Inlet Private Wealth LLC Acquires 5,300 Shares of Seagate Technology PLC (NASDAQ:STX)

Inlet Private Wealth LLC raised its holdings in Seagate Technology PLC (NASDAQ:STX) by 5.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 101,450 shares of the data storage provider’s stock after buying an additional 5,300 shares during the quarter. Seagate Technology comprises 1.7% of Inlet Private Wealth LLC’s investment portfolio, making the stock its 13th largest position. Inlet Private Wealth LLC’s holdings in Seagate Technology were worth $4,831,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Front Row Advisors LLC lifted its stake in shares of Seagate Technology by 91.0% in the 1st quarter. Front Row Advisors LLC now owns 573 shares of the data storage provider’s stock valued at $28,000 after purchasing an additional 273 shares during the period. First Interstate Bank purchased a new position in shares of Seagate Technology in the 1st quarter valued at approximately $31,000. Meridian Wealth Management LLC purchased a new position in shares of Seagate Technology in the 1st quarter valued at approximately $62,000. Proffitt & Goodson Inc. purchased a new position in shares of Seagate Technology in the 1st quarter valued at approximately $90,000. Finally, Investors Research Corp purchased a new position in shares of Seagate Technology in the 1st quarter valued at approximately $96,000. Hedge funds and other institutional investors own 85.32% of the company’s stock.

In other Seagate Technology news, Director Stephen J. Luczo sold 10,000 shares of Seagate Technology stock in a transaction on Monday, June 24th. The stock was sold at an average price of $47.00, for a total transaction of $470,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen J. Luczo sold 5,000 shares of Seagate Technology stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $47.21, for a total value of $236,050.00. The disclosure for this sale can be found here. Insiders have sold 119,999 shares of company stock valued at $5,876,251 in the last quarter. 1.00% of the stock is owned by company insiders.

Shares of NASDAQ:STX opened at $46.76 on Thursday. The company’s fifty day moving average is $46.84. The stock has a market capitalization of $12.95 billion, a PE ratio of 8.49, a price-to-earnings-growth ratio of 8.35 and a beta of 1.68. Seagate Technology PLC has a 12-month low of $35.38 and a 12-month high of $57.20. The company has a quick ratio of 1.16, a current ratio of 1.62 and a debt-to-equity ratio of 2.68.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data on Tuesday, April 30th. The data storage provider reported $0.83 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.12. The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.32 billion. Seagate Technology had a return on equity of 90.33% and a net margin of 13.73%. The firm’s quarterly revenue was down 17.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.46 earnings per share. Sell-side analysts predict that Seagate Technology PLC will post 4.78 EPS for the current fiscal year.

A number of research analysts have recently commented on STX shares. BidaskClub cut Seagate Technology from a “hold” rating to a “sell” rating in a research note on Tuesday, April 30th. Cleveland Research started coverage on Seagate Technology in a research note on Friday, June 7th. They issued a “hold” rating for the company. Zacks Investment Research upgraded Seagate Technology from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a research note on Friday, April 26th. Goldman Sachs Group set a $37.00 target price on Seagate Technology and gave the company a “sell” rating in a research note on Sunday, July 21st. Finally, Craig Hallum upgraded Seagate Technology from a “hold” rating to a “buy” rating and set a $56.00 target price for the company in a research note on Wednesday, May 1st. Five research analysts have rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $45.94.

Seagate Technology Profile

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It manufactures and distributes hard disk drives; solid state drives (SSDs), including serial attached small computer system interface and non-volatile memory express SSDs; solid state hybrid drives; and storage subsystems.

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Institutional Ownership by Quarter for Seagate Technology (NASDAQ:STX)

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