Seagate Technology (NASDAQ:STX) Releases Q3 Earnings Guidance

Seagate Technology (NASDAQ:STX) issued an update on its third quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $1.50-1.90 for the period, compared to the consensus earnings per share estimate of $1.70. The company issued revenue guidance of $1.95-2.25 billion, compared to the consensus revenue estimate of $2.19 billion.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on STX shares. Citigroup upped their target price on Seagate Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Evercore ISI increased their price objective on shares of Seagate Technology from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Wedbush reissued an “outperform” rating and set a $150.00 target price on shares of Seagate Technology in a research report on Wednesday, October 23rd. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $125.00 price target on shares of Seagate Technology in a report on Wednesday, October 23rd. Finally, Northland Securities lifted their price target on shares of Seagate Technology from $142.00 to $144.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $120.71.

Seagate Technology Stock Performance

Shares of NASDAQ:STX traded up $3.58 during trading on Tuesday, hitting $101.25. 6,443,915 shares of the stock were exchanged, compared to its average volume of 3,353,242. The company has a market capitalization of $21.42 billion, a price-to-earnings ratio of 26.44 and a beta of 1.06. Seagate Technology has a 1-year low of $82.31 and a 1-year high of $115.32. The company’s fifty day simple moving average is $94.32 and its 200-day simple moving average is $100.28.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.28. The firm had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.13 billion. Seagate Technology had a net margin of 11.34% and a negative return on equity of 32.19%. The company’s quarterly revenue was up 49.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.34) earnings per share. On average, research analysts forecast that Seagate Technology will post 7.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Seagate Technology

In related news, Director Yolanda Lee Conyers sold 750 shares of Seagate Technology stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $101.82, for a total value of $76,365.00. Following the completion of the transaction, the director now directly owns 6,555 shares of the company’s stock, valued at $667,430.10. The trade was a 10.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William D. Mosley sold 20,000 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $99.53, for a total transaction of $1,990,600.00. Following the sale, the chief executive officer now directly owns 642,497 shares in the company, valued at approximately $63,947,726.41. This represents a 3.02 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,173 shares of company stock valued at $5,529,679. 0.81% of the stock is currently owned by company insiders.

Seagate Technology Company Profile

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.