Seagate Technology (NASDAQ:STX) Issues Q4 Earnings Guidance

Seagate Technology (NASDAQ:STX) updated its fourth quarter earnings guidance on Tuesday. The company provided EPS guidance of $0.50-0.90 for the period, compared to the consensus EPS estimate of $0.61. The company issued revenue guidance of $1.70-2.00 billion, compared to the consensus revenue estimate of $1.85 billion.

Wall Street Analysts Forecast Growth

STX has been the subject of a number of analyst reports. Robert W. Baird upped their price objective on Seagate Technology from $70.00 to $100.00 and gave the stock an outperform rating in a research note on Thursday, January 25th. Morgan Stanley raised Seagate Technology from an equal weight rating to an overweight rating and increased their price objective for the company from $73.00 to $115.00 in a report on Tuesday, March 26th. Mizuho reaffirmed a buy rating and set a $100.00 target price on shares of Seagate Technology in a report on Tuesday, April 9th. Evercore ISI began coverage on Seagate Technology in a research report on Tuesday, February 27th. They set an outperform rating and a $110.00 price target on the stock. Finally, The Goldman Sachs Group increased their price target on Seagate Technology from $65.00 to $84.00 and gave the stock a neutral rating in a research report on Friday, January 26th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Seagate Technology currently has an average rating of Hold and a consensus price target of $91.73.

Seagate Technology Price Performance

NASDAQ STX traded up $1.35 during trading hours on Tuesday, hitting $86.53. The company had a trading volume of 5,913,258 shares, compared to its average volume of 2,798,031. The firm’s 50 day moving average is $89.31 and its 200 day moving average is $82.47. The company has a market capitalization of $18.13 billion, a price-to-earnings ratio of -24.34, a P/E/G ratio of 681.49 and a beta of 1.04. Seagate Technology has a fifty-two week low of $54.47 and a fifty-two week high of $101.26.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Wednesday, January 24th. The data storage provider reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.19. The firm had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.56 billion. On average, equities analysts anticipate that Seagate Technology will post 0.1 EPS for the current year.

Seagate Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Thursday, March 21st were issued a dividend of $0.70 per share. The ex-dividend date was Wednesday, March 20th. This represents a $2.80 annualized dividend and a yield of 3.24%. Seagate Technology’s payout ratio is -80.00%.

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.