Seagate Technology (NASDAQ:STX) Releases Earnings Results, Beats Expectations By $0.29 EPS

Seagate Technology (NASDAQ:STX) announced its quarterly earnings results on Tuesday. The data storage provider reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the prior year, the firm posted ($0.29) earnings per share. The company’s revenue for the quarter 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 Stock Down 4.5 %

Shares of Seagate Technology stock traded down $4.98 on Thursday, hitting $104.55. The stock had a trading volume of 3,238,987 shares, compared to its average volume of 2,628,578. Seagate Technology has a one year low of $57.32 and a one year high of $113.57. The stock has a market cap of $21.95 billion, a price-to-earnings ratio of -84.91 and a beta of 1.02. The stock’s 50-day simple moving average is $101.03 and its two-hundred day simple moving average is $92.83.

Seagate Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 23rd will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend is Monday, September 23rd. Seagate Technology’s dividend payout ratio is -217.05%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on STX. Evercore ISI increased their price target on shares of Seagate Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a report on Tuesday, July 16th. Rosenblatt Securities increased their price target on shares of Seagate Technology from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday. Benchmark reaffirmed a “hold” rating on shares of Seagate Technology in a research note on Wednesday. Cantor Fitzgerald raised their target price on shares of Seagate Technology from $120.00 to $125.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Robert W. Baird raised their target price on shares of Seagate Technology from $100.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $115.94.

Insider Transactions at Seagate Technology

In other news, SVP John Christopher Morris sold 11,158 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total value of $1,004,220.00. Following the transaction, the senior vice president now owns 17,767 shares in the company, valued at $1,599,030. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Ban Seng Teh sold 10,742 shares of Seagate Technology stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $100.00, for a total value of $1,074,200.00. Following the sale, the executive vice president now owns 5,042 shares in the company, valued at $504,200. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John Christopher Morris sold 11,158 shares of Seagate Technology stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $90.00, for a total transaction of $1,004,220.00. Following the completion of the sale, the senior vice president now owns 17,767 shares in the company, valued at approximately $1,599,030. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,531 shares of company stock worth $3,592,946. Insiders own 0.89% of the company’s stock.

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.