Seagate Technology Holdings plc (NASDAQ:STX) Shares Acquired by Synovus Financial Corp

Synovus Financial Corp increased its holdings in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 36.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,054 shares of the data storage provider’s stock after acquiring an additional 1,087 shares during the quarter. Synovus Financial Corp’s holdings in Seagate Technology were worth $444,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Ashton Thomas Securities LLC purchased a new position in Seagate Technology in the 3rd quarter worth approximately $26,000. Quarry LP purchased a new position in Seagate Technology during the second quarter worth approximately $27,000. Kayne Anderson Rudnick Investment Management LLC boosted its stake in Seagate Technology by 2,407.1% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock worth $36,000 after buying an additional 337 shares during the last quarter. Family Firm Inc. purchased a new stake in Seagate Technology in the 2nd quarter valued at $41,000. Finally, Advisors Asset Management Inc. increased its stake in shares of Seagate Technology by 177.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 403 shares of the data storage provider’s stock worth $44,000 after acquiring an additional 258 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Seagate Technology Stock Performance

Shares of STX opened at $91.60 on Thursday. The company’s 50-day simple moving average is $101.72 and its 200-day simple moving average is $102.19. Seagate Technology Holdings plc has a 1 year low of $79.39 and a 1 year high of $115.32. The stock has a market capitalization of $19.38 billion, a PE ratio of 23.92 and a beta of 1.03.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.30 by $0.28. The company had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The firm’s quarterly revenue was up 49.1% on a year-over-year basis. During the same period in the prior year, the business earned ($0.34) EPS. On average, sell-side analysts predict that Seagate Technology Holdings plc will post 7.18 earnings per share for the current year.

Seagate Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Sunday, December 15th will be paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 3.14%. This is a boost from Seagate Technology’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, December 13th. Seagate Technology’s payout ratio is presently 75.20%.

Insiders Place Their Bets

In other Seagate Technology news, EVP Ban Seng Teh sold 4,872 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $110.00, for a total transaction of $535,920.00. Following the completion of the transaction, the executive vice president now owns 9,969 shares in the company, valued at $1,096,590. The trade was a 32.83 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $107.68, for a total transaction of $2,153,600.00. Following the sale, the chief executive officer now directly owns 648,616 shares of the company’s stock, valued at approximately $69,842,970.88. This trade represents a 2.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 221,961 shares of company stock worth $23,967,629 in the last quarter. 0.81% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on STX. Wedbush reissued an “outperform” rating and set a $150.00 price target on shares of Seagate Technology in a research report on Wednesday, October 23rd. Northland Securities increased their price target on shares of Seagate Technology from $142.00 to $144.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $125.00 price target on shares of Seagate Technology in a research report on Wednesday, October 23rd. StockNews.com upgraded Seagate Technology from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. Finally, Benchmark restated a “hold” rating on shares of Seagate Technology in a research report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $118.83.

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.