Seagate Technology (NASDAQ:STX) Shares Gap Up – Here’s Why

Seagate Technology Holdings plc (NASDAQ:STX) gapped up prior to trading on Monday . The stock had previously closed at $70.15, but opened at $74.93. Seagate Technology shares last traded at $73.14, with a volume of 500,711 shares traded.

Analysts Set New Price Targets

Several research firms have recently weighed in on STX. Wedbush reissued an “outperform” rating and issued a $150.00 price objective on shares of Seagate Technology in a research report on Wednesday, January 22nd. Northland Securities reissued an “outperform” rating and issued a $160.00 price target (up from $144.00) on shares of Seagate Technology in a report on Wednesday, January 22nd. Bank of America decreased their price target on shares of Seagate Technology from $130.00 to $112.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. UBS Group upped their price objective on shares of Seagate Technology from $95.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, January 22nd. Finally, StockNews.com downgraded Seagate Technology from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Seagate Technology currently has a consensus rating of “Moderate Buy” and an average price target of $118.78.

Seagate Technology Stock Performance

The company’s 50 day moving average price is $88.24 and its 200 day moving average price is $95.34. The company has a market cap of $15.24 billion, a price-to-earnings ratio of 13.16 and a beta of 1.21.

Seagate Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Wednesday, March 19th were paid a dividend of $0.72 per share. The ex-dividend date was Wednesday, March 19th. This represents a $2.88 annualized dividend and a yield of 4.00%. Seagate Technology’s dividend payout ratio is 52.65%.

Insider Transactions at Seagate Technology

In other Seagate Technology news, CEO William D. Mosley sold 20,000 shares of the business’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $84.56, for a total value of $1,691,200.00. Following the transaction, the chief executive officer now owns 555,677 shares of the company’s stock, valued at approximately $46,988,047.12. The trade was a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Capital Research Global Investors raised its stake in shares of Seagate Technology by 56.5% in the fourth quarter. Capital Research Global Investors now owns 15,621,162 shares of the data storage provider’s stock worth $1,348,262,000 after acquiring an additional 5,640,443 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Seagate Technology by 6.9% in the fourth quarter. Vanguard Group Inc. now owns 27,974,117 shares of the data storage provider’s stock valued at $2,414,446,000 after purchasing an additional 1,814,821 shares in the last quarter. Marshall Wace LLP bought a new position in Seagate Technology in the 4th quarter worth approximately $77,341,000. Junto Capital Management LP acquired a new position in Seagate Technology during the 4th quarter worth $60,303,000. Finally, Janus Henderson Group PLC boosted its position in Seagate Technology by 2,853.4% in the 4th quarter. Janus Henderson Group PLC now owns 670,976 shares of the data storage provider’s stock valued at $57,925,000 after buying an additional 648,257 shares during the last quarter. 92.87% of the stock is owned by institutional investors.

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.