Seagate Technology (NASDAQ:STX) Issues Quarterly Earnings Results

Seagate Technology (NASDAQ:STX) posted its quarterly earnings results on Tuesday. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.29, Briefing.com reports. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.05%. The business had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same period in the prior year, the business posted ($0.29) earnings per share. The company’s revenue was up 17.8% on a year-over-year basis. Seagate Technology updated its Q1 guidance to $1.40 EPS and its Q1 2025 guidance to 1.200-1.600 EPS.

Seagate Technology Price Performance

STX stock traded down $5.57 during trading on Thursday, hitting $103.96. 4,175,596 shares of the stock traded hands, compared to its average volume of 2,635,174. Seagate Technology has a 1 year low of $57.32 and a 1 year high of $113.57. The stock has a market cap of $21.83 billion, a price-to-earnings ratio of -84.91 and a beta of 1.02. The firm’s 50 day moving average is $101.03 and its two-hundred day moving average is $92.83.

Seagate Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 23rd will be issued a $0.70 dividend. The ex-dividend date is Monday, September 23rd. This represents a $2.80 annualized dividend and a yield of 2.69%. Seagate Technology’s dividend payout ratio (DPR) is presently -217.05%.

Analyst Upgrades and Downgrades

STX has been the subject of a number of recent analyst reports. TD Cowen boosted their target price on Seagate Technology from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday. UBS Group raised their price target on Seagate Technology from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Wednesday. Loop Capital lifted their target price on Seagate Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday. Benchmark restated a “hold” rating on shares of Seagate Technology in a research note on Wednesday. Finally, Robert W. Baird boosted their price target on Seagate Technology from $100.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $115.94.

Insider Activity

In other news, SVP John Christopher Morris sold 5,928 shares of the business’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $99.99, for a total value of $592,740.72. Following the sale, the senior vice president now directly owns 12,185 shares in the company, valued at approximately $1,218,378.15. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, SVP John Christopher Morris sold 5,928 shares of the company’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $99.99, for a total transaction of $592,740.72. Following the transaction, the senior vice president now directly owns 12,185 shares of the company’s stock, valued at approximately $1,218,378.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Ban Seng Teh sold 9,703 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $95.00, for a total transaction of $921,785.00. Following the transaction, the executive vice president now directly owns 15,185 shares of the company’s stock, valued at $1,442,575. The disclosure for this sale can be found here. Insiders have sold 37,531 shares of company stock valued at $3,592,946 in the last ninety days. 0.89% of the stock is currently owned by company insiders.

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.