Seagate Technology (NASDAQ:STX) Releases Q1 Earnings Guidance

Seagate Technology (NASDAQ:STX) issued an update on its first quarter earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of $0.86-0.95 for the period, compared to the Thomson Reuters consensus estimate of $1.11. The company issued revenue guidance of $2.42-2.68 billion, compared to the consensus revenue estimate of $2.53 billion.Seagate Technology also updated its Q1 2020 guidance to $0.85-0.94 EPS.

Shares of Seagate Technology stock traded down $1.33 on Friday, hitting $44.93. The stock had a trading volume of 5,585,191 shares, compared to its average volume of 2,174,803. Seagate Technology has a twelve month low of $35.38 and a twelve month high of $57.20. The company has a 50 day moving average price of $46.92. The company has a current ratio of 1.62, a quick ratio of 1.16 and a debt-to-equity ratio of 2.68. The firm has a market capitalization of $12.81 billion, a PE ratio of 9.32, a price-to-earnings-growth ratio of 8.13 and a beta of 1.70.

Seagate Technology (NASDAQ:STX) last issued its quarterly earnings results on Friday, August 2nd. The data storage provider reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.03. The business had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.33 billion. Seagate Technology had a return on equity of 90.33% and a net margin of 13.73%. The firm’s revenue for the quarter was down 16.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.62 earnings per share. On average, equities research analysts expect that Seagate Technology will post 4.7 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 9th. Investors of record on Wednesday, September 25th will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 5.61%. Seagate Technology’s dividend payout ratio (DPR) is currently 52.28%.

STX has been the subject of several recent research reports. Benchmark upgraded Seagate Technology from a hold rating to a buy rating and set a $57.00 price target for the company in a research note on Wednesday, May 1st. BidaskClub cut Seagate Technology from a hold rating to a sell rating in a research note on Tuesday, April 30th. Craig Hallum upgraded Seagate Technology from a hold rating to a buy rating and set a $56.00 price target for the company in a research note on Wednesday, May 1st. Goldman Sachs Group set a $37.00 price target on Seagate Technology and gave the company a sell rating in a research note on Sunday, July 21st. Finally, Zacks Investment Research upgraded Seagate Technology from a hold rating to a buy rating and set a $52.00 price target for the company in a research note on Friday, April 26th. Five investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $45.94.

In other Seagate Technology news, Director Stephen J. Luczo sold 5,000 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $47.37, for a total transaction of $236,850.00. Following the completion of the sale, the director now directly owns 14,221 shares in the company, valued at $673,648.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stephen J. Luczo sold 10,000 shares of the company’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $47.00, for a total value of $470,000.00. The disclosure for this sale can be found here. Insiders have sold 124,999 shares of company stock valued at $6,113,101 over the last 90 days. Corporate insiders own 1.00% of the company’s stock.

About Seagate Technology

Seagate Technology plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It manufactures and distributes hard disk drives; solid state drives (SSDs), including serial attached small computer system interface and non-volatile memory express SSDs; solid state hybrid drives; and storage subsystems.

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Earnings History and Estimates for Seagate Technology (NASDAQ:STX)

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