Seagate Technology (NASDAQ:STX) Releases 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 (EPS) guidance of 0.500-0.900 for the period, compared to the consensus 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.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. The Goldman Sachs Group lifted their price objective 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. Susquehanna raised their target price on shares of Seagate Technology from $50.00 to $55.00 and gave the company a negative rating in a research report on Wednesday, April 10th. Rosenblatt Securities lifted their price target on shares of Seagate Technology from $100.00 to $115.00 and gave the stock a buy rating in a report on Thursday, January 25th. Mizuho reissued a buy rating and set a $100.00 target price on shares of Seagate Technology in a research note on Tuesday, April 9th. Finally, Wells Fargo & Company lifted their target price on shares of Seagate Technology from $80.00 to $90.00 and gave the stock an equal weight rating in a research note on Thursday, February 1st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Seagate Technology presently has a consensus rating of Hold and an average price target of $91.73.

Seagate Technology Stock Up 1.6 %

Seagate Technology stock traded up $1.35 during midday trading on Tuesday, hitting $86.53. 5,991,876 shares of the stock were exchanged, compared to its average volume of 2,798,703. Seagate Technology has a 52-week low of $54.47 and a 52-week high of $101.26. The stock has a market capitalization of $18.13 billion, a price-to-earnings ratio of -24.34, a price-to-earnings-growth ratio of 681.49 and a beta of 1.04. The business’s 50-day moving average price is $89.31 and its 200-day moving average price is $82.47.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter last year, the firm posted ($0.43) earnings per share. The firm’s revenue for the quarter was down 11.0% compared to the same quarter last year. On average, sell-side analysts predict that Seagate Technology will post 0.1 earnings per share for the current fiscal year.

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%.

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.