Seagate Technology (NASDAQ:STX) Issues Q4 2024 Earnings Guidance

Seagate Technology (NASDAQ:STX) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 0.500-0.900 for the period, compared to the consensus earnings per share estimate of 0.600. The company issued revenue guidance of $1.7 billion-$2.0 billion, compared to the consensus revenue estimate of $1.9 billion. Seagate Technology also updated its Q4 guidance to $0.50-0.90 EPS.

Seagate Technology Stock Up 1.6 %

NASDAQ:STX traded up $1.35 during mid-day trading on Tuesday, reaching $86.53. 5,991,876 shares of the company were exchanged, compared to its average volume of 2,798,703. Seagate Technology has a 12 month low of $54.47 and a 12 month high of $101.26. The company has a fifty day moving average of $89.31 and a 200 day moving average of $82.47. The stock has a market cap of $18.13 billion, a PE ratio of -24.34, a PEG ratio of 681.49 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.04. The business had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same period last year, the business posted ($0.43) EPS. The firm’s revenue for the quarter was down 11.0% compared to the same quarter last year. On average, equities research analysts anticipate that Seagate Technology will post 0.1 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 20th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.24%. Seagate Technology’s dividend payout ratio (DPR) is presently -80.00%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. BNP Paribas cut shares of Seagate Technology from a neutral rating to an underperform rating and set a $65.00 target price for the company. in a research note on Thursday, January 11th. Mizuho reissued a buy rating and issued a $100.00 target price on shares of Seagate Technology in a research report on Tuesday, April 9th. Barclays reduced their target price on shares of Seagate Technology from $85.00 to $80.00 and set an equal weight rating for the company in a research report on Monday. TD Cowen boosted their price target on Seagate Technology from $85.00 to $110.00 and gave the company an outperform rating in a research note on Thursday, January 25th. Finally, Susquehanna boosted their target price on Seagate Technology from $50.00 to $55.00 and gave the stock a negative rating in a research note on Wednesday, April 10th. Two research 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 data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price 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.