Seagate Technology Holdings plc to Post FY2024 Earnings of $0.37 Per Share, Cantor Fitzgerald Forecasts (NASDAQ:STX)

Seagate Technology Holdings plc (NASDAQ:STX) – Investment analysts at Cantor Fitzgerald boosted their FY2024 earnings per share (EPS) estimates for Seagate Technology in a report released on Wednesday, April 24th. Cantor Fitzgerald analyst C. Muse now anticipates that the data storage provider will post earnings per share of $0.37 for the year, up from their prior forecast of $0.17. Cantor Fitzgerald 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 $0.10 per share.

A number of other research firms have also commented on STX. Evercore ISI assumed coverage on Seagate Technology in a research report on Tuesday, February 27th. They set an “outperform” rating and a $110.00 price target for the company. Rosenblatt Securities raised their price target on Seagate Technology from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. Wedbush reaffirmed a “neutral” rating and issued a $100.00 target price on shares of Seagate Technology in a report on Wednesday. Benchmark reissued a “hold” rating on shares of Seagate Technology in a report on Wednesday. Finally, Robert W. Baird raised their price objective on Seagate Technology from $70.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Seagate Technology currently has an average rating of “Hold” and an average price target of $94.53.

Seagate Technology Trading Down 1.4 %

NASDAQ STX opened at $86.04 on Friday. Seagate Technology has a 1-year low of $54.47 and a 1-year high of $101.26. The stock has a 50-day moving average of $89.25 and a 200-day moving average of $82.81. The firm has a market cap of $18.03 billion, a PE ratio of -66.70, a price-to-earnings-growth ratio of 719.92 and a beta of 1.04.

Seagate Technology (NASDAQ:STX) last issued 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 firm earned ($0.43) EPS. The company’s revenue for the quarter was down 11.0% on a year-over-year basis.

Institutional Investors Weigh In On Seagate Technology

Hedge funds have recently modified their holdings of the business. CWM LLC increased its stake in shares of Seagate Technology by 3.9% in the fourth quarter. CWM LLC now owns 3,441 shares of the data storage provider’s stock worth $294,000 after acquiring an additional 130 shares during the period. Global Retirement Partners LLC increased its position in Seagate Technology by 8.6% during the first quarter. Global Retirement Partners LLC now owns 1,735 shares of the data storage provider’s stock worth $161,000 after purchasing an additional 138 shares during the last quarter. Valley National Advisers Inc. increased its position in shares of Seagate Technology by 39.7% during the fourth quarter. Valley National Advisers Inc. now owns 507 shares of the data storage provider’s stock valued at $43,000 after acquiring an additional 144 shares during the last quarter. NewEdge Wealth LLC increased its position in shares of Seagate Technology by 3.6% during the third quarter. NewEdge Wealth LLC now owns 4,214 shares of the data storage provider’s stock valued at $278,000 after acquiring an additional 146 shares during the last quarter. Finally, Brighton Jones LLC increased its position in shares of Seagate Technology by 0.8% during the fourth quarter. Brighton Jones LLC now owns 18,754 shares of the data storage provider’s stock valued at $1,601,000 after acquiring an additional 150 shares during the last quarter. Hedge funds and other institutional investors own 92.87% of the company’s stock.

Seagate Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Thursday, June 20th will be given a $0.70 dividend. The ex-dividend date is Thursday, June 20th. This represents a $2.80 annualized dividend and a yield of 3.25%. Seagate Technology’s dividend payout ratio (DPR) is -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.