Seagate Technology (NASDAQ:STX) Updates Q4 Earnings Guidance

Seagate Technology (NASDAQ:STX) updated its fourth quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.50-0.90 for the period, compared to the consensus earnings per share 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 Analyst Weigh In

A number of brokerages recently commented on STX. BNP Paribas downgraded shares of Seagate Technology from a neutral rating to an underperform rating and set a $65.00 target price for the company. in a research note on Thursday, January 11th. Morgan Stanley raised shares of Seagate Technology from an equal weight rating to an overweight rating and boosted their price target for the company from $73.00 to $115.00 in a research report on Tuesday, March 26th. Susquehanna boosted their price target 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. Wells Fargo & Company boosted their price target on shares of Seagate Technology from $80.00 to $90.00 and gave the company an equal weight rating in a research report on Thursday, February 1st. Finally, Cantor Fitzgerald reissued a neutral rating and issued a $95.00 price target on shares of Seagate Technology in a research report on Monday, March 4th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Seagate Technology has a consensus rating of Hold and an average price target of $91.73.

Seagate Technology Stock Up 1.6 %

Shares of STX stock traded up $1.35 during mid-day trading on Tuesday, reaching $86.53. The company’s stock had a trading volume of 5,913,258 shares, compared to its average volume of 2,798,031. The company’s 50 day simple moving average is $89.31 and its 200-day simple moving average is $82.47. Seagate Technology has a 12-month low of $54.47 and a 12-month high of $101.26. The firm has a market capitalization of $18.13 billion, a PE ratio of -24.34, a price-to-earnings-growth ratio of 681.49 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last issued its earnings results on Wednesday, January 24th. The data storage provider reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.19. The business had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.56 billion. As a group, research analysts anticipate that Seagate Technology will post 0.1 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The company also recently declared 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. This represents a $2.80 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date of this dividend was Wednesday, March 20th. 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.