Seagate Technology (NASDAQ:STX) Releases Quarterly Earnings Results, Beats Expectations By $0.29 EPS

Seagate Technology (NASDAQ:STX) released its quarterly earnings data 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 business had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same period last year, the business earned ($0.29) earnings per share. The company’s quarterly revenue was up 17.8% on a year-over-year basis. Seagate Technology updated its Q1 guidance to $1.40 EPS and its Q1 2025 guidance to 1.200-1.600 EPS.

Seagate Technology Trading Up 3.8 %

Shares of NASDAQ STX traded up $4.05 during midday trading on Wednesday, hitting $109.35. The company’s stock had a trading volume of 7,222,854 shares, compared to its average volume of 2,608,822. The business’s 50 day moving average is $100.82 and its two-hundred day moving average is $92.71. The firm has a market cap of $22.96 billion, a P/E ratio of -85.11 and a beta of 1.02. Seagate Technology has a 12-month low of $57.32 and a 12-month high of $113.57.

Insiders Place Their Bets

In other Seagate Technology news, SVP John Christopher Morris sold 11,158 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the transaction, the senior vice president now directly owns 17,767 shares in the company, valued at approximately $1,599,030. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Seagate Technology news, SVP John Christopher Morris sold 11,158 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the transaction, the senior vice president now directly owns 17,767 shares in the company, valued at approximately $1,599,030. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ban Seng Teh sold 9,703 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $95.00, for a total value of $921,785.00. Following the transaction, the executive vice president now owns 15,185 shares in the company, valued at $1,442,575. The disclosure for this sale can be found here. Insiders have sold 37,531 shares of company stock worth $3,592,946 in the last ninety days. 0.89% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

STX has been the topic of a number of recent research reports. TD Cowen increased their target price on Seagate Technology from $110.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday. Wedbush increased their target price on Seagate Technology from $100.00 to $130.00 and gave the company an “outperform” rating in a report on Monday. Rosenblatt Securities increased their target price on Seagate Technology from $115.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday. UBS Group increased their target price on Seagate Technology from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, Evercore ISI increased their target price on Seagate Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a report on Tuesday, July 16th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $115.94.

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.