Q3 2022 EPS Estimates for Seagate Technology Holdings plc (NASDAQ:STX) Lowered by Analyst

Seagate Technology Holdings plc (NASDAQ:STXGet Rating) – Equities research analysts at Wedbush decreased their Q3 2022 earnings estimates for Seagate Technology in a research note issued on Monday, April 25th. Wedbush analyst M. Bryson now forecasts that the data storage provider will post earnings per share of $1.69 for the quarter, down from their previous estimate of $1.85. Wedbush also issued estimates for Seagate Technology’s Q4 2022 earnings at $1.92 EPS, Q2 2023 earnings at $2.52 EPS, Q4 2023 earnings at $2.14 EPS and FY2023 earnings at $8.95 EPS.

Seagate Technology (NASDAQ:STXGet Rating) last announced its earnings results on Wednesday, January 26th. The data storage provider reported $2.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.07. Seagate Technology had a net margin of 15.35% and a return on equity of 322.33%. The company had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the business earned $1.17 EPS. The company’s revenue was up 18.8% on a year-over-year basis.

Other equities analysts have also recently issued reports about the stock. Northland Securities reduced their price objective on shares of Seagate Technology from $122.00 to $113.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 22nd. StockNews.com raised shares of Seagate Technology from a “hold” rating to a “buy” rating in a research report on Thursday, April 7th. Zacks Investment Research cut shares of Seagate Technology from a “buy” rating to a “hold” rating and set a $117.00 target price on the stock. in a report on Monday, December 27th. Rosenblatt Securities upped their target price on shares of Seagate Technology from $115.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, January 27th. Finally, Susquehanna reaffirmed a “hold” rating and issued a $93.00 target price on shares of Seagate Technology in a report on Tuesday, January 25th. Twelve equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, Seagate Technology has an average rating of “Buy” and a consensus target price of $105.74.

NASDAQ:STX opened at $82.54 on Tuesday. Seagate Technology has a 12-month low of $78.20 and a 12-month high of $117.67. The company has a quick ratio of 1.06, a current ratio of 1.49 and a debt-to-equity ratio of 10.70. The firm has a market capitalization of $18.07 billion, a PE ratio of 10.36, a price-to-earnings-growth ratio of 8.60 and a beta of 1.00. The firm has a 50-day moving average price of $93.06 and a 200 day moving average price of $98.85.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 6th. Investors of record on Tuesday, March 22nd were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.39%. The ex-dividend date was Monday, March 21st. Seagate Technology’s payout ratio is 35.13%.

In other news, Director Stephen J. Luczo sold 50,000 shares of the firm’s stock in a transaction on Friday, March 4th. The shares were sold at an average price of $103.26, for a total transaction of $5,163,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Holdings L.P. Valueact sold 1,750,000 shares of the firm’s stock in a transaction on Thursday, February 17th. The shares were sold at an average price of $108.00, for a total transaction of $189,000,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 2,076,597 shares of company stock valued at $224,036,049. 0.81% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp grew its holdings in Seagate Technology by 2.5% in the fourth quarter. State Street Corp now owns 9,367,384 shares of the data storage provider’s stock worth $1,064,798,000 after purchasing an additional 230,667 shares during the period. Morgan Stanley lifted its position in shares of Seagate Technology by 4.2% during the third quarter. Morgan Stanley now owns 4,194,824 shares of the data storage provider’s stock valued at $346,155,000 after purchasing an additional 169,996 shares in the last quarter. Sanders Capital LLC lifted its position in shares of Seagate Technology by 325.4% during the fourth quarter. Sanders Capital LLC now owns 3,998,452 shares of the data storage provider’s stock valued at $501,232,000 after purchasing an additional 3,058,553 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Seagate Technology by 5.2% during the third quarter. Geode Capital Management LLC now owns 3,426,133 shares of the data storage provider’s stock valued at $282,047,000 after purchasing an additional 168,220 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its position in Seagate Technology by 24.0% in the fourth quarter. Allianz Asset Management GmbH now owns 2,452,197 shares of the data storage provider’s stock worth $277,050,000 after acquiring an additional 473,901 shares during the period. Institutional investors own 81.67% of the company’s stock.

About Seagate Technology (Get Rating)

Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. The company offers hard disk and solid state drives, including serial advanced technology attachment, serial attached SCSI, and non-volatile memory express products; solid state hybrid drives; and storage subsystems.

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