Bayesian Capital Management LP Reduces Position in Seagate Technology Holdings plc (NASDAQ:STX)

Bayesian Capital Management LP trimmed its holdings in shares of Seagate Technology Holdings plc (NASDAQ:STX) by 75.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,504 shares of the data storage provider’s stock after selling 42,300 shares during the quarter. Bayesian Capital Management LP’s holdings in Seagate Technology were worth $1,257,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in shares of Seagate Technology during the fourth quarter worth about $26,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Seagate Technology during the fourth quarter worth about $28,000. Northwest Financial Advisors acquired a new position in Seagate Technology in the fourth quarter worth about $31,000. Valley National Advisers Inc. grew its stake in Seagate Technology by 39.7% in the fourth quarter. Valley National Advisers Inc. now owns 507 shares of the data storage provider’s stock worth $43,000 after purchasing an additional 144 shares in the last quarter. Finally, CarsonAllaria Wealth Management Ltd. acquired a new position in Seagate Technology in the fourth quarter valued at approximately $44,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on STX shares. Morgan Stanley lifted their target price on Seagate Technology from $115.00 to $133.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. The Goldman Sachs Group lifted their price target on Seagate Technology from $96.00 to $107.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Citigroup lifted their price target on Seagate Technology from $120.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Mizuho boosted their target price on Seagate Technology from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Finally, TD Cowen boosted their target price on Seagate Technology from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Seagate Technology currently has a consensus rating of “Hold” and a consensus price target of $115.94.

Insider Activity at Seagate Technology

In related news, EVP Ban Seng Teh sold 9,703 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $95.00, for a total value of $921,785.00. Following the completion of the sale, the executive vice president now owns 15,185 shares of the company’s stock, valued at $1,442,575. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, SVP John Christopher Morris sold 11,158 shares of Seagate Technology stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the transaction, the senior vice president now directly owns 17,767 shares of the company’s stock, valued at $1,599,030. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Ban Seng Teh sold 9,703 shares of Seagate Technology stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $95.00, for a total transaction of $921,785.00. Following the transaction, the executive vice president now directly owns 15,185 shares in the company, valued at $1,442,575. The disclosure for this sale can be found here. Insiders sold a total of 47,648 shares of company stock valued at $4,705,816 over the last quarter. Corporate insiders own 0.89% of the company’s stock.

Seagate Technology Price Performance

Seagate Technology stock opened at $101.83 on Wednesday. The company has a market capitalization of $21.38 billion, a price-to-earnings ratio of -76.82 and a beta of 1.02. Seagate Technology Holdings plc has a one year low of $62.43 and a one year high of $113.57. The company’s fifty day moving average price is $101.56 and its two-hundred day moving average price is $93.50.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, July 23rd. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $1.87 billion. During the same period in the prior year, the company earned ($0.29) earnings per share. The business’s quarterly revenue was up 17.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Seagate Technology Holdings plc will post 6.21 earnings per share for the current year.

Seagate Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 23rd will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date is Monday, September 23rd. Seagate Technology’s dividend payout ratio is currently -217.05%.

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.