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

Seagate Technology (NASDAQ:STX) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 0.500-0.900 for the period, compared to the consensus EPS 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 %

Seagate Technology stock traded down $1.45 during mid-day trading on Friday, hitting $85.81. The company’s stock had a trading volume of 1,078,060 shares, compared to its average volume of 2,836,313. Seagate Technology has a twelve month low of $54.47 and a twelve month high of $101.26. 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. The stock’s fifty day moving average price is $89.28 and its two-hundred day moving average price is $82.67.

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

Seagate Technology Dividend Announcement

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

Wall Street Analyst Weigh In

STX has been the subject of several research analyst reports. Robert W. Baird upped their price target on shares of Seagate Technology from $70.00 to $100.00 and gave the company an outperform rating in a report on Thursday, January 25th. TD Cowen upped their price target on shares of Seagate Technology from $85.00 to $110.00 and gave the stock an outperform rating in a research report on Thursday, January 25th. Wedbush restated a neutral rating and set a $100.00 price objective on shares of Seagate Technology in a research note on Wednesday. Rosenblatt Securities upped their price objective on Seagate Technology from $100.00 to $115.00 and gave the company a buy rating in a research note on Thursday, January 25th. Finally, Susquehanna upped their price objective on shares of Seagate Technology from $50.00 to $55.00 and gave the company a negative rating in a report on Wednesday, April 10th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Seagate Technology presently has a consensus rating of Hold and an average target price of $94.53.

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.