Seagate Technology (NASDAQ:STX – Get Rating) issued an update on its first quarter 2023 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $1.20- for the period, compared to the consensus earnings per share estimate of $1.43. The company issued revenue guidance of $2.00 billion-$2.20 billion, compared to the consensus revenue estimate of $2.52 billion.

Seagate Technology Stock Performance

NASDAQ STX opened at $58.84 on Friday. The business's 50-day simple moving average is $73.91 and its 200-day simple moving average is $79.43. The firm has a market capitalization of $12.17 billion, a P/E ratio of 8.02, a P/E/G ratio of 9.94 and a beta of 1.11. The company has a debt-to-equity ratio of 46.44, a current ratio of 1.13 and a quick ratio of 0.69. Seagate Technology has a 1-year low of $58.56 and a 1-year high of $117.67.

Seagate Technology (NASDAQ:STX – Get Rating) last issued its quarterly earnings results on Thursday, July 21st. The data storage provider reported $1.41 earnings per share for the quarter, missing analysts' consensus estimates of $1.74 by ($0.33). Seagate Technology had a net margin of 14.14% and a return on equity of 412.90%. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.80 billion. During the same quarter last year, the firm posted $1.92 earnings per share. Equities analysts predict that Seagate Technology will post 4.95 EPS for the current year.

Seagate Technology Dividend Announcement

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on STX. Deutsche Bank Aktiengesellschaft decreased their price objective on Seagate Technology from $75.00 to $72.00 and set a hold rating on the stock in a report on Thursday, September 1st. Susquehanna Bancshares lowered their target price on Seagate Technology from $67.00 to $58.00 and set a negative rating for the company in a research note on Friday, July 22nd. Rosenblatt Securities decreased their price objective on Seagate Technology from $95.00 to $80.00 and set a buy rating for the company in a research note on Thursday, September 1st. Mizuho cut their price target on Seagate Technology from $83.00 to $75.00 and set a neutral rating on the stock in a report on Thursday, September 1st. Finally, Northland Securities dropped their target price on Seagate Technology from $105.00 to $88.00 and set an outperform rating on the stock in a report on Thursday, September 1st. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of Hold and an average target price of $80.48.

Institutional Investors Weigh In On Seagate Technology

Hedge funds have recently added to or reduced their stakes in the company. XTX Topco Ltd bought a new position in Seagate Technology in the 1st quarter worth about $232,000. Kingsview Wealth Management LLC acquired a new position in shares of Seagate Technology during the 2nd quarter worth $240,000. KB Financial Partners LLC grew its stake in Seagate Technology by 17.2% in the 1st quarter. KB Financial Partners LLC now owns 2,739 shares of the data storage provider's stock valued at $246,000 after buying an additional 402 shares during the last quarter. Prelude Capital Management LLC bought a new stake in Seagate Technology in the 1st quarter valued at $250,000. Finally, Verition Fund Management LLC lifted its holdings in shares of Seagate Technology by 8.6% during the 2nd quarter. Verition Fund Management LLC now owns 3,844 shares of the data storage provider's stock worth $275,000 after acquiring an additional 305 shares during the period. Institutional investors and hedge funds own 83.07% of the company's stock.

Seagate Technology Company Profile

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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.

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