Seagate Technology Holdings plc to Post FY2024 Earnings of $0.49 Per Share, Wedbush Forecasts (NASDAQ:STX)

Seagate Technology Holdings plc (NASDAQ:STX) – Equities research analysts at Wedbush increased their FY2024 EPS estimates for Seagate Technology in a note issued to investors on Wednesday, April 24th. Wedbush analyst M. Bryson now anticipates that the data storage provider will post earnings per share of $0.49 for the year, up from their previous estimate of $0.10. Wedbush currently has a “Neutral” rating and a $100.00 price target 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.

A number of other equities analysts have also issued reports on the stock. Morgan Stanley raised shares of Seagate Technology from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $73.00 to $115.00 in a research report on Tuesday, March 26th. UBS Group boosted their price target on shares of Seagate Technology from $90.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, April 24th. Robert W. Baird boosted their price target on shares of Seagate Technology from $70.00 to $100.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. Susquehanna boosted their price target on shares of Seagate Technology from $50.00 to $55.00 and gave the company a “negative” rating in a report on Wednesday, April 10th. Finally, Cantor Fitzgerald boosted their price target on shares of Seagate Technology from $95.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, April 24th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Seagate Technology has an average rating of “Hold” and a consensus price target of $94.53.

Seagate Technology Trading Down 1.4 %

Shares of Seagate Technology stock opened at $86.04 on Monday. The firm has a fifty day simple moving average of $89.25 and a 200-day simple moving average of $83.02. Seagate Technology has a 1-year low of $54.47 and a 1-year high of $101.26. The stock has a market capitalization of $18.03 billion, a price-to-earnings ratio of -66.70, a PEG ratio of 474.05 and a beta of 1.04.

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

Hedge Funds Weigh In On Seagate Technology

Several hedge funds have recently made changes to their positions in STX. Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in shares of Seagate Technology in the 4th quarter valued at approximately $26,000. CVA Family Office LLC acquired a new stake in shares of Seagate Technology in the 4th quarter valued at approximately $27,000. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Seagate Technology in the 4th quarter valued at approximately $28,000. Northwest Financial Advisors acquired a new stake in shares of Seagate Technology in the 4th quarter valued at approximately $31,000. Finally, Parkside Financial Bank & Trust boosted its holdings in shares of Seagate Technology by 85.4% in the 3rd quarter. Parkside Financial Bank & Trust now owns 445 shares of the data storage provider’s stock valued at $29,000 after buying an additional 205 shares during the last quarter. 92.87% of the stock is owned by institutional investors.

Seagate Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 20th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $2.80 annualized dividend and a dividend yield of 3.25%. Seagate Technology’s dividend payout ratio is currently -217.05%.

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.