Seagate Technology Holdings plc (NASDAQ:STX) Expected to Post Quarterly Sales of $3.10 Billion

Wall Street analysts expect Seagate Technology Holdings plc (NASDAQ:STX) to report sales of $3.10 billion for the current quarter, according to Zacks. Four analysts have issued estimates for Seagate Technology’s earnings, with estimates ranging from $3.10 billion to $3.11 billion. Seagate Technology posted sales of $2.31 billion during the same quarter last year, which suggests a positive year over year growth rate of 34.2%. The company is expected to announce its next earnings report on Thursday, October 28th.

On average, analysts expect that Seagate Technology will report full year sales of $11.82 billion for the current fiscal year, with estimates ranging from $11.69 billion to $12.00 billion. For the next fiscal year, analysts anticipate that the company will post sales of $12.11 billion, with estimates ranging from $11.73 billion to $12.45 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that cover Seagate Technology.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, July 20th. The data storage provider reported $2.00 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.74 by $0.26. The firm had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.98 billion. Seagate Technology had a return on equity of 130.74% and a net margin of 12.30%. The company’s revenue for the quarter was up 19.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.20 EPS.

Several research analysts recently commented on the stock. Zacks Investment Research downgraded shares of Seagate Technology from a “buy” rating to a “hold” rating and set a $95.00 price target on the stock. in a research note on Friday, August 13th. Citigroup boosted their price target on Seagate Technology from $85.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, June 9th. Northland Securities lifted their target price on Seagate Technology from $98.00 to $106.00 and gave the company an “outperform” rating in a research report on Thursday, July 22nd. Susquehanna Bancshares dropped their price target on Seagate Technology from $100.00 to $95.00 and set a “neutral” rating on the stock in a research report on Thursday, July 22nd. Finally, Benchmark lowered their price objective on shares of Seagate Technology from $112.00 to $102.00 and set a “buy” rating for the company in a research note on Thursday, July 22nd. Thirteen analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $97.39.

In other Seagate Technology news, EVP Ban Seng Teh sold 2,822 shares of the stock in a transaction dated Monday, September 13th. The shares were sold at an average price of $83.86, for a total value of $236,652.92. Following the completion of the transaction, the executive vice president now directly owns 11,118 shares of the company’s stock, valued at $932,355.48. The sale was disclosed in a filing with the SEC, which is available at this link. Over the last ninety days, insiders have sold 12,412 shares of company stock worth $1,103,059. Corporate insiders own 0.81% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. Penserra Capital Management LLC raised its position in shares of Seagate Technology by 20.1% in the second quarter. Penserra Capital Management LLC now owns 676 shares of the data storage provider’s stock valued at $59,000 after buying an additional 113 shares during the last quarter. Harbor Investment Advisory LLC raised its holdings in Seagate Technology by 23.8% in the 2nd quarter. Harbor Investment Advisory LLC now owns 593 shares of the data storage provider’s stock valued at $52,000 after acquiring an additional 114 shares during the last quarter. Kovack Advisors Inc. lifted its stake in shares of Seagate Technology by 1.3% during the 2nd quarter. Kovack Advisors Inc. now owns 9,764 shares of the data storage provider’s stock worth $859,000 after purchasing an additional 128 shares during the period. Wrapmanager Inc. grew its holdings in Seagate Technology by 0.8% in the 2nd quarter. Wrapmanager Inc. now owns 17,277 shares of the data storage provider’s stock valued at $1,519,000 after buying an additional 134 shares during the period. Finally, Kempen Capital Management N.V. grew its stake in shares of Seagate Technology by 41.3% during the 2nd quarter. Kempen Capital Management N.V. now owns 462 shares of the data storage provider’s stock valued at $41,000 after buying an additional 135 shares during the period. 78.63% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:STX opened at $85.04 on Friday. The firm has a market capitalization of $19.36 billion, a PE ratio of 15.63, a price-to-earnings-growth ratio of 9.09 and a beta of 1.08. The business has a 50 day simple moving average of $87.22 and a two-hundred day simple moving average of $86.97. Seagate Technology has a 1 year low of $46.89 and a 1 year high of $106.22. The company has a debt-to-equity ratio of 7.76, a current ratio of 1.29 and a quick ratio of 0.88.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 6th. Investors of record on Wednesday, September 22nd will be issued a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date of this dividend is Tuesday, September 21st. Seagate Technology’s dividend payout ratio is presently 50.85%.

Seagate Technology Company Profile

Seagate Technology Holdings Plc operates as holding company that is engaged in the development, production, and distribution of data storage products and electronic data storage solutions. Its products include hard disk drives, solid state hybrid drives, solid state drives, peripheral component interconnect express cards, serial advanced technology attachment controllers, storage subsystems and computing solutions.

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

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