Sumitomo Mitsui DS Asset Management Company Ltd Purchases 1,614 Shares of Seagate Technology Holdings plc (NASDAQ:STX)

Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Seagate Technology Holdings plc (NASDAQ:STX) by 5.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 30,763 shares of the data storage provider’s stock after acquiring an additional 1,614 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Seagate Technology were worth $2,626,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Nicholas Hoffman & Company LLC. bought a new stake in shares of Seagate Technology during the 4th quarter valued at $221,000. Verdence Capital Advisors LLC raised its stake in shares of Seagate Technology by 1.5% during the 4th quarter. Verdence Capital Advisors LLC now owns 29,987 shares of the data storage provider’s stock valued at $2,560,000 after purchasing an additional 439 shares during the period. abrdn plc raised its stake in shares of Seagate Technology by 78.8% during the 4th quarter. abrdn plc now owns 88,343 shares of the data storage provider’s stock valued at $7,542,000 after purchasing an additional 38,938 shares during the period. Daiwa Securities Group Inc. raised its stake in shares of Seagate Technology by 37.6% during the 4th quarter. Daiwa Securities Group Inc. now owns 21,524 shares of the data storage provider’s stock valued at $1,838,000 after purchasing an additional 5,881 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Seagate Technology by 8.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,782 shares of the data storage provider’s stock valued at $2,969,000 after purchasing an additional 2,647 shares during the period. 92.87% of the stock is currently owned by institutional investors.

Seagate Technology Stock Performance

Shares of STX opened at $86.53 on Wednesday. Seagate Technology Holdings plc has a fifty-two week low of $54.47 and a fifty-two week high of $101.26. The firm has a market cap of $18.13 billion, a price-to-earnings ratio of -24.72, a PEG ratio of 703.97 and a beta of 1.04. The firm has a 50 day moving average price of $89.29 and a 200-day moving average price of $82.61.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.04. The business had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the prior year, the firm earned ($0.43) earnings per share. The business’s revenue for the quarter was down 11.0% on a year-over-year basis. As a group, equities research analysts predict that Seagate Technology Holdings plc will post 0.1 earnings per share for the current year.

Seagate Technology Announces Dividend

The business also recently declared 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 annualized dividend and a yield of 3.24%. Seagate Technology’s payout ratio is -80.00%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on STX shares. Cantor Fitzgerald reiterated a “neutral” rating and set a $95.00 price objective on shares of Seagate Technology in a research note on Monday, March 4th. Barclays reduced their target price on Seagate Technology from $85.00 to $80.00 and set an “equal weight” rating for the company in a research report on Monday. Susquehanna raised their price target on Seagate Technology from $50.00 to $55.00 and gave the company a “negative” rating in a report on Wednesday, April 10th. Wells Fargo & Company boosted their price objective on Seagate Technology from $80.00 to $90.00 and gave the stock an “equal weight” rating in a report on Thursday, February 1st. Finally, Wedbush reaffirmed a “neutral” rating and issued a $100.00 target price on shares of Seagate Technology in a research note on Thursday, January 25th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $91.73.

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.