Seagate Technology (NASDAQ:STX) Updates Q1 Earnings Guidance

Seagate Technology (NASDAQ:STX) issued an update on its first quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $1.40 for the period, compared to the consensus earnings per share estimate of $1.16. The company issued revenue guidance of $2.07 billion, compared to the consensus revenue estimate of plus or minus $0.20.

Seagate Technology Trading Down 0.8 %

Shares of STX traded down $0.80 on Tuesday, reaching $105.38. The company’s stock had a trading volume of 3,161,892 shares, compared to its average volume of 2,571,350. Seagate Technology has a twelve month low of $57.32 and a twelve month high of $109.63. The stock has a market capitalization of $22.13 billion, a PE ratio of -81.46 and a beta of 1.02. The firm has a fifty day moving average of $100.63 and a 200-day moving average of $92.54.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. The company had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the prior year, the company earned ($0.43) earnings per share. The firm’s revenue was down 11.0% on a year-over-year basis. As a group, equities analysts anticipate that Seagate Technology will post 0.44 EPS for the current fiscal year.

Analyst Ratings Changes

STX has been the subject of several analyst reports. Morgan Stanley raised shares of Seagate Technology from an equal weight rating to an overweight rating and raised their price objective for the stock from $73.00 to $115.00 in a report on Tuesday, March 26th. Evercore ISI raised their price objective on shares of Seagate Technology from $110.00 to $125.00 and gave the stock an outperform rating in a report on Tuesday, July 16th. Barclays lowered their target price on shares of Seagate Technology from $85.00 to $80.00 and set an equal weight rating on the stock in a research note on Monday, April 22nd. The Goldman Sachs Group increased their target price on shares of Seagate Technology from $84.00 to $96.00 and gave the stock a neutral rating in a research note on Wednesday, April 24th. Finally, UBS Group increased their target price on shares of Seagate Technology from $90.00 to $95.00 and gave the stock a neutral rating in a research note on Wednesday, April 24th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $102.71.

Insider Buying and Selling

In other Seagate Technology news, SVP John Christopher Morris sold 11,158 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total value of $1,004,220.00. Following the sale, the senior vice president now owns 17,767 shares of the company’s stock, valued at approximately $1,599,030. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, EVP Ban Seng Teh sold 10,742 shares of Seagate Technology stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $100.00, for a total transaction of $1,074,200.00. Following the sale, the executive vice president now owns 5,042 shares of the company’s stock, valued at approximately $504,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John Christopher Morris sold 11,158 shares of Seagate Technology stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the sale, the senior vice president now directly owns 17,767 shares in the company, valued at approximately $1,599,030. The disclosure for this sale can be found here. Insiders have sold a total of 37,531 shares of company stock worth $3,592,946 in the last 90 days. 0.89% of the stock is owned by company insiders.

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.