Seagate Technology (NASDAQ:STX) Announces Quarterly Earnings Results

Seagate Technology (NASDAQ:STX) released its quarterly earnings data on Tuesday. The data storage provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.29 by $0.04, Briefing.com reports. The business had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.68 billion. The firm’s revenue was down 11.0% on a year-over-year basis. During the same period last year, the company earned ($0.43) earnings per share. Seagate Technology updated its Q4 guidance to $0.50-0.90 EPS and its Q4 2024 guidance to 0.500-0.900 EPS.

Seagate Technology Price Performance

Shares of NASDAQ:STX opened at $87.11 on Thursday. Seagate Technology has a one year low of $54.47 and a one year high of $101.26. The company has a 50 day moving average of $89.30 and a 200-day moving average of $82.64. The stock has a market cap of $18.25 billion, a price-to-earnings ratio of -67.53, a P/E/G ratio of 715.12 and a beta of 1.04.

Seagate Technology Dividend Announcement

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 given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.21%. Seagate Technology’s payout ratio is presently -217.05%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on STX. Morgan Stanley upgraded shares of Seagate Technology from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $73.00 to $115.00 in a research note on Tuesday, March 26th. Mizuho reaffirmed a “buy” rating and set a $100.00 target price on shares of Seagate Technology in a research note on Tuesday, April 9th. Evercore ISI assumed coverage on shares of Seagate Technology in a research note on Tuesday, February 27th. They issued an “outperform” rating and a $110.00 price objective for the company. Wells Fargo & Company raised their price objective on shares of Seagate Technology from $80.00 to $90.00 and gave the company an “equal weight” rating in a research note on Thursday, February 1st. Finally, Rosenblatt Securities raised their target price on shares of Seagate Technology from $100.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, January 25th. 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 stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus 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.