Seagate Technology (NASDAQ:STX) Posts Quarterly Earnings Results, Beats Estimates By $0.26 EPS

Seagate Technology (NASDAQ:STX) posted its earnings results on Tuesday. The data storage provider reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.26, MarketWatch Earnings reports. The firm had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.98 billion. Seagate Technology had a net margin of 9.80% and a return on equity of 88.26%. The business’s quarterly revenue was up 19.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.20 EPS.

Shares of NASDAQ STX traded up $0.71 during trading on Thursday, hitting $83.31. 83,483 shares of the company were exchanged, compared to its average volume of 1,674,407. Seagate Technology has a 12-month low of $43.53 and a 12-month high of $106.22. The company has a debt-to-equity ratio of 10.12, a current ratio of 1.23 and a quick ratio of 0.81. The company’s fifty day moving average is $91.68. The stock has a market cap of $19.07 billion, a price-to-earnings ratio of 20.68, a PEG ratio of 10.01 and a beta of 1.14.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 6th. Stockholders of record on Wednesday, September 22nd will be issued a dividend of $0.67 per share. The ex-dividend date of this dividend is Tuesday, September 21st. This represents a $2.68 annualized dividend and a dividend yield of 3.22%. Seagate Technology’s dividend payout ratio is presently 58.64%.

Several research firms have recently weighed in on STX. Benchmark cut their target price on shares of Seagate Technology from $112.00 to $102.00 and set a “buy” rating for the company in a report on Thursday. Rosenblatt Securities lifted their price target on shares of Seagate Technology from $95.00 to $110.00 and gave the company a “buy” rating in a research note on Wednesday, June 9th. Zacks Investment Research cut shares of Seagate Technology from a “buy” rating to a “hold” rating and set a $86.00 price target on the stock. in a research note on Monday, April 19th. Bank of America lifted their price target on shares of Seagate Technology from $107.00 to $120.00 and gave the company a “buy” rating in a research note on Thursday, May 20th. Finally, Stifel Nicolaus lifted their price target on shares of Seagate Technology from $95.00 to $115.00 and gave the company a “buy” rating in a research note on Monday, June 14th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $92.43.

In other Seagate Technology news, Director Stephen J. Luczo sold 100,000 shares of the business’s stock in a transaction dated Monday, April 26th. The shares were sold at an average price of $92.13, for a total transaction of $9,213,000.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Edward J. Zander sold 12,043 shares of the business’s stock in a transaction dated Thursday, June 10th. The stock was sold at an average price of $97.58, for a total transaction of $1,175,155.94. Following the sale, the director now owns 20,175 shares in the company, valued at $1,968,676.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 214,322 shares of company stock worth $19,926,666. 0.97% of the stock is owned by insiders.

About Seagate Technology

Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company offers hard disk and solid state drives, including serial advanced technology attachment, serial attached SCSI, and non-volatile memory express products; solid state hybrid drives; and storage subsystems.

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Earnings History for Seagate Technology (NASDAQ:STX)

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