Northland Capmk Comments on Seagate Technology Holdings plc’s FY2024 Earnings (NASDAQ:STX)

Seagate Technology Holdings plc (NASDAQ:STX) – Investment analysts at Northland Capmk issued their FY2024 earnings per share (EPS) estimates for shares of Seagate Technology in a research report issued to clients and investors on Wednesday, April 24th. Northland Capmk analyst G. Richard expects that the data storage provider will earn $0.43 per share for the year. The consensus estimate for Seagate Technology’s current full-year earnings is $0.30 per share. Northland Capmk also issued estimates for Seagate Technology’s Q4 2024 earnings at $0.59 EPS, Q1 2025 earnings at $1.05 EPS, Q2 2025 earnings at $1.35 EPS, Q3 2025 earnings at $1.43 EPS, Q4 2025 earnings at $1.66 EPS, FY2025 earnings at $5.46 EPS and FY2026 earnings at $9.41 EPS.

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

Several other analysts also recently weighed in on the company. Morgan Stanley upgraded Seagate Technology from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $73.00 to $115.00 in a research note on Tuesday, March 26th. Evercore ISI initiated coverage on Seagate Technology in a research report on Tuesday, February 27th. They issued an “outperform” rating and a $110.00 price objective on the stock. TD Cowen upped their price objective on Seagate Technology from $85.00 to $110.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. The Goldman Sachs Group increased their price target on Seagate Technology from $84.00 to $96.00 and gave the company a “neutral” rating in a report on Wednesday, April 24th. Finally, Benchmark reissued a “hold” rating on shares of Seagate Technology in a report on Wednesday, April 24th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $94.53.

Seagate Technology Stock Down 0.2 %

Seagate Technology stock opened at $85.91 on Monday. The company has a market capitalization of $18.00 billion, a P/E ratio of -66.60, a PEG ratio of 238.62 and a beta of 1.04. The stock’s 50 day moving average is $89.21 and its 200 day moving average is $83.26. Seagate Technology has a twelve month low of $54.47 and a twelve month high of $101.26.

Institutional Investors Weigh In On Seagate Technology

A number of institutional investors have recently bought and sold shares of the business. Retirement Systems of Alabama grew its position in shares of Seagate Technology by 0.3% during the first quarter. Retirement Systems of Alabama now owns 43,005 shares of the data storage provider’s stock valued at $4,002,000 after purchasing an additional 130 shares in the last quarter. HB Wealth Management LLC grew its position in shares of Seagate Technology by 18.0% during the first quarter. HB Wealth Management LLC now owns 2,799 shares of the data storage provider’s stock valued at $260,000 after purchasing an additional 427 shares in the last quarter. Concord Wealth Partners grew its position in shares of Seagate Technology by 90.0% during the first quarter. Concord Wealth Partners now owns 1,900 shares of the data storage provider’s stock valued at $177,000 after purchasing an additional 900 shares in the last quarter. Vest Financial LLC purchased a new position in shares of Seagate Technology during the first quarter valued at about $204,000. Finally, Commonwealth Equity Services LLC grew its position in shares of Seagate Technology by 2.1% during the first quarter. Commonwealth Equity Services LLC now owns 83,720 shares of the data storage provider’s stock valued at $7,790,000 after purchasing an additional 1,682 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Seagate Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Thursday, June 20th will be paid a $0.70 dividend. 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 payout ratio is presently -217.05%.

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.