Seagate Technology (STX) Set to Announce Quarterly Earnings on Thursday

Posted by Defense World Staff on Apr 13th, 2023

Seagate Technology (NASDAQ:STX – Get Rating) is set to announce its earnings results after the market closes on Thursday, April 20th. Analysts expect the company to announce earnings of $0.22 per share for the quarter. Seagate Technology has set its Q3 guidance at $0.05-0.45 EPS and its Q3 2023 guidance at $0.05-$0.45 EPS.Parties that are interested in registering for the company’s conference call can do so using this link.

Seagate Technology (NASDAQ:STX – Get Rating) last released its quarterly earnings results on Wednesday, January 25th. The data storage provider reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.05. The company had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.83 billion. Seagate Technology had a net margin of 6.61% and a negative return on equity of 1,031.05%. Seagate Technology’s revenue was down 39.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.28 earnings per share. On average, analysts expect Seagate Technology to post $1 EPS for the current fiscal year and $5 EPS for the next fiscal year.

Seagate Technology Stock Down 0.7 %

Shares of STX opened at $66.38 on Thursday. The company has a market capitalization of $13.71 billion, a P/E ratio of 23.62, a price-to-earnings-growth ratio of 54.53 and a beta of 1.09. The firm has a 50 day moving average of $65.59 and a 200 day moving average of $58.61. Seagate Technology has a twelve month low of $47.47 and a twelve month high of $88.25.

Seagate Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 6th. Stockholders of record on Wednesday, March 22nd were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 4.22%. The ex-dividend date of this dividend was Tuesday, March 21st. Seagate Technology’s dividend payout ratio is presently 99.64%.

Insider Transactions at Seagate Technology

In other news, EVP Jeffrey D. Nygaard sold 36,809 shares of the business’s stock in a transaction on Wednesday, February 1st. The stock was sold at an average price of $69.14, for a total transaction of $2,544,974.26. Following the completion of the transaction, the executive vice president now owns 30,360 shares of the company’s stock, valued at approximately $2,099,090.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Seagate Technology

Several institutional investors have recently added to or reduced their stakes in STX. State of Wyoming bought a new position in shares of Seagate Technology in the fourth quarter worth approximately $36,000. CENTRAL TRUST Co raised its position in shares of Seagate Technology by 50.0% in the 3rd quarter. CENTRAL TRUST Co now owns 900 shares of the data storage provider’s stock worth $48,000 after purchasing an additional 300 shares during the last quarter. Stonebridge Capital Advisors LLC raised its position in Seagate Technology by 142.4% in the 4th quarter. Stonebridge Capital Advisors LLC now owns 1,166 shares of the data storage provider’s stock worth $61,000 after buying an additional 685 shares during the last quarter. Advisors Asset Management Inc. purchased a new position in Seagate Technology in the 4th quarter worth about $66,000. Finally, Alpha Paradigm Partners LLC increased its position in shares of Seagate Technology by 15.9% during the 3rd quarter. Alpha Paradigm Partners LLC now owns 3,360 shares of the data storage provider’s stock valued at $179,000 after purchasing an additional 461 shares during the last quarter. Institutional investors own 82.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on STX shares. Morgan Stanley boosted their target price on shares of Seagate Technology from $69.00 to $72.00 in a report on Thursday, January 26th. UBS Group upped their price target on shares of Seagate Technology from $55.00 to $65.00 and gave the company a “neutral” rating in a research note on Thursday, January 26th. Loop Capital increased their price objective on shares of Seagate Technology from $70.00 to $80.00 in a research note on Thursday, January 26th. The Goldman Sachs Group increased their price target on shares of Seagate Technology from $61.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, January 27th. Finally, Cowen increased their price objective on shares of Seagate Technology from $65.00 to $72.00 and gave the company an “outperform” rating in a report on Thursday, January 26th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $69.58.

About Seagate Technology

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Seagate Technology Holdings Plc operates as holding company that is engaged in the development, production, and distribution of data storage products and electronic data storage solutions. Its products include hard disk drives, solid state hybrid drives, solid state drives, peripheral component interconnect express cards, serial advanced technology attachment controllers, storage subsystems and computing solutions.