Seagate Technology (NASDAQ:STX) Updates Q4 2024 Earnings Guidance

Seagate Technology (NASDAQ:STX) updated its fourth quarter 2024 earnings guidance on Tuesday. The company provided EPS guidance of 0.500-0.900 for the period, compared to the consensus EPS estimate of 0.600. The company issued revenue guidance of $1.7 billion-$2.0 billion, compared to the consensus revenue estimate of $1.9 billion. Seagate Technology also updated its Q4 guidance to $0.50-0.90 EPS.

Seagate Technology Stock Down 0.9 %

Shares of Seagate Technology stock traded down $0.78 on Wednesday, reaching $85.75. The company’s stock had a trading volume of 5,316,215 shares, compared to its average volume of 2,824,443. Seagate Technology has a 52-week low of $54.47 and a 52-week high of $101.26. The company has a market capitalization of $17.97 billion, a P/E ratio of -24.24, a PEG ratio of 703.97 and a beta of 1.04. The stock 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 issued its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, topping the consensus estimate of $0.29 by $0.04. The company had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.68 billion. Seagate Technology’s revenue was down 11.0% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.43) EPS. Sell-side analysts forecast that Seagate Technology will post 0.1 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Benchmark restated a hold rating on shares of Seagate Technology in a research report on Wednesday. Cantor Fitzgerald lifted their target price on shares of Seagate Technology from $95.00 to $100.00 and gave the stock a neutral rating in a research note on Wednesday. Robert W. Baird increased 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. Susquehanna boosted their price target on shares of Seagate Technology from $50.00 to $55.00 and gave the stock a negative rating in a research report on Wednesday, April 10th. Finally, BNP Paribas cut shares of Seagate Technology from a neutral rating to an underperform rating and set a $65.00 price objective for the company. in a research note on Thursday, January 11th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $94.53.

Seagate Technology Company 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.