Seagate Technology (NASDAQ:STX) Issues Q4 Earnings Guidance

Seagate Technology (NASDAQ:STX) issued an update on its fourth quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $0.50-0.90 for the period, compared to the consensus EPS 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.

Seagate Technology Price Performance

NASDAQ:STX traded down $1.31 during mid-day trading on Friday, hitting $85.95. 925,272 shares of the company’s stock were exchanged, compared to its average volume of 2,834,059. Seagate Technology has a one year low of $54.47 and a one year high of $101.26. The business has a fifty day moving average price of $89.28 and a 200 day moving average price of $82.67. The company has a market cap of $18.01 billion, a PE ratio of -67.64, a P/E/G ratio of 719.92 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, topping the consensus estimate of $0.29 by $0.04. The business had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the previous year, the firm earned ($0.43) EPS. The company’s revenue was down 11.0% on a year-over-year basis. On average, equities analysts forecast that Seagate Technology will post 0.1 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The business 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. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $2.80 dividend on an annualized basis and a yield of 3.26%. Seagate Technology’s dividend payout ratio (DPR) is -217.05%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on STX. The Goldman Sachs Group increased their price objective on shares of Seagate Technology from $84.00 to $96.00 and gave the company a neutral rating in a research report on Wednesday. Mizuho reaffirmed a buy rating and set a $100.00 target price on shares of Seagate Technology in a report 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 report on Thursday, January 11th. Evercore ISI assumed coverage on shares of Seagate Technology in a report on Tuesday, February 27th. They set an outperform rating and a $110.00 target price for the company. Finally, Barclays reduced their target price on shares of Seagate Technology from $85.00 to $80.00 and set an equal weight rating for the company in a report on Monday. 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 stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $94.53.

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.