Seagate Technology (NASDAQ:STX) Releases Q3 Earnings Guidance

Seagate Technology (NASDAQ:STX) issued an update on its third quarter earnings guidance on Tuesday morning. 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.

Analysts Set New Price Targets

STX has been the subject of a number of recent analyst reports. Rosenblatt Securities upped their price objective on shares of Seagate Technology from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Mizuho decreased their price target on Seagate Technology from $130.00 to $110.00 and set an “outperform” rating for the company in a research report on Friday, January 10th. Morgan Stanley cut their price objective on Seagate Technology from $133.00 to $129.00 and set an “overweight” rating on the stock in a research report on Tuesday. StockNews.com lowered Seagate Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, January 14th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $125.00 price objective on shares of Seagate Technology in a report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Seagate Technology has a consensus rating of “Moderate Buy” and a consensus price target of $120.71.

Seagate Technology Trading Up 3.7 %

STX stock traded up $3.58 during midday trading on Tuesday, hitting $101.25. The company had a trading volume of 6,469,956 shares, compared to its average volume of 3,365,668. Seagate Technology has a 52 week low of $82.31 and a 52 week high of $115.32. The stock has a market cap of $21.42 billion, a price-to-earnings ratio of 26.44 and a beta of 1.06. The stock’s 50 day moving average price is $94.32 and its 200 day moving average price is $100.28.

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, topping analysts’ consensus estimates of $1.30 by $0.28. The business had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The company’s revenue was up 49.1% on a year-over-year basis. During the same quarter last year, the firm earned ($0.34) EPS. Analysts predict that Seagate Technology will post 7.18 earnings per share for the current year.

Insider Activity

In related news, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $101.82, for a total value of $76,365.00. Following the completion of the sale, the director now directly owns 6,555 shares in the company, valued at approximately $667,430.10. This trade represents a 10.27 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jay L. Geldmacher sold 4,100 shares of the business’s stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $103.30, for a total transaction of $423,530.00. Following the transaction, the director now directly owns 2,852 shares of the company’s stock, valued at $294,611.60. The trade was a 58.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,173 shares of company stock worth $5,529,679. Corporate 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.