Seagate Technology (NASDAQ:STX) Issues Q4 Earnings Guidance

Seagate Technology (NASDAQ:STX) issued an update on its fourth quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.50-0.90 for the period, compared to the consensus earnings per share estimate of $0.61. The company issued revenue guidance of $1.70-2.00 billion, compared to the consensus revenue estimate of $1.85 billion.

Seagate Technology Stock Up 1.6 %

Shares of STX traded up $1.35 during trading hours on Tuesday, reaching $86.53. The company’s stock had a trading volume of 5,915,734 shares, compared to its average volume of 2,797,277. Seagate Technology has a 1-year low of $54.47 and a 1-year high of $101.26. The firm has a market cap of $18.13 billion, a price-to-earnings ratio of -24.34, a P/E/G ratio of 681.49 and a beta of 1.04. The company has a 50 day moving average of $89.31 and a two-hundred day moving average of $82.47.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Wednesday, January 24th. The data storage provider reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.19. The business had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.56 billion. As a group, analysts forecast that Seagate Technology will post 0.1 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Thursday, March 21st were given a $0.70 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $2.80 annualized dividend and a yield of 3.24%. Seagate Technology’s dividend payout ratio is -80.00%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on STX. BNP Paribas lowered shares of Seagate Technology from a neutral rating to an underperform rating and set a $65.00 target price on the stock. in a research report on Thursday, January 11th. Evercore ISI started coverage on shares of Seagate Technology in a report on Tuesday, February 27th. They set an outperform rating and a $110.00 price target for the company. Wedbush reissued a neutral rating and set a $100.00 price target on shares of Seagate Technology in a report on Thursday, January 25th. Robert W. Baird lifted their price target on shares of Seagate Technology from $70.00 to $100.00 and gave the company an outperform rating in a report on Thursday, January 25th. Finally, TD Cowen lifted their price target on shares of Seagate Technology from $85.00 to $110.00 and gave the company an outperform rating in a report on Thursday, January 25th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Seagate Technology presently has an average rating of Hold and an average price target of $91.73.

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.