Seagate Technology (NASDAQ:STX) Releases Q4 2024 Earnings Guidance

Seagate Technology (NASDAQ:STX) updated its fourth quarter 2024 earnings guidance on Tuesday. 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.

Analysts Set New Price Targets

A number of research firms have recently issued reports on STX. Rosenblatt Securities lifted their price objective on shares of Seagate Technology from $100.00 to $115.00 and gave the stock a buy rating in a report on Thursday, January 25th. Evercore ISI began coverage on Seagate Technology in a research report on Tuesday, February 27th. They set an outperform rating and a $110.00 price objective on the stock. Cantor Fitzgerald boosted their target price on Seagate Technology from $95.00 to $100.00 and gave the stock a neutral rating in a research report on Wednesday. TD Cowen upped their target price on Seagate Technology from $85.00 to $110.00 and gave the stock an outperform rating in a research note on Thursday, January 25th. Finally, Benchmark reissued 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 issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Seagate Technology presently has an average rating of Hold and a consensus target price of $94.53.

Seagate Technology Stock Performance

Shares of NASDAQ STX traded up $0.15 during mid-day trading on Thursday, hitting $87.26. 3,164,158 shares of the stock traded hands, compared to its average volume of 2,859,756. The company has a market cap of $18.28 billion, a price-to-earnings ratio of -67.64, a PEG ratio of 715.12 and a beta of 1.04. The stock has a fifty day moving average price of $89.28 and a 200-day moving average price of $82.67. Seagate Technology has a 52 week low of $54.47 and a 52 week high of $101.26.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. The business had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.68 billion. The company’s revenue was down 11.0% on a year-over-year basis. During the same period last year, the business earned ($0.43) earnings per share. As a group, sell-side analysts predict that Seagate Technology will post 0.1 EPS for the current fiscal year.

Seagate Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Thursday, June 20th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.21%. The ex-dividend date of this dividend is Thursday, June 20th. Seagate Technology’s dividend payout ratio (DPR) is -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.