Seagate Technology (NASDAQ:STX) Issues Q4 Earnings Guidance

Seagate Technology (NASDAQ:STX) updated its fourth quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.50-0.90 for the period, compared to the consensus earnings per share estimate of $0.61. The company issued revenue guidance of $1.70-2.00 billion, compared to the consensus revenue estimate of $1.85 billion. Seagate Technology also updated its Q4 2024 guidance to 0.500-0.900 EPS.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Mizuho reissued a buy rating and set a $100.00 target price on shares of Seagate Technology in a research note on Tuesday, April 9th. The Goldman Sachs Group raised their price objective on Seagate Technology from $84.00 to $96.00 and gave the company a neutral rating in a report on Wednesday. Cantor Fitzgerald upped their price objective on shares of Seagate Technology from $95.00 to $100.00 and gave the stock a neutral rating in a research report on Wednesday. Robert W. Baird lifted their target price on shares of Seagate Technology from $70.00 to $100.00 and gave the company an outperform rating in a research report on Thursday, January 25th. Finally, Wedbush reiterated a neutral rating and issued a $100.00 price objective on shares of Seagate Technology in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Hold and an average price target of $94.53.

Seagate Technology Trading Down 0.9 %

NASDAQ:STX traded down $0.80 during midday trading on Wednesday, reaching $85.73. The company had a trading volume of 4,536,487 shares, compared to its average volume of 2,817,279. Seagate Technology has a 12-month low of $54.47 and a 12-month high of $101.26. The firm has a market capitalization of $17.96 billion, a price-to-earnings ratio of -24.24, a PEG ratio of 703.97 and a beta of 1.04. The stock’s fifty day simple moving average is $89.29 and its 200-day simple moving average is $82.61.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings data 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. The company’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same period in the prior year, the company posted ($0.43) earnings per share. As a group, sell-side analysts expect that Seagate Technology will post 0.1 EPS for the current year.

Seagate Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Thursday, June 20th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.27%. Seagate Technology’s payout ratio is currently -80.00%.

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.