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 (EPS) guidance of $1.65-2.05 for the period, compared to the consensus 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.

Seagate Technology Stock Performance

NASDAQ STX traded up $0.29 during trading hours on Tuesday, reaching $112.70. 2,565,407 shares of the company’s stock were exchanged, compared to its average volume of 2,484,019. The company’s 50-day moving average is $104.63 and its two-hundred day moving average is $99.37. Seagate Technology has a one year low of $64.12 and a one year high of $115.32. The company has a market capitalization of $23.72 billion, a price-to-earnings ratio of 72.99 and a beta of 1.04.

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on STX. Evercore ISI upped their price target on Seagate Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 16th. Morgan Stanley increased their price objective on Seagate Technology from $115.00 to $133.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Benchmark reissued a “hold” rating on shares of Seagate Technology in a report on Wednesday, July 24th. Rosenblatt Securities increased their price objective on Seagate Technology from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Finally, StockNews.com upgraded Seagate Technology from a “hold” rating to a “buy” rating in a research report on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $115.94.

Insider Activity

In other news, CEO William D. Mosley sold 141,785 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $110.18, for a total transaction of $15,621,871.30. Following the completion of the sale, the chief executive officer now owns 668,616 shares in the company, valued at $73,668,110.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO William D. Mosley sold 141,785 shares of the company’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $110.18, for a total transaction of $15,621,871.30. Following the completion of the sale, the chief executive officer now owns 668,616 shares in the company, valued at approximately $73,668,110.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Ban Seng Teh sold 10,117 shares of the company’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $110.00, for a total value of $1,112,870.00. Following the sale, the executive vice president now owns 5,387 shares of the company’s stock, valued at $592,570. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 223,284 shares of company stock worth $23,800,887 over the last quarter. 0.81% of the stock is currently owned by corporate 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.