Shares of Seagate Technology PLC (NASDAQ:STX) ended Friday session in green amid volatile trading. The shares closed up +0.06 points or 0.16% at $36.46 with 2,497,642 shares getting traded. Post opening the session at $36.17, the shares hit an intraday low of $36.17 and an intraday high of $36.85 and the price vacillated in this range throughout the day. The company has a market cap of $10.95 billion and the numbers of outstanding shares have been calculated to be 298.61 million shares.
Seagate Technology PLC (STX) on September 9, 2016 announced a secondary block trade transaction of approximately 12.5 million ordinary and existing shares. Participating in this transaction are ValueAct Capital and Seagate Technology, as a result of which ValueAct Capital will become one of Seagate’s largest shareholders with approximately 9.5 million ordinary shares upon transaction closing. In connection with the transaction, ValueAct has been invited to serve as an observer on Seagate’s Board of Directors. The transaction is conditioned on customary regulatory approval which is expected by the end of September.
“We are very pleased to have ValueAct Capital as one of our largest investors. Seagate approached ValueAct to execute this transaction and become an investor in our company, given their commitment to and success in creating long-term value for the companies in which they invest. The Seagate Board and management team are looking forward to engaging with the ValueAct team as we leverage their experience and resources to further strengthen the company and create long-term investment appreciation for Seagate shareholders,” said Steve Luczo, Seagate’s chairman and chief executive officer.
“Seagate has a strong storage technology portfolio and is well positioned to benefit from attractive long-term secular trends,” said Mason Morfit, ValueAct Capital’s president. “We are very excited about the opportunity to work with the Seagate team, at both the Board and management level, to help increase long-term value for all shareholders.”
Shares of NetApp Inc. (NASDAQ:NTAP) ended Friday session in red amid volatile trading. The shares closed down -0.30 points or 0.83% at $35.66 with 2,481,797 shares getting traded. Post opening the session at $35.90, the shares hit an intraday low of $35.35 and an intraday high of $36.05 and the price vacillated in this range throughout the day. The company has a market cap of $9.85 billion and the numbers of outstanding shares have been calculated to be 278.67 million shares.
NetApp Inc. (NTAP) announced that it will host technology sessions in conjunction with the 2016 NetApp® Insight® conference in Las Vegas, Nevada, on September 27, 2016, from 9:00 a.m. to 12:30 p.m. Pacific Time. NetApp participants include George Kurian, chief executive officer; Dave Hitz, executive vice president and founder; Dave Wright, vice president and general manager, SolidFire; Mark Bregman, senior vice president, chief technical officer; Brendon Howe, senior vice president, emerging products and solutions; and Phil Brotherton, vice president, data fabric group. Henri Richard, executive vice president, worldwide field and customer operations, will moderate a customer panel. Audience members will include financial analysts and investors.
How to Participate
The live video webcast will be available at http://investors.netapp.com from 9:00 a.m. to 12:30 p.m. Pacific Time. A webcast replay of the event will be available at http://investors.netapp.com approximately 24 hours after the event.