Seagate Technology (NASDAQ:STX) Issues Q3 Earnings Guidance

Seagate Technology (NASDAQ:STX) updated its third quarter earnings guidance on Tuesday. The company provided EPS guidance of $1.50-1.90 for the period, compared to the consensus EPS estimate of $1.70. The company issued revenue guidance of $1.95-2.25 billion, compared to the consensus revenue estimate of $2.19 billion.

Analyst Ratings Changes

STX has been the subject of several research analyst reports. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $125.00 price target on shares of Seagate Technology in a research note on Wednesday, October 23rd. Evercore ISI upped their target price on Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Morgan Stanley cut their price target on Seagate Technology from $133.00 to $129.00 and set an “overweight” rating on the stock in a research report on Tuesday. Rosenblatt Securities increased their price target on shares of Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, Wells Fargo & Company dropped their price target on shares of Seagate Technology from $120.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Seagate Technology has a consensus rating of “Moderate Buy” and an average target price of $120.71.

Seagate Technology Stock Up 3.7 %

STX stock traded up $3.58 during trading on Tuesday, hitting $101.25. The company had a trading volume of 6,443,915 shares, compared to its average volume of 3,353,242. Seagate Technology has a 1-year low of $82.31 and a 1-year high of $115.32. The firm has a 50-day moving average price of $94.32 and a 200-day moving average price of $100.28. The firm has a market cap of $21.42 billion, a PE ratio of 26.44 and a beta of 1.06.

Seagate Technology (NASDAQ:STX) last announced its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.28. The business had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The business’s revenue was up 49.1% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.34) EPS. Sell-side analysts anticipate that Seagate Technology will post 7.18 earnings per share for the current year.

Insider Buying and Selling at Seagate Technology

In related news, CEO William D. Mosley sold 20,000 shares of Seagate Technology stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $99.53, for a total transaction of $1,990,600.00. Following the completion of the sale, the chief executive officer now owns 642,497 shares in the company, valued at approximately $63,947,726.41. This trade represents a 3.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Yolanda Lee Conyers sold 750 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $101.82, for a total transaction of $76,365.00. Following the sale, the director now owns 6,555 shares in the company, valued at approximately $667,430.10. This trade represents a 10.27 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,173 shares of company stock valued at $5,529,679. Insiders own 0.81% 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.