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 EPS guidance of 0.500-0.900 for the period, compared to the consensus EPS 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 Down 0.9 %

STX traded down $0.78 during trading on Wednesday, reaching $85.75. 5,316,215 shares of the stock traded hands, compared to its average volume of 2,824,443. The stock’s 50-day moving average is $89.29 and its 200 day moving average is $82.61. Seagate Technology has a 12 month low of $54.47 and a 12 month high of $101.26. The stock has a market capitalization of $17.97 billion, a PE ratio of -24.24, a P/E/G ratio of 703.97 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.29 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.68 billion. The company’s revenue was down 11.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.43) EPS. As a group, equities research analysts anticipate that Seagate Technology will post 0.1 EPS for the current year.

Seagate Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 20th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.27%. Seagate Technology’s payout ratio is currently -80.00%.

Analyst Ratings Changes

STX has been the subject of several recent research reports. Evercore ISI assumed coverage on shares of Seagate Technology in a research note on Tuesday, February 27th. They issued an outperform rating and a $110.00 target price for the company. Wells Fargo & Company increased their target price on Seagate Technology from $80.00 to $90.00 and gave the stock an equal weight rating in a research report on Thursday, February 1st. Susquehanna lifted their price target on Seagate Technology from $50.00 to $55.00 and gave the company a negative rating in a research report on Wednesday, April 10th. The Goldman Sachs Group increased their price objective on Seagate Technology from $84.00 to $96.00 and gave the stock a neutral rating in a report on Wednesday. Finally, TD Cowen raised their price target on shares of Seagate Technology from $85.00 to $110.00 and gave the company an outperform rating in a report on Thursday, January 25th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Hold and an average target price of $94.53.

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.