Seagate Technology (NASDAQ:STX) Releases 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.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on STX. Rosenblatt Securities increased their price target on Seagate Technology from $100.00 to $115.00 and gave the company a buy rating in a research note on Thursday, January 25th. The Goldman Sachs Group increased their target price on Seagate Technology from $84.00 to $96.00 and gave the company a neutral rating in a research note on Wednesday. Morgan Stanley raised Seagate Technology from an equal weight rating to an overweight rating and raised their price target for the stock from $73.00 to $115.00 in a research report on Tuesday, March 26th. Evercore ISI initiated coverage on shares of Seagate Technology in a report on Tuesday, February 27th. They set an outperform rating and a $110.00 price objective on the stock. Finally, Cantor Fitzgerald increased their target price on Seagate Technology from $95.00 to $100.00 and gave the stock a neutral rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $94.53.

Seagate Technology Stock Performance

NASDAQ:STX traded down $0.80 during mid-day trading on Wednesday, hitting $85.73. 4,536,487 shares of the stock were exchanged, compared to its average volume of 2,817,279. The stock has a market capitalization of $17.96 billion, a price-to-earnings ratio of -24.24, a price-to-earnings-growth ratio of 703.97 and a beta of 1.04. The firm’s 50-day simple moving average is $89.29 and its 200 day simple moving average is $82.61. Seagate Technology has a fifty-two week low of $54.47 and a fifty-two week high of $101.26.

Seagate Technology (NASDAQ:STX) last announced its earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.68 billion. The business’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.43) EPS. On average, analysts predict that Seagate Technology will post 0.1 EPS 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 given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.27%. Seagate Technology’s dividend payout ratio is -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.