Counterweight Ventures LLC Makes New Investment in Seagate Technology Holdings plc (NASDAQ:STX)

Counterweight Ventures LLC acquired a new position in Seagate Technology Holdings plc (NASDAQ:STX) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 3,750 shares of the data storage provider’s stock, valued at approximately $320,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in shares of Seagate Technology in the fourth quarter valued at $26,000. CVA Family Office LLC bought a new stake in shares of Seagate Technology during the 4th quarter valued at $27,000. Turtle Creek Wealth Advisors LLC acquired a new position in Seagate Technology in the 4th quarter worth about $28,000. Parkside Financial Bank & Trust increased its holdings in Seagate Technology by 85.4% in the 3rd quarter. Parkside Financial Bank & Trust now owns 445 shares of the data storage provider’s stock worth $29,000 after purchasing an additional 205 shares in the last quarter. Finally, Northwest Financial Advisors acquired a new stake in Seagate Technology during the fourth quarter worth approximately $31,000. Institutional investors and hedge funds own 92.87% of the company’s stock.

Insider Activity at Seagate Technology

In related news, SVP John Christopher Morris sold 11,158 shares of Seagate Technology stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $90.00, for a total value of $1,004,220.00. Following the completion of the sale, the senior vice president now owns 17,767 shares of the company’s stock, valued at $1,599,030. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Ban Seng Teh sold 10,742 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $100.00, for a total value of $1,074,200.00. Following the transaction, the executive vice president now directly owns 5,042 shares of the company’s stock, valued at approximately $504,200. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP John Christopher Morris sold 11,158 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the sale, the senior vice president now directly owns 17,767 shares in the company, valued at $1,599,030. The disclosure for this sale can be found here. Insiders sold a total of 37,531 shares of company stock valued at $3,592,946 in the last 90 days. Corporate insiders own 0.89% of the company’s stock.

Seagate Technology Stock Performance

Shares of STX traded down $0.90 on Friday, reaching $103.86. The stock had a trading volume of 1,311,340 shares, compared to its average volume of 2,391,491. The firm has a market capitalization of $21.81 billion, a price-to-earnings ratio of -80.51 and a beta of 1.03. The company has a 50-day simple moving average of $91.76 and a 200-day simple moving average of $88.49. Seagate Technology Holdings plc has a 12-month low of $57.32 and a 12-month high of $105.28.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. The firm had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter in the previous year, the business earned ($0.43) EPS. The company’s revenue for the quarter was down 11.0% compared to the same quarter last year. On average, analysts expect that Seagate Technology Holdings plc will post 0.44 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Thursday, June 20th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend is Thursday, June 20th. Seagate Technology’s dividend payout ratio (DPR) is presently -217.05%.

Analysts Set New Price Targets

STX has been the topic of several analyst reports. Barclays cut their target price on Seagate Technology from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Monday, April 22nd. Citigroup initiated coverage on Seagate Technology in a research report on Tuesday, May 14th. They set a “buy” rating and a $110.00 target price for the company. Bank of America reiterated a “buy” rating and issued a $110.00 price objective on shares of Seagate Technology in a report on Wednesday, June 5th. Cantor Fitzgerald boosted their target price on Seagate Technology from $95.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, April 24th. Finally, Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a research report on Wednesday, April 24th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $98.29.

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.