FY2024 Earnings Forecast for Seagate Technology Holdings plc (NASDAQ:STX) Issued By Wedbush

Seagate Technology Holdings plc (NASDAQ:STX) – Investment analysts at Wedbush upped their FY2024 EPS estimates for shares of Seagate Technology in a note issued to investors on Wednesday, April 24th. Wedbush analyst M. Bryson now expects that the data storage provider will post earnings of $0.49 per share for the year, up from their previous estimate of $0.10. Wedbush has a “Neutral” rating and a $100.00 price objective on the stock. The consensus estimate for Seagate Technology’s current full-year earnings is $0.30 per share. Wedbush also issued estimates for Seagate Technology’s Q4 2024 earnings at $0.65 EPS, Q1 2025 earnings at $1.01 EPS, Q2 2025 earnings at $1.54 EPS, Q3 2025 earnings at $1.74 EPS, Q4 2025 earnings at $1.99 EPS and FY2025 earnings at $6.27 EPS.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter in the previous year, the firm posted ($0.43) earnings per share. The company’s revenue for the quarter was down 11.0% on a year-over-year basis.

Several other equities analysts have also recently commented on STX. 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 report on Thursday, February 1st. Morgan Stanley raised shares of Seagate Technology from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $73.00 to $115.00 in a research note on Tuesday, March 26th. TD Cowen lifted their price objective on shares of Seagate Technology from $85.00 to $110.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Cantor Fitzgerald lifted their price objective on shares of Seagate Technology from $95.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, April 24th. Finally, Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a research note on Wednesday, April 24th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $94.53.

Seagate Technology Stock Performance

NASDAQ STX opened at $85.91 on Monday. The firm’s 50 day moving average price is $89.21 and its two-hundred day moving average price is $83.26. Seagate Technology has a twelve month low of $54.47 and a twelve month high of $101.26. The stock has a market cap of $18.00 billion, a price-to-earnings ratio of -66.60, a PEG ratio of 238.62 and a beta of 1.04.

Institutional Trading of Seagate Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Retirement Systems of Alabama increased its holdings in shares of Seagate Technology by 0.3% during the first quarter. Retirement Systems of Alabama now owns 43,005 shares of the data storage provider’s stock worth $4,002,000 after buying an additional 130 shares in the last quarter. HB Wealth Management LLC increased its holdings in shares of Seagate Technology by 18.0% during the first quarter. HB Wealth Management LLC now owns 2,799 shares of the data storage provider’s stock worth $260,000 after buying an additional 427 shares in the last quarter. Concord Wealth Partners increased its holdings in shares of Seagate Technology by 90.0% during the first quarter. Concord Wealth Partners now owns 1,900 shares of the data storage provider’s stock worth $177,000 after buying an additional 900 shares in the last quarter. Vest Financial LLC acquired a new stake in shares of Seagate Technology during the first quarter worth approximately $204,000. Finally, Commonwealth Equity Services LLC increased its holdings in shares of Seagate Technology by 2.1% during the first quarter. Commonwealth Equity Services LLC now owns 83,720 shares of the data storage provider’s stock worth $7,790,000 after buying an additional 1,682 shares in the last quarter. Institutional investors own 92.87% of the company’s stock.

Seagate Technology Dividend Announcement

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

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.