FY2024 Earnings Forecast for Seagate Technology Holdings plc (NASDAQ:STX) Issued By Wedbush

Seagate Technology Holdings plc (NASDAQ:STX) – Research analysts at Wedbush boosted their FY2024 earnings estimates for Seagate Technology in a research note issued to investors on Wednesday, April 24th. Wedbush analyst M. Bryson now forecasts that the data storage provider will earn $0.49 per share for the year, up from their previous forecast of $0.10. Wedbush 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 $0.30 per share. Wedbush also issued estimates for Seagate Technology’s Q4 2024 earnings at $0.65 EPS, Q1 2025 earnings at $1.01 EPS, Q2 2025 earnings at $1.54 EPS, Q3 2025 earnings at $1.74 EPS, Q4 2025 earnings at $1.99 EPS and FY2025 earnings at $6.27 EPS.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period last year, the company posted ($0.43) earnings per share. The business’s revenue was down 11.0% compared to the same quarter last year.

A number of other equities analysts have also commented on the stock. BNP Paribas lowered shares of Seagate Technology from a “neutral” rating to an “underperform” rating and set a $65.00 price target on the stock. in a research report on Thursday, January 11th. Evercore ISI started coverage on shares of Seagate Technology in a research note on Tuesday, February 27th. They set an “outperform” rating and a $110.00 price objective on the stock. Cantor Fitzgerald increased their price objective on shares of Seagate Technology from $95.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 24th. Barclays reduced their price target on shares of Seagate Technology from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Monday, April 22nd. Finally, Benchmark restated a “hold” rating on shares of Seagate Technology in a research note on Wednesday, April 24th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $94.53.

Seagate Technology Price Performance

Shares of STX opened at $85.91 on Monday. The firm has a market capitalization of $18.00 billion, a PE ratio of -66.60, a PEG ratio of 238.62 and a beta of 1.04. The company’s 50-day moving average is $89.21 and its 200-day moving average is $83.26. Seagate Technology has a fifty-two week low of $54.47 and a fifty-two week high of $101.26.

Institutional Trading of Seagate Technology

A number of institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its holdings in shares of Seagate Technology by 9.2% during the third quarter. JPMorgan Chase & Co. now owns 17,680,400 shares of the data storage provider’s stock valued at $1,166,022,000 after acquiring an additional 1,485,937 shares in the last quarter. Stratos Wealth Partners LTD. raised its holdings in shares of Seagate Technology by 8.8% during the fourth quarter. Stratos Wealth Partners LTD. now owns 6,941 shares of the data storage provider’s stock valued at $593,000 after acquiring an additional 561 shares in the last quarter. Gotham Asset Management LLC raised its holdings in shares of Seagate Technology by 51.1% during the third quarter. Gotham Asset Management LLC now owns 86,680 shares of the data storage provider’s stock valued at $5,717,000 after acquiring an additional 29,323 shares in the last quarter. SG Americas Securities LLC raised its holdings in Seagate Technology by 78.4% in the fourth quarter. SG Americas Securities LLC now owns 38,563 shares of the data storage provider’s stock worth $3,292,000 after purchasing an additional 16,950 shares in the last quarter. Finally, Nordea Investment Management AB raised its holdings in Seagate Technology by 5.0% in the fourth quarter. Nordea Investment Management AB now owns 13,293 shares of the data storage provider’s stock worth $1,144,000 after purchasing an additional 630 shares in the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Seagate Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Thursday, June 20th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.26%. The ex-dividend date of this dividend is Thursday, June 20th. Seagate Technology’s dividend payout ratio is currently -217.05%.

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.