Cantor Fitzgerald Equities Analysts Increase Earnings Estimates for Seagate Technology Holdings plc (NASDAQ:STX)

Seagate Technology Holdings plc (NASDAQ:STX) – Analysts at Cantor Fitzgerald boosted their FY2024 earnings per share (EPS) estimates for Seagate Technology in a note issued to investors on Wednesday, April 24th. Cantor Fitzgerald analyst C. Muse now expects that the data storage provider will post earnings per share of $0.37 for the year, up from their prior forecast of $0.17. Cantor Fitzgerald currently has a “Neutral” rating and a $100.00 target price on the stock. The consensus estimate for Seagate Technology’s current full-year earnings is $0.15 per share.

Other analysts also recently issued research reports about the stock. Robert W. Baird raised their price objective on shares of Seagate Technology from $70.00 to $100.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Morgan Stanley raised shares of Seagate Technology from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $73.00 to $115.00 in a research note on Tuesday, March 26th. Benchmark reissued a “hold” rating on shares of Seagate Technology in a research note on Wednesday. Evercore ISI started coverage on shares of Seagate Technology in a research note on Tuesday, February 27th. They issued an “outperform” rating and a $110.00 price objective for the company. Finally, Wedbush reaffirmed a “neutral” rating and set a $100.00 price target on shares of Seagate Technology in a research note on Wednesday. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $94.53.

Seagate Technology Trading Down 1.4 %

STX opened at $86.04 on Friday. The firm has a market cap of $18.03 billion, a P/E ratio of -66.70, a P/E/G ratio of 480.77 and a beta of 1.04. Seagate Technology has a 12 month low of $54.47 and a 12 month high of $101.26. The stock has a 50-day moving average of $89.25 and a 200 day moving average of $82.92.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings data on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.68 billion. The company’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.43) EPS.

Seagate Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Stockholders 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 dividend yield of 3.25%. The ex-dividend date of this dividend is Thursday, June 20th. Seagate Technology’s dividend payout ratio (DPR) is presently -217.05%.

Institutional Investors Weigh In On Seagate Technology

A number of large investors have recently made changes to their positions in STX. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in Seagate Technology during the fourth quarter valued at $26,000. CVA Family Office LLC acquired a new position in Seagate Technology during the fourth quarter valued at $27,000. Turtle Creek Wealth Advisors LLC acquired a new position in Seagate Technology during the fourth quarter valued at $28,000. Parkside Financial Bank & Trust lifted its position in Seagate Technology by 85.4% during the third quarter. Parkside Financial Bank & Trust now owns 445 shares of the data storage provider’s stock valued at $29,000 after purchasing an additional 205 shares during the period. Finally, Northwest Financial Advisors acquired a new position in Seagate Technology during the fourth quarter valued at $31,000. 92.87% of the stock is owned by hedge funds and other institutional investors.

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.