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Brokerages expect Seagate Technology Holdings plc (NASDAQ: STX – Get a rating) to report sales of $2.81 billion for the current quarter, according to Zacks Investment Research. Five analysts have made estimates of Seagate Technology’s earnings, with the lowest estimate of sales at $2.75 billion and the highest estimate at $2.90 billion. Seagate Technology posted sales of $2.73 billion in the same quarter last year, which would indicate a positive growth rate of 2.9% year over year. The company is expected to release its next quarterly results before the market opens on Monday, January 1.
According to Zacks, analysts expect Seagate Technology to report annual sales of $11.97 billion for the current fiscal year, with estimates ranging from $11.78 billion to $12.15 billion. For the next fiscal year, analysts expect the company to register sales of $12.66 billion, with estimates ranging from $12.34 billion to $13.00 billion. Zacks Investment Research sales calculations are an average based on a survey of analysts who follow Seagate Technology.
Seagate technology (NASDAQ: STX – Get a rating) last released its quarterly earnings data on Wednesday, January 26. The data storage provider reported earnings per share of $2.28 for the quarter, beating Thomson Reuters consensus estimate of $2.21 by $0.07. Seagate Technology achieved a net margin of 15.35% and a return on equity of 322.33%. The company posted revenue of $3.12 billion for the quarter, versus a consensus estimate of $3.12 billion. During the same period last year, the company posted EPS of $1.17. Seagate Technology’s quarterly revenue increased 18.8% over the same quarter last year.
A number of analysts have weighed in on STX shares. Robert W. Baird cut his price target on Seagate Technology shares from $120.00 to $100.00 in a Wednesday, March 16 report. StockNews.com upgraded Seagate Technology shares from a “hold” to a “buy” rating in a Thursday, April 7 research report. Susquehanna reaffirmed a “hold” rating and posted a $93.00 price target on Seagate Technology shares in a Tuesday, January 25 research report. Susquehanna Bancshares reaffirmed a “hold” rating and issued a price target of $93.00 on Seagate Technology shares in a research note on Tuesday, January 25. Finally, Wedbush raised its price target on Seagate Technology shares from $90.00 to $95.00 and gave the stock a “neutral” rating in a Thursday, Jan. 27 research note. Twelve equity research analysts gave the stock a hold rating and twelve gave the stock a buy rating. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $108.35.
In other Seagate Technology news, Director Holdings LP Valueact sold 272,297 shares of Seagate Technology in a trade that took place on Tuesday, February 22. The stock was sold at an average price of $108.01, for a total value of $29,410,798.97. The sale was disclosed in a legal filing with the SEC, accessible via the SEC website. Also, director Stephen J. Luczo sold 50,000 shares of the company in a transaction that took place on Friday, March 4. The shares were sold at an average price of $103.26, for a total value of $5,163,000.00. Disclosure of this sale can be found here. Insiders sold a total of 2,076,597 shares of the company valued at $224,036,049 in the past ninety days. Insiders own 0.81% of the shares of the company.
A number of hedge funds have recently changed their stock holdings. Kestra Private Wealth Services LLC increased its holdings of Seagate Technology shares by 4.3% during the third quarter. Kestra Private Wealth Services LLC now owns 3,995 shares of the data storage provider valued at $330,000 after buying an additional 166 shares in the last quarter. Naples Global Advisors LLC increased its stake in Seagate Technology by 13.2% in the third quarter. Naples Global Advisors LLC now owns 25,293 shares of the data storage provider valued at $2,087,000 after acquiring an additional 2,950 shares during the period. TCW Group Inc. increased its stake in Seagate Technology by 0.3% in the third quarter. TCW Group Inc. now owns 60,683 shares of the data storage provider valued at $5,007,000 after acquiring an additional 179 shares during the period. Crescent Grove Advisors LLC increased its stake in Seagate Technology by 4.2% in the third quarter. Crescent Grove Advisors LLC now owns 3,734 shares of the data storage provider valued at $308,000 after acquiring an additional 150 shares during the period. Finally, CCM Investment Advisers LLC bought a new position in Seagate Technology in the third quarter worth approximately $5,174,000. 81.67% of the shares are currently held by institutional investors.
Shares of Seagate Technology Stock traded down $2.69 during Tuesday’s trading, hitting $81.41. The stock recorded a trading volume of 2,806,433 shares, compared to an average volume of 1,722,205 shares. The company has a market capitalization of $17.82 billion, a PE ratio of 10.21, a P/E/G ratio of 8.26 and a beta of 1.00. The company has a quick ratio of 1.06, a current ratio of 1.49 and a debt ratio of 10.70. The stock has a 50-day simple moving average of $96.18 and a 200-day simple moving average of $98.70. Seagate Technology has a 1-year low of $78.20 and a 1-year high of $117.67.
The company also recently announced a quarterly dividend, which was paid on Wednesday, April 6. Shareholders of record on Tuesday, March 22 received a dividend of $0.70 per share. This represents a dividend of $2.80 on an annualized basis and a yield of 3.44%. The ex-dividend date was Monday, March 21. Seagate Technology’s payout ratio is currently 35.13%.
About Seagate Technology (Get a rating)
Seagate Technology Holdings Plc operates as a holding company engaged in the development, production and distribution of data storage products and electronic data storage solutions. Its products include hard drives, solid state hybrid drives, solid state drives, peripheral component interconnect express cards, serial advanced technology attachment controllers, storage subsystems and IT solutions.
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