Seagate Technology (NASDAQ:STX) Updates Q4 Earnings Guidance

Seagate Technology (NASDAQ:STX) issued an update on its fourth quarter earnings guidance on Tuesday morning. 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.

Seagate Technology Price Performance

STX stock traded down $1.31 on Friday, reaching $85.95. 925,272 shares of the company were exchanged, compared to its average volume of 2,834,059. Seagate Technology has a 12 month low of $54.47 and a 12 month high of $101.26. The stock’s fifty day moving average price is $89.28 and its 200 day moving average price is $82.67. The firm has a market capitalization of $18.01 billion, a PE ratio of -67.64, a PEG ratio of 719.92 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.29 by $0.04. The firm had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.68 billion. The firm’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.43) EPS. As a group, research analysts expect that Seagate Technology will post 0.1 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Thursday, June 20th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date of this dividend is Thursday, June 20th. Seagate Technology’s dividend payout ratio (DPR) is currently -217.05%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on STX shares. Wedbush reaffirmed a neutral rating and issued a $100.00 price target on shares of Seagate Technology in a research note on Wednesday. Morgan Stanley upgraded Seagate Technology from an equal weight rating to an overweight rating and upped their target price for the company from $73.00 to $115.00 in a report on Tuesday, March 26th. Susquehanna upped their target price on Seagate Technology from $50.00 to $55.00 and gave the stock a negative rating in a research report on Wednesday, April 10th. Barclays lowered their price target on Seagate Technology from $85.00 to $80.00 and set an equal weight rating for the company in a research report on Monday. Finally, Wells Fargo & Company upped their price objective on Seagate Technology from $80.00 to $90.00 and gave the company an equal weight rating in a research note on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average price target 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.