Victory Capital Management Inc. Acquires 98,418 Shares of Seagate Technology Holdings plc (NASDAQ:STX)

Victory Capital Management Inc. lifted its stake in Seagate Technology Holdings plc (NASDAQ:STX - Free Report) by 133.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 171,952 shares of the data storage provider's stock after purchasing an additional 98,418 shares during the period. Victory Capital Management Inc. owned 0.08% of Seagate Technology worth $18,834,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Ashton Thomas Securities LLC bought a new stake in Seagate Technology in the third quarter valued at about $26,000. Quarry LP bought a new stake in shares of Seagate Technology in the 2nd quarter valued at $27,000. Kayne Anderson Rudnick Investment Management LLC raised its stake in Seagate Technology by 2,407.1% during the 2nd 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 period. Family Firm Inc. bought a new position in Seagate Technology during the second quarter worth about $41,000. Finally, JFS Wealth Advisors LLC increased its stake in Seagate Technology by 232.5% during the 3rd quarter. JFS Wealth Advisors LLC now owns 419 shares of the data storage provider's stock worth $46,000 after purchasing an additional 293 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company's stock.

Insiders Place Their Bets

In other news, SVP Kian Fatt Chong sold 9,182 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $105.50, for a total value of $968,701.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John Christopher Morris sold 1,131 shares of the business's stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $111.90, for a total value of $126,558.90. Following the completion of the transaction, the senior vice president now owns 7,191 shares in the company, valued at $804,672.90. The trade was a 13.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 201,820 shares of company stock valued at $21,892,856. Company insiders own 0.81% of the company's stock.

Seagate Technology Stock Performance

Shares of Seagate Technology stock traded up $0.78 during midday trading on Tuesday, hitting $97.80. The company had a trading volume of 1,766,473 shares, compared to its average volume of 2,478,112. Seagate Technology Holdings plc has a 52-week low of $75.52 and a 52-week high of $115.32. The stock has a market capitalization of $20.69 billion, a P/E ratio of 25.54 and a beta of 1.05. The company has a 50 day moving average of $104.94 and a 200 day moving average of $101.52.

Seagate Technology (NASDAQ:STX - Get Free Report) last issued its earnings results 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. The firm had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The business's revenue was up 49.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.34) earnings per share. Equities research analysts forecast that Seagate Technology Holdings plc will post 7.18 EPS for the current year.

Seagate Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Sunday, December 15th will be paid a $0.72 dividend. The ex-dividend date is Friday, December 13th. This is a positive change from Seagate Technology's previous quarterly dividend of $0.70. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.94%. Seagate Technology's payout ratio is currently 73.11%.

Analysts Set New Price Targets

STX has been the topic of several recent analyst reports. The Goldman Sachs Group boosted their price target on Seagate Technology from $96.00 to $107.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 24th. Robert W. Baird boosted their price objective on shares of Seagate Technology from $100.00 to $120.00 and gave the company an "outperform" rating in a report on Wednesday, July 24th. Wedbush reiterated an "outperform" rating and set a $150.00 price objective on shares of Seagate Technology in a research note on Wednesday, October 23rd. Citigroup lifted their price target on shares of Seagate Technology from $125.00 to $130.00 and gave the company a "buy" rating in a report on Wednesday, October 23rd. Finally, StockNews.com upgraded Seagate Technology from a "hold" rating to a "buy" rating in a research report on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average 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.