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 earnings per share guidance of 0.500-0.900 for the period, compared to the consensus earnings per share 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 1.7 %

Shares of STX stock traded down $1.45 during trading hours on Friday, reaching $85.81. 1,078,060 shares of the company’s stock were exchanged, compared to its average volume of 2,836,313. Seagate Technology has a fifty-two week low of $54.47 and a fifty-two week high of $101.26. The business has a fifty day moving average price of $89.28 and a 200-day moving average price of $82.67. The stock has a market capitalization of $17.98 billion, a P/E ratio of -67.64, a P/E/G ratio of 719.92 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The company had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the previous year, the business posted ($0.43) earnings per share. The company’s revenue for the quarter was down 11.0% compared to the same quarter last year. As a group, research analysts expect that Seagate Technology will post 0.1 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 20th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend is Thursday, June 20th. Seagate Technology’s dividend payout ratio (DPR) is currently -217.05%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on STX. Morgan Stanley raised Seagate Technology from an equal weight rating to an overweight rating and upped their price objective for the company from $73.00 to $115.00 in a research report on Tuesday, March 26th. Wells Fargo & Company increased their target price on Seagate Technology from $80.00 to $90.00 and gave the company an equal weight rating in a research report on Thursday, February 1st. Wedbush reaffirmed a neutral rating and set a $100.00 price target on shares of Seagate Technology in a research report on Wednesday. Mizuho reiterated a buy rating and set a $100.00 price target on shares of Seagate Technology in a research report on Tuesday, April 9th. Finally, Benchmark restated a hold rating on shares of Seagate Technology in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Seagate Technology currently has a consensus 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.