Seagate Technology (NASDAQ:STX) Updates Q1 2022 Earnings Guidance

Seagate Technology (NASDAQ:STX) issued an update on its first quarter 2022 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $2.050-$2.350 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.850. The company issued revenue guidance of $2.95 billion-$3.25 billion, compared to the consensus revenue estimate of $2.94 billion.Seagate Technology also updated its Q1 guidance to $2.05-2.35 EPS.

NASDAQ:STX traded up $0.75 on Thursday, reaching $83.35. 54,956 shares of the company’s stock were exchanged, compared to its average volume of 1,674,407. The company has a quick ratio of 0.81, a current ratio of 1.23 and a debt-to-equity ratio of 10.12. The stock has a market cap of $19.08 billion, a price-to-earnings ratio of 20.68, a price-to-earnings-growth ratio of 10.01 and a beta of 1.14. The business has a fifty day simple moving average of $91.68. Seagate Technology has a 52-week low of $43.53 and a 52-week high of $106.22.

Seagate Technology (NASDAQ:STX) last released its earnings results on Tuesday, July 20th. The data storage provider reported $2.00 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.74 by $0.26. Seagate Technology had a net margin of 9.80% and a return on equity of 88.26%. The firm had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.98 billion. During the same period in the prior year, the firm earned $1.20 earnings per share. The business’s quarterly revenue was up 19.7% compared to the same quarter last year. As a group, research analysts anticipate that Seagate Technology will post 5.08 EPS for the current year.

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

STX has been the subject of several research analyst reports. Citigroup increased their price objective on Seagate Technology from $85.00 to $100.00 and gave the company a neutral rating in a report on Wednesday, June 9th. Stifel Nicolaus increased their price objective on Seagate Technology from $95.00 to $115.00 and gave the company a buy rating in a report on Monday, June 14th. Northland Securities increased their price objective on Seagate Technology from $98.00 to $106.00 and gave the company an outperform rating in a report on Thursday. increased their price objective on Seagate Technology from $85.00 to $100.00 and gave the company a neutral rating in a report on Wednesday, June 9th. Finally, Loop Capital increased their price objective on Seagate Technology from $90.00 to $100.00 and gave the company a buy rating in a report on Wednesday, April 21st. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $92.43.

In related news, CEO William D. Mosley sold 77,754 shares of Seagate Technology stock in a transaction dated Monday, May 3rd. The stock was sold at an average price of $92.49, for a total transaction of $7,191,467.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Stephen J. Luczo sold 100,000 shares of Seagate Technology stock in a transaction dated Monday, April 26th. The stock was sold at an average price of $92.13, for a total value of $9,213,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 214,322 shares of company stock valued at $19,926,666. Company insiders own 0.97% of the company’s stock.

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 and Estimates for Seagate Technology (NASDAQ:STX)

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