Seagate Technology (NASDAQ:STX) Issues Quarterly Earnings Results

Seagate Technology (NASDAQ:STX) issued its quarterly earnings results 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 business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the previous year, the firm posted ($0.43) earnings per share. The firm’s quarterly revenue was down 11.0% on a year-over-year basis. 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 Price Performance

STX stock opened at $86.53 on Wednesday. The company has a 50 day simple moving average of $89.29 and a 200 day simple moving average of $82.61. The stock has a market cap of $18.13 billion, a price-to-earnings ratio of -24.72, a P/E/G 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.

Seagate Technology Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Cantor Fitzgerald reiterated a “neutral” rating and issued a $95.00 price target on shares of Seagate Technology in a research note on Monday, March 4th. 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 research note on Thursday, January 25th. The Goldman Sachs Group lifted their price target on shares of Seagate Technology from $65.00 to $84.00 and gave the company a “neutral” rating in a research note on Friday, January 26th. Mizuho reiterated a “buy” rating and issued a $100.00 price target on shares of Seagate Technology in a research note on Tuesday, April 9th. Finally, Susquehanna boosted their price objective on shares of Seagate Technology from $50.00 to $55.00 and gave the stock a “negative” rating in a research note on Wednesday, April 10th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company 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.