Maverick Capital Ltd. Cuts Stake in Seagate Technology Holdings plc (NASDAQ:STX)

Maverick Capital Ltd. decreased its stake in shares of Seagate Technology Holdings plc (NASDAQ:STX - Free Report) by 6.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,088,271 shares of the data storage provider's stock after selling 78,345 shares during the period. Seagate Technology makes up 2.1% of Maverick Capital Ltd.'s investment portfolio, making the stock its 13th largest holding. Maverick Capital Ltd. owned approximately 0.52% of Seagate Technology worth $112,386,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of STX. Bessemer Group Inc. increased its stake in shares of Seagate Technology by 68.7% in the 1st quarter. Bessemer Group Inc. now owns 17,564 shares of the data storage provider's stock worth $1,634,000 after acquiring an additional 7,150 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Seagate Technology by 2.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 258,033 shares of the data storage provider's stock valued at $24,011,000 after purchasing an additional 6,044 shares during the last quarter. Chapin Davis Inc. increased its holdings in Seagate Technology by 210.8% in the 1st quarter. Chapin Davis Inc. now owns 29,152 shares of the data storage provider's stock worth $2,713,000 after buying an additional 19,773 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Seagate Technology by 1.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 136,111 shares of the data storage provider's stock valued at $11,620,000 after purchasing an additional 1,419 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Seagate Technology by 21.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 232,957 shares of the data storage provider's stock valued at $21,677,000 after buying an additional 40,649 shares during the period. 92.87% of the stock is owned by institutional investors.

Seagate Technology Stock Performance

Shares of STX stock traded down $2.13 on Friday, hitting $108.63. The stock had a trading volume of 324,885 shares, compared to its average volume of 2,538,787. Seagate Technology Holdings plc has a one year low of $63.88 and a one year high of $113.57. The business has a 50 day moving average price of $101.25 and a 200 day moving average price of $96.90.

Seagate Technology (NASDAQ:STX - Get Free Report) last released its quarterly earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 EPS for the quarter, topping the consensus estimate of $0.76 by $0.29. The firm had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.87 billion. Seagate Technology had a negative return on equity of 8.41% and a net margin of 5.11%. The business's revenue for the quarter was up 17.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.29) EPS. As a group, equities research analysts forecast that Seagate Technology Holdings plc will post 6.72 EPS for the current fiscal year.

Seagate Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 23rd will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend is Monday, September 23rd. Seagate Technology's dividend payout ratio is currently -217.05%.

Insider Transactions at Seagate Technology

In other Seagate Technology news, EVP Ban Seng Teh sold 10,117 shares of the firm's stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $110.00, for a total value of $1,112,870.00. Following the completion of the transaction, the executive vice president now owns 5,387 shares of the company's stock, valued at $592,570. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, EVP Ban Seng Teh sold 10,117 shares of the company's stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $110.00, for a total value of $1,112,870.00. Following the sale, the executive vice president now directly owns 5,387 shares of the company's stock, valued at approximately $592,570. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Yolanda Lee Conyers sold 750 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total value of $72,075.00. Following the sale, the director now directly owns 3,034 shares in the company, valued at $291,567.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,627 shares of company stock valued at $5,489,495. Corporate insiders own 0.89% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. StockNews.com cut shares of Seagate Technology from a "buy" rating to a "hold" rating in a research note on Friday, August 23rd. Benchmark reaffirmed a "hold" rating on shares of Seagate Technology in a report on Wednesday, July 24th. Robert W. Baird lifted their target price on Seagate Technology from $100.00 to $120.00 and gave the company an "outperform" rating in a research note on Wednesday, July 24th. Mizuho boosted their price target on Seagate Technology from $100.00 to $110.00 and gave the stock a "buy" rating in a report on Friday, May 31st. Finally, Northland Securities increased their price objective on shares of Seagate Technology from $119.00 to $142.00 and gave the company an "outperform" rating in a report on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Seagate Technology currently has a consensus rating of "Hold" and a consensus price target of $115.94.

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.