Seagate Technology (NASDAQ:STX) Updates Q4 Earnings Guidance


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Seagate Technology (NASDAQ:STX) updated its fourth quarter earnings guidance on Thursday. The company provided earnings per share guidance of $1.45-1.75 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.52. The company issued revenue guidance of $2.70-3.00 billion, compared to the consensus revenue estimate of $2.84 billion.

Seagate Technology stock traded up $0.20 during midday trading on Thursday, reaching $84.08. 4,436,902 shares of the stock traded hands, compared to its average volume of 3,584,272. The company has a quick ratio of 1.01, a current ratio of 1.51 and a debt-to-equity ratio of 2.27. Seagate Technology has a 12 month low of $43.53 and a 12 month high of $85.07. The stock’s fifty day moving average is $77.28 and its 200-day moving average is $64.81. The stock has a market cap of $19.90 billion, a P/E ratio of 21.45, a PEG ratio of 11.24 and a beta of 1.22.

Seagate Technology (NASDAQ:STX) last posted its earnings results on Wednesday, January 20th. The data storage provider reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.16. Seagate Technology had a net margin of 10.02% and a return on equity of 65.10%. The firm had revenue of $2.62 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same period last year, the firm posted $1.35 earnings per share. On average, equities analysts predict that Seagate Technology will post 4.4 EPS for the current fiscal year.

Several equities research analysts have weighed in on STX shares. Wedbush reissued a neutral rating and set a $62.00 price objective on shares of Seagate Technology in a research note on Monday, March 22nd. Summit Insights upgraded Seagate Technology from a hold rating to a buy rating in a report on Friday, January 22nd. Royal Bank of Canada raised their price target on Seagate Technology from $52.00 to $61.00 and gave the stock a sector perform rating in a research report on Friday, January 22nd. Mizuho boosted their price objective on shares of Seagate Technology from $65.00 to $78.00 and gave the company a neutral rating in a research report on Friday, February 26th. Finally, Benchmark raised their target price on shares of Seagate Technology from $70.00 to $82.00 and gave the stock a buy rating in a report on Thursday, February 25th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the stock. Seagate Technology presently has a consensus rating of Hold and a consensus target price of $71.42.

In other Seagate Technology news, Director Stephanie Tilenius sold 7,000 shares of the firm’s stock in a transaction on Thursday, March 11th. The stock was sold at an average price of $77.38, for a total value of $541,660.00. Following the transaction, the director now owns 16,468 shares in the company, valued at approximately $1,274,293.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jeffrey D. Nygaard sold 38,689 shares of the company’s stock in a transaction that occurred on Wednesday, January 27th. The shares were sold at an average price of $68.76, for a total value of $2,660,255.64. Following the completion of the sale, the executive vice president now owns 10,000 shares of the company’s stock, valued at $687,600. The disclosure for this sale can be found here. Insiders sold a total of 135,214 shares of company stock valued at $9,657,196 in the last 90 days. 0.97% of the stock is currently owned by company insiders.

About Seagate Technology

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company offers hard disk and solid state drives, including serial advanced technology attachment, serial attached SCSI, and non-volatile memory express products; solid state hybrid drives; and storage subsystems.

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Earnings History and Estimates for Seagate Technology (NASDAQ:STX)

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