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

Seagate Technology Holdings plc (NASDAQ:STX) – Wedbush increased their FY2024 earnings per share estimates for shares of Seagate Technology in a note issued to investors on Wednesday, April 24th. Wedbush analyst M. Bryson now anticipates that the data storage provider will earn $0.49 per share for the year, up from their prior estimate of $0.10. Wedbush 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.

STX has been the subject of several other reports. Barclays cut their price target on Seagate Technology from $85.00 to $80.00 and set an “equal weight” rating for the company in a report on Monday, April 22nd. Evercore ISI assumed coverage on Seagate Technology in a report on Tuesday, February 27th. They set an “outperform” rating and a $110.00 price objective for the company. Benchmark restated a “hold” rating on shares of Seagate Technology in a report on Wednesday, April 24th. The Goldman Sachs Group upped their price objective on Seagate Technology from $84.00 to $96.00 and gave the stock a “neutral” rating in a report on Wednesday, April 24th. Finally, Cantor Fitzgerald increased their price target on Seagate Technology from $95.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, April 24th. Two equities 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. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $94.53.

Seagate Technology Stock Performance

Shares of STX opened at $86.04 on Monday. The stock has a fifty day moving average of $89.25 and a two-hundred day moving average of $83.02. The company has a market capitalization of $18.03 billion, a PE ratio of -66.70, a price-to-earnings-growth ratio of 474.05 and a beta of 1.04. Seagate Technology has a fifty-two week low of $54.47 and a fifty-two week high of $101.26.

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 company had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.68 billion. Seagate Technology’s quarterly revenue was down 11.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.43) EPS.

Hedge Funds Weigh In On Seagate Technology

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Seagate Technology by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 24,006,681 shares of the data storage provider’s stock worth $2,049,450,000 after acquiring an additional 425,117 shares during the period. JPMorgan Chase & Co. raised its stake in Seagate Technology by 9.2% during the third quarter. JPMorgan Chase & Co. now owns 17,680,400 shares of the data storage provider’s stock worth $1,166,022,000 after acquiring an additional 1,485,937 shares during the period. Capital Research Global Investors raised its stake in Seagate Technology by 39.3% during the fourth quarter. Capital Research Global Investors now owns 16,614,884 shares of the data storage provider’s stock worth $1,418,413,000 after acquiring an additional 4,685,454 shares during the period. Sanders Capital LLC increased its stake in shares of Seagate Technology by 3.0% in the fourth quarter. Sanders Capital LLC now owns 15,486,153 shares of the data storage provider’s stock valued at $1,322,053,000 after purchasing an additional 443,768 shares during the period. Finally, FMR LLC increased its stake in shares of Seagate Technology by 13.1% in the third quarter. FMR LLC now owns 13,929,708 shares of the data storage provider’s stock valued at $918,664,000 after purchasing an additional 1,612,264 shares during the period. Institutional investors own 92.87% of the company’s stock.

Seagate Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 20th will be given 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 payout ratio 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.