Seagate Technology (NASDAQ:STX) Issues Quarterly Earnings Results

Seagate Technology (NASDAQ:STX) posted its quarterly earnings results on Tuesday. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.30, Briefing.com reports. The business had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter in the previous year, the company earned ($0.29) earnings per share. The business’s quarterly revenue was up 17.8% on a year-over-year basis. Seagate Technology updated its Q1 guidance to $1.40 EPS.

Seagate Technology Stock Down 0.8 %

Shares of NASDAQ STX traded down $0.88 on Tuesday, reaching $105.30. 3,765,591 shares of the company’s stock traded hands, compared to its average volume of 2,575,662. Seagate Technology has a 12 month low of $57.32 and a 12 month high of $109.63. The business’s 50 day simple moving average is $100.63 and its two-hundred day simple moving average is $92.54. The company has a market cap of $22.11 billion, a price-to-earnings ratio of -81.46 and a beta of 1.02.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on STX shares. UBS Group upped their price objective on shares of Seagate Technology from $90.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, April 24th. Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a research note on Wednesday, April 24th. Citigroup upped their price objective on shares of Seagate Technology from $110.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Loop Capital upped their price objective on shares of Seagate Technology from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, June 4th. Finally, Mizuho upped their price objective on shares of Seagate Technology from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Seagate Technology has a consensus rating of “Hold” and a consensus price target of $102.71.

Insider Buying and Selling at Seagate Technology

In other Seagate Technology news, SVP John Christopher Morris sold 11,158 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the senior vice president now owns 17,767 shares of the company’s stock, valued at $1,599,030. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP John Christopher Morris sold 11,158 shares of the stock in a transaction that occurred on 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 owns 17,767 shares in the company, valued at $1,599,030. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Ban Seng Teh sold 10,742 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $504,200. The disclosure for this sale can be found here. Over the last quarter, insiders sold 37,531 shares of company stock valued at $3,592,946. Corporate insiders own 0.89% 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.