Seagate Technology (NASDAQ:STX) Announces Quarterly Earnings Results

Seagate Technology (NASDAQ:STX) announced its quarterly earnings results on Tuesday. The data storage provider reported $1.05 EPS for the quarter, beating the consensus estimate of $0.76 by $0.29, Briefing.com reports. The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.87 billion. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The business’s quarterly revenue was up 17.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.29) EPS. Seagate Technology updated its Q1 guidance to $1.40 EPS and its Q1 2025 guidance to 1.200-1.600 EPS.

Seagate Technology Stock Performance

STX opened at $103.96 on Friday. The stock’s 50 day moving average price is $101.15 and its 200-day moving average price is $92.91. Seagate Technology has a 52-week low of $57.32 and a 52-week high of $113.57. The stock has a market capitalization of $21.83 billion, a PE ratio of -80.59 and a beta of 1.02.

Seagate Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 23rd will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.69%. The ex-dividend date is Monday, September 23rd. Seagate Technology’s dividend payout ratio (DPR) is currently -217.05%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on STX. Bank of America reissued a “buy” rating and set a $110.00 price objective on shares of Seagate Technology in a research note on Wednesday, June 5th. Barclays boosted their price objective on Seagate Technology from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Wednesday. Evercore ISI raised their target price on shares of Seagate Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a research note on Tuesday, July 16th. Loop Capital boosted their price target on shares of Seagate Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, The Goldman Sachs Group lifted their price objective on shares of Seagate Technology from $96.00 to $107.00 and gave the stock a “neutral” rating in a report on Wednesday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $115.94.

Insider Buying and Selling

In other Seagate Technology news, EVP Ban Seng Teh sold 9,703 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $95.00, for a total value of $921,785.00. Following the completion of the transaction, the executive vice president now directly owns 15,185 shares in the company, valued at approximately $1,442,575. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Seagate Technology news, EVP Ban Seng Teh sold 9,703 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $95.00, for a total transaction of $921,785.00. Following the transaction, the executive vice president now owns 15,185 shares in the company, valued at approximately $1,442,575. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP John Christopher Morris sold 5,928 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $99.99, for a total value of $592,740.72. Following the completion of the transaction, the senior vice president now owns 12,185 shares of the company’s stock, valued at approximately $1,218,378.15. The disclosure for this sale can be found here. Insiders sold 37,531 shares of company stock valued at $3,592,946 over the last quarter. 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.