$2.72 Billion in Sales Expected for Seagate Technology PLC (NASDAQ:STX) This Quarter

Wall Street analysts predict that Seagate Technology PLC (NASDAQ:STX) will post $2.72 billion in sales for the current fiscal quarter, according to Zacks. Five analysts have made estimates for Seagate Technology’s earnings. The highest sales estimate is $2.73 billion and the lowest is $2.72 billion. Seagate Technology also posted sales of $2.72 billion in the same quarter last year. The firm is scheduled to announce its next earnings report after the market closes on Tuesday, February 4th.

According to Zacks, analysts expect that Seagate Technology will report full year sales of $10.42 billion for the current year, with estimates ranging from $9.93 billion to $10.76 billion. For the next year, analysts forecast that the company will post sales of $10.40 billion, with estimates ranging from $9.75 billion to $11.04 billion. Zacks’ sales averages are a mean average based on a survey of analysts that that provide coverage for Seagate Technology.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Friday, November 1st. The data storage provider reported $1.03 EPS for the quarter, beating the consensus estimate of $1.00 by $0.03. Seagate Technology had a return on equity of 61.26% and a net margin of 17.66%. The company had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.57 billion. During the same quarter in the prior year, the business earned $1.70 earnings per share. The firm’s revenue for the quarter was down 13.8% on a year-over-year basis.

Several equities analysts have recently commented on the company. Barclays reaffirmed a “sell” rating and issued a $42.00 target price on shares of Seagate Technology in a research report on Sunday, November 3rd. Morgan Stanley upped their target price on Seagate Technology from $61.00 to $66.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. Susquehanna Bancshares reaffirmed a “sell” rating and issued a $40.00 target price on shares of Seagate Technology in a research report on Monday, December 16th. Zacks Investment Research downgraded Seagate Technology from a “buy” rating to a “hold” rating and set a $62.00 target price on the stock. in a research report on Thursday, January 9th. Finally, Bank of America upped their target price on Seagate Technology from $45.00 to $50.00 and gave the company an “underperform” rating in a research report on Monday, November 4th. Five research analysts have rated the stock with a sell rating, twelve have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $52.53.

In other Seagate Technology news, SVP Katherine Schuelke sold 2,306 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $61.00, for a total transaction of $140,666.00. Following the completion of the sale, the senior vice president now directly owns 28,770 shares in the company, valued at $1,754,970. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP James J. Murphy sold 123,607 shares of the company’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $57.74, for a total value of $7,137,068.18. Following the sale, the executive vice president now owns 98,377 shares of the company’s stock, valued at $5,680,287.98. The disclosure for this sale can be found here. Insiders have sold 490,870 shares of company stock worth $28,688,546 in the last three months. 1.12% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in STX. Profund Advisors LLC lifted its stake in Seagate Technology by 32.8% during the second quarter. Profund Advisors LLC now owns 6,994 shares of the data storage provider’s stock worth $330,000 after purchasing an additional 1,726 shares during the last quarter. US Bancorp DE lifted its stake in shares of Seagate Technology by 15.6% in the 2nd quarter. US Bancorp DE now owns 8,554 shares of the data storage provider’s stock valued at $403,000 after acquiring an additional 1,157 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in shares of Seagate Technology by 306.8% in the 2nd quarter. Jacobs Levy Equity Management Inc. now owns 17,450 shares of the data storage provider’s stock valued at $822,000 after acquiring an additional 13,160 shares during the last quarter. A.R.T. Advisors LLC bought a new position in shares of Seagate Technology in the 2nd quarter valued at $721,000. Finally, Invesco Ltd. lifted its stake in shares of Seagate Technology by 5.2% in the 2nd quarter. Invesco Ltd. now owns 2,036,970 shares of the data storage provider’s stock valued at $95,982,000 after acquiring an additional 101,002 shares during the last quarter. Hedge funds and other institutional investors own 84.43% of the company’s stock.

Shares of Seagate Technology stock traded up $0.47 on Monday, hitting $63.23. The stock had a trading volume of 2,874,317 shares, compared to its average volume of 1,698,580. Seagate Technology has a twelve month low of $41.63 and a twelve month high of $64.17. The business’s 50 day moving average is $59.72 and its two-hundred day moving average is $54.33. The company has a quick ratio of 1.17, a current ratio of 1.58 and a debt-to-equity ratio of 2.34. The stock has a market cap of $16.49 billion, a price-to-earnings ratio of 10.02, a price-to-earnings-growth ratio of 10.59 and a beta of 1.61.

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 8th. Investors of record on Thursday, December 26th were given a dividend of $0.65 per share. The ex-dividend date of this dividend was Tuesday, December 24th. This represents a $2.60 dividend on an annualized basis and a yield of 4.11%. This is an increase from Seagate Technology’s previous quarterly dividend of $0.63. Seagate Technology’s dividend payout ratio is currently 53.94%.

About Seagate Technology

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It manufactures and distributes hard disk drives; solid state drives (SSDs), including serial attached small computer system interface and non-volatile memory express SSDs; solid state hybrid drives; and storage subsystems.

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