Seagate Technology (NASDAQ:STX) Announces Quarterly Earnings Results

Seagate Technology (NASDAQ:STX) issued its quarterly earnings data on Tuesday. The data storage provider reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.04, Briefing.com reports. The firm had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same period last year, the business earned ($0.43) EPS. The firm’s revenue was down 11.0% compared to the same quarter last year. Seagate Technology updated its Q4 guidance to $0.50-0.90 EPS and its Q4 2024 guidance to 0.500-0.900 EPS.

Seagate Technology Stock Performance

STX stock opened at $86.53 on Wednesday. The stock has a market capitalization of $18.13 billion, a price-to-earnings ratio of -24.72, a PEG ratio of 703.97 and a beta of 1.04. Seagate Technology has a 1 year low of $54.47 and a 1 year high of $101.26. The stock’s fifty day moving average is $89.29 and its two-hundred day moving average is $82.61.

Seagate Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Thursday, June 20th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.24%. Seagate Technology’s payout ratio is -80.00%.

Analyst Upgrades and Downgrades

STX has been the subject of a number of recent analyst reports. Cantor Fitzgerald reissued a “neutral” rating and set a $95.00 price target on shares of Seagate Technology in a research report on Monday, March 4th. Mizuho reissued a “buy” rating and set a $100.00 price target on shares of Seagate Technology in a research report on Tuesday, April 9th. Wedbush reissued a “neutral” rating and set a $100.00 price target on shares of Seagate Technology in a research report on Thursday, January 25th. Wells Fargo & Company raised their price target on shares of Seagate Technology from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 1st. Finally, BNP Paribas cut Seagate Technology from a “neutral” rating to an “underperform” rating and set a $65.00 price objective on the stock. in a research note on Thursday, January 11th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $91.73.

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.