Seagate Technology (NASDAQ:STX) Updates 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 (EPS) guidance of 0.500-0.900 for the period, compared to the consensus 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.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Mizuho reiterated a buy rating and issued a $100.00 price objective on shares of Seagate Technology in a research note on Tuesday, April 9th. Susquehanna lifted 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 upped their price target on Seagate Technology from $80.00 to $90.00 and gave the stock an equal weight rating in a report on Thursday, February 1st. TD Cowen upped their target price on Seagate Technology from $85.00 to $110.00 and gave the company an outperform rating in a report on Thursday, January 25th. Finally, Cantor Fitzgerald lifted their price target on Seagate Technology from $95.00 to $100.00 and gave the stock a neutral rating in a research note on Wednesday. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $94.53.

Seagate Technology Stock Performance

Shares of STX traded up $0.15 during trading hours on Thursday, hitting $87.26. The stock had a trading volume of 3,164,158 shares, compared to its average volume of 2,859,756. The company’s fifty day simple moving average is $89.28 and its 200 day simple moving average is $82.67. Seagate Technology has a 12-month low of $54.47 and a 12-month high of $101.26. The firm has a market cap of $18.28 billion, a P/E ratio of -67.64, a P/E/G ratio of 715.12 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last released its quarterly earnings data 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 firm had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter last year, the business earned ($0.43) earnings per share. The business’s revenue for the quarter was down 11.0% compared to the same quarter last year. As a group, sell-side analysts predict that Seagate Technology will post 0.1 earnings per share for the current fiscal year.

Seagate Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Thursday, June 20th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend is Thursday, June 20th. Seagate Technology’s payout ratio is -217.05%.

About Seagate Technology

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.