Seagate Technology (NASDAQ:STX) Posts Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Seagate Technology (NASDAQ:STX) posted its quarterly earnings results 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 company had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the business posted ($0.43) EPS. Seagate Technology’s revenue for the quarter was down 11.0% compared to the same quarter last year. 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 Stock Up 0.7 %

STX opened at $87.11 on Thursday. The firm has a market cap of $18.25 billion, a P/E ratio of -67.53, a P/E/G ratio of 715.12 and a beta of 1.04. The business has a fifty day simple moving average of $89.30 and a 200-day simple moving average of $82.64. Seagate Technology has a 52 week low of $54.47 and a 52 week high of $101.26.

Seagate Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Stockholders 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 dividend yield of 3.21%. Seagate Technology’s dividend payout ratio is currently -217.05%.

Analyst Ratings Changes

STX has been the subject of several recent research reports. Cantor Fitzgerald increased their price target on Seagate Technology from $95.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday. Evercore ISI assumed coverage on Seagate Technology in a report on Tuesday, February 27th. They issued an “outperform” rating and a $110.00 price target for the company. Susquehanna raised their target price on Seagate Technology from $50.00 to $55.00 and gave the stock a “negative” rating in a research note on Wednesday, April 10th. BNP Paribas cut Seagate Technology from a “neutral” rating to an “underperform” rating and set a $65.00 target price for the company. in a research note on Thursday, January 11th. Finally, Rosenblatt Securities raised their target price on Seagate Technology from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. 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’s stock. According to MarketBeat.com, the company presently has an average 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.