Seagate Technology (NASDAQ:STX) Updates Q1 2022 Earnings Guidance

Seagate Technology (NASDAQ:STX) issued an update on its first quarter 2022 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $2.050-$2.350 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.850. The company issued revenue guidance of $2.95 billion-$3.25 billion, compared to the consensus revenue estimate of $2.94 billion.Seagate Technology also updated its Q1 guidance to $2.05-2.35 EPS.

STX stock traded up $0.75 during trading on Thursday, reaching $83.35. 54,956 shares of the company’s stock were exchanged, compared to its average volume of 1,674,407. The company has a current ratio of 1.23, a quick ratio of 0.81 and a debt-to-equity ratio of 10.12. Seagate Technology has a 1-year low of $43.53 and a 1-year high of $106.22. The company has a fifty day simple moving average of $91.68. The stock has a market capitalization of $19.08 billion, a price-to-earnings ratio of 20.68, a PEG ratio of 10.01 and a beta of 1.14.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, July 20th. The data storage provider reported $2.00 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.74 by $0.26. Seagate Technology had a return on equity of 88.26% and a net margin of 9.80%. The company had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.98 billion. During the same quarter in the previous year, the firm posted $1.20 EPS. The firm’s quarterly revenue was up 19.7% on a year-over-year basis. On average, analysts anticipate that Seagate Technology will post 5.08 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 6th. Shareholders of record on Wednesday, September 22nd will be given a dividend of $0.67 per share. The ex-dividend date is Tuesday, September 21st. This represents a $2.68 dividend on an annualized basis and a yield of 3.22%. Seagate Technology’s dividend payout ratio (DPR) is presently 58.64%.

Several analysts have recently weighed in on the company. Summit Insights lowered Seagate Technology from a buy rating to a hold rating in a report on Wednesday. Citigroup upped their price objective on Seagate Technology from $85.00 to $100.00 and gave the company a neutral rating in a report on Wednesday, June 9th. Zacks Investment Research lowered Seagate Technology from a buy rating to a hold rating and set a $86.00 price objective for the company. in a report on Monday, April 19th. Susquehanna cut their price objective on Seagate Technology from $100.00 to $95.00 and set a neutral rating for the company in a report on Thursday. Finally, Morgan Stanley upped their price objective on Seagate Technology from $114.00 to $118.00 and gave the company an overweight rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $92.43.

In other Seagate Technology news, CEO William D. Mosley sold 77,754 shares of the company’s stock in a transaction dated Monday, May 3rd. The stock was sold at an average price of $92.49, for a total value of $7,191,467.46. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Edward J. Zander sold 12,043 shares of the company’s stock in a transaction dated Thursday, June 10th. The stock was sold at an average price of $97.58, for a total value of $1,175,155.94. Following the completion of the transaction, the director now directly owns 20,175 shares in the company, valued at $1,968,676.50. The disclosure for this sale can be found here. Insiders have sold 214,322 shares of company stock worth $19,926,666 over the last three months. 0.97% of the stock is owned by insiders.

Seagate Technology Company Profile

Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company offers hard disk and solid state drives, including serial advanced technology attachment, serial attached SCSI, and non-volatile memory express products; solid state hybrid drives; and storage subsystems.

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Earnings History and Estimates for Seagate Technology (NASDAQ:STX)

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