Cantor Fitzgerald Brokers Lift Earnings Estimates for Seagate Technology Holdings plc (NASDAQ:STX)

Seagate Technology Holdings plc (NASDAQ:STX) – Equities researchers at Cantor Fitzgerald upped their FY2024 earnings per share (EPS) estimates for Seagate Technology in a research note issued to investors on Wednesday, April 24th. Cantor Fitzgerald analyst C. Muse now anticipates that the data storage provider will post earnings of $0.37 per share for the year, up from their previous forecast of $0.17. Cantor Fitzgerald has a “Neutral” rating and a $100.00 price objective on the stock. The consensus estimate for Seagate Technology’s current full-year earnings is $0.10 per share.

A number of other analysts have also recently weighed in on STX. UBS Group raised their price target on shares of Seagate Technology from $90.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday. Mizuho reiterated a “buy” rating and issued a $100.00 price target on shares of Seagate Technology in a research note on Tuesday, April 9th. BNP Paribas cut shares of 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. Morgan Stanley upgraded shares of Seagate Technology from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $73.00 to $115.00 in a research note on Tuesday, March 26th. Finally, Robert W. Baird lifted their price objective on shares of Seagate Technology from $70.00 to $100.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $94.53.

Seagate Technology Stock Performance

NASDAQ STX opened at $87.26 on Friday. The company’s 50-day simple moving average is $89.28 and its two-hundred day simple moving average is $82.67. Seagate Technology has a one year low of $54.47 and a one year high of $101.26. The company has a market capitalization of $18.28 billion, a price-to-earnings ratio of -67.64, a price-to-earnings-growth ratio of 719.92 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The company had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the prior year, the company earned ($0.43) earnings per share. Seagate Technology’s revenue was down 11.0% on a year-over-year basis.

Seagate Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Thursday, June 20th will be issued a $0.70 dividend. The ex-dividend date is Thursday, June 20th. This represents a $2.80 dividend on an annualized basis and a yield of 3.21%. Seagate Technology’s payout ratio is -217.05%.

Hedge Funds Weigh In On Seagate Technology

A number of institutional investors have recently added to or reduced their stakes in the stock. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in Seagate Technology in the 4th quarter valued at about $26,000. CVA Family Office LLC purchased a new stake in shares of Seagate Technology during the 4th quarter valued at approximately $27,000. Turtle Creek Wealth Advisors LLC acquired a new position in Seagate Technology in the fourth quarter valued at approximately $28,000. Parkside Financial Bank & Trust grew its position in Seagate Technology by 85.4% in the third quarter. Parkside Financial Bank & Trust now owns 445 shares of the data storage provider’s stock worth $29,000 after acquiring an additional 205 shares during the period. Finally, Northwest Financial Advisors acquired a new stake in Seagate Technology during the fourth quarter worth $31,000. Hedge funds and other institutional investors own 92.87% of the company’s stock.

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.