Seagate Technology (NASDAQ:STX) Releases Q2 Earnings Guidance

Seagate Technology (NASDAQ:STX) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $1.65-2.05 for the period, compared to the consensus earnings per share estimate of $1.74. The company issued revenue guidance of $2.15-2.45 billion, compared to the consensus revenue estimate of $2.29 billion.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Evercore ISI lifted their price target on Seagate Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 16th. Morgan Stanley lifted their target price on shares of Seagate Technology from $115.00 to $133.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Wedbush increased their price target on shares of Seagate Technology from $100.00 to $130.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Cantor Fitzgerald boosted their price objective on shares of Seagate Technology from $120.00 to $125.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Finally, Susquehanna upped their price objective on shares of Seagate Technology from $55.00 to $65.00 and gave the company a “negative” rating in a research note on Wednesday, July 24th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $115.94.

Seagate Technology Trading Up 0.2 %

Seagate Technology stock traded up $0.23 on Tuesday, hitting $112.64. 3,021,824 shares of the stock traded hands, compared to its average volume of 2,486,256. The business’s fifty day simple moving average is $104.63 and its 200 day simple moving average is $99.37. The firm has a market cap of $23.71 billion, a P/E ratio of 72.99 and a beta of 1.04. Seagate Technology has a 1 year low of $64.12 and a 1 year high of $115.32.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings data on Tuesday, July 23rd. The data storage provider reported $1.05 EPS for the quarter, topping the consensus estimate of $0.76 by $0.29. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.87 billion. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. Seagate Technology’s quarterly revenue was up 17.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.29) earnings per share. As a group, analysts predict that Seagate Technology will post 7.09 earnings per share for the current year.

Insiders Place Their Bets

In other Seagate Technology news, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $96.10, for a total value of $72,075.00. Following the sale, the director now owns 3,034 shares in the company, valued at approximately $291,567.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Ban Seng Teh sold 10,117 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $110.00, for a total value of $1,112,870.00. Following the transaction, the executive vice president now owns 5,387 shares in the company, valued at approximately $592,570. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Yolanda Lee Conyers sold 750 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $96.10, for a total transaction of $72,075.00. Following the completion of the transaction, the director now owns 3,034 shares in the company, valued at approximately $291,567.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 223,284 shares of company stock worth $23,800,887. 0.81% of the stock is currently owned by company insiders.

About Seagate Technology

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.