Avala Global LP Sells 277,000 Shares of Seagate Technology Holdings plc (NASDAQ:STX)

Avala Global LP lessened its holdings in Seagate Technology Holdings plc (NASDAQ:STX - Free Report) by 53.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 244,695 shares of the data storage provider's stock after selling 277,000 shares during the quarter. Seagate Technology makes up about 1.8% of Avala Global LP's investment portfolio, making the stock its 25th largest holding. Avala Global LP owned about 0.12% of Seagate Technology worth $26,801,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the business. Tidal Investments LLC raised its position in Seagate Technology by 24.5% during the first quarter. Tidal Investments LLC now owns 4,289 shares of the data storage provider's stock valued at $399,000 after acquiring an additional 844 shares in the last quarter. Swedbank AB acquired a new stake in shares of Seagate Technology during the 1st quarter worth about $3,456,000. Burney Co. boosted its holdings in shares of Seagate Technology by 3.3% in the 1st quarter. Burney Co. now owns 3,948 shares of the data storage provider's stock worth $367,000 after acquiring an additional 125 shares in the last quarter. Cetera Investment Advisers grew its holdings in shares of Seagate Technology by 77.5% during the first quarter. Cetera Investment Advisers now owns 55,643 shares of the data storage provider's stock worth $5,178,000 after purchasing an additional 24,287 shares during the last quarter. Finally, Cetera Advisors LLC increased its position in Seagate Technology by 129.4% in the 1st quarter. Cetera Advisors LLC now owns 13,036 shares of the data storage provider's stock valued at $1,213,000 after acquiring an additional 7,353 shares in the last quarter. Institutional investors own 92.87% of the company's stock.

Insiders Place Their Bets

In other news, Director Yolanda Lee Conyers sold 750 shares of the company's stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total value of $72,075.00. Following the completion of the transaction, the director now owns 3,034 shares in the company, valued at $291,567.40. This represents a 19.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William D. Mosley sold 20,000 shares of the business's stock in a transaction on Friday, November 1st. The stock was sold at an average price of $99.53, for a total transaction of $1,990,600.00. Following the transaction, the chief executive officer now owns 642,497 shares in the company, valued at approximately $63,947,726.41. The trade was a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 201,820 shares of company stock valued at $21,892,856 in the last three months. Company insiders own 0.81% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Citigroup boosted their target price on Seagate Technology from $125.00 to $130.00 and gave the company a "buy" rating in a research note on Wednesday, October 23rd. Benchmark reissued a "hold" rating on shares of Seagate Technology in a research report on Wednesday, October 23rd. Evercore ISI boosted their price target on Seagate Technology from $125.00 to $135.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 23rd. Rosenblatt Securities increased their price objective on Seagate Technology from $125.00 to $140.00 and gave the company a "buy" rating in a report on Wednesday, October 23rd. Finally, StockNews.com raised shares of Seagate Technology from a "hold" rating to a "buy" rating in a research report on Thursday, October 17th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $118.83.

Seagate Technology Stock Performance

Seagate Technology stock traded up $1.83 during midday trading on Monday, reaching $103.16. 2,476,824 shares of the company were exchanged, compared to its average volume of 2,469,154. The firm's 50-day simple moving average is $104.51 and its 200-day simple moving average is $102.01. Seagate Technology Holdings plc has a 1 year low of $76.87 and a 1 year high of $115.32. The company has a market capitalization of $21.82 billion, a price-to-earnings ratio of 26.46 and a beta of 1.05.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.28. Seagate Technology had a negative return on equity of 32.19% and a net margin of 11.34%. The business had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the previous year, the firm posted ($0.34) earnings per share. The business's revenue was up 49.1% on a year-over-year basis. On average, analysts forecast that Seagate Technology Holdings plc will post 7.18 EPS for the current fiscal year.

Seagate Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be given a $0.72 dividend. This is an increase from Seagate Technology's previous quarterly dividend of $0.70. This represents a $2.88 annualized dividend and a dividend yield of 2.79%. The ex-dividend date is Friday, December 13th. Seagate Technology's dividend payout ratio (DPR) is currently 73.11%.

Seagate Technology Profile

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.