Stock Up 0.7 %

Seagate Technology stock opened at $106.63 on Wednesday. Seagate Technology Holdings plc has a 52-week low of $63.32 and a 52-week high of $113.57. The firm has a fifty day moving average of $101.05 and a 200-day moving average of $96.73. The firm has a market capitalization of $22.39 billion, a P/E ratio of -82.66 and a beta of 1.03.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.29. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same quarter in the prior year, the business earned ($0.29) earnings per share. The business’s quarterly revenue was up 17.8% compared to the same quarter last year. On average, research analysts expect that Seagate Technology Holdings plc will post 6.72 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 23rd will be paid a $0.70 dividend. The ex-dividend date of this dividend is Monday, September 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.63%. Seagate Technology’s dividend payout ratio (DPR) is presently -217.05%.

About Seagate Technology

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.