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

Seagate Technology (NASDAQ:STX) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. 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 Trading Up 1.6 %

Seagate Technology stock traded up $1.35 during trading on Tuesday, hitting $86.53. The company had a trading volume of 5,991,876 shares, compared to its average volume of 2,798,703. Seagate Technology has a 1-year low of $54.47 and a 1-year high of $101.26. The company’s 50 day simple moving average is $89.31 and its 200-day simple moving average is $82.47. The stock has a market cap of $18.13 billion, a price-to-earnings ratio of -24.34, a price-to-earnings-growth ratio of 681.49 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last posted 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 business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.68 billion. The business’s revenue was down 11.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.43) EPS. As a group, analysts forecast that Seagate Technology will post 0.1 earnings per share for the current fiscal year.

Seagate Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Thursday, June 20th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.24%. Seagate Technology’s dividend payout ratio (DPR) is presently -80.00%.

Wall Street Analyst Weigh In

STX has been the subject of a number of research reports. The Goldman Sachs Group boosted their price target on shares of Seagate Technology from $65.00 to $84.00 and gave the company a neutral rating in a research report on Friday, January 26th. Robert W. Baird lifted their price objective on shares of Seagate Technology from $70.00 to $100.00 and gave the company an outperform rating in a research note on Thursday, January 25th. Wells Fargo & Company lifted 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. Morgan Stanley upgraded shares of Seagate Technology from an equal weight rating to an overweight rating and lifted their price objective for the company from $73.00 to $115.00 in a research note on Tuesday, March 26th. Finally, Cantor Fitzgerald reiterated a neutral rating and set a $95.00 price target on shares of Seagate Technology in a research note on Monday, March 4th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of Hold and a consensus price target of $91.73.

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.