Tuesday, April 16, 2024
Seagate (NASDAQ:STX) gives Q1 earnings forecast briefly.

Seagate (NASDAQ:STX) gives Q1 earnings forecast briefly.

Seagate Technology Updates First Quarter Earnings Guidance

Seagate Technology (NASDAQ:STX – Get Free Report) updated its first quarter earnings guidance on Wednesday. The company provided EPS guidance of ($0.36)-$0.04 for the period, compared to the consensus EPS estimate of $0.07. The company issued revenue guidance of $1.40-$1.70 billion, compared to the consensus revenue estimate of $1.74 billion.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on STX. Evercore ISI decreased their price target on shares of Seagate Technology from $70.00 to $65.00 and set an inline rating for the company in a research note on Friday, April 21st. Bank of America decreased their target price on shares of Seagate Technology from $71.00 to $70.00 in a research report on Thursday, June 8th. Mizuho decreased their price target on Seagate Technology from $72.00 to $69.00 in a research note on Wednesday, June 21st. Morgan Stanley reiterated an equal weight rating and set a $60.00 price target on shares of Seagate Technology in a report on Wednesday, July 19th. Finally, UBS Group lowered their target price on Seagate Technology from $65.00 to $60.00 and set a neutral rating for the company in a research report on Friday, April 21st. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $64.65.

Seagate Technology Stock Down 0.5%

Shares of NASDAQ STX traded down $0.27 during midday trading on Wednesday, hitting $57.97. 3,509,985 shares of the company’s stock were exchanged, compared to its average volume of 2,374,594. Seagate Technology has a 12-month low of $47.47 and a 12-month high of $83.64. The business’s fifty day moving average price is $61.55 and its two-hundred day moving average price is $62.44.

Insider Activity

In other news, SVP Katherine Schuelke sold 3,487 shares of Seagate Technology stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $62.09, for a total value of $216,507.83. Following the sale, the senior vice president now directly owns 28,658 shares in the company, valued at approximately $1,779,375.22. The sale was disclosed in a filing with the SEC, which is available through this link. 1.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Seagate Technology

Several institutional investors and hedge funds have recently modified their holdings of the stock. Prelude Capital Management LLC purchased a new position in Seagate Technology in the 1st quarter worth approximately $250,000. Syntax Advisors LLC boosted its holdings in shares of Seagate Technology by 19.7% during the 4th quarter. Syntax Advisors LLC now owns 4,742 shares of the data storage provider’s stock valued at $249,000 after acquiring an additional 780 shares during the last quarter. KB Financial Partners LLC grew its stake in shares of Seagate Technology by 17.2% in the first quarter. KB Financial Partners LLC now owns 2,739 shares of the data storage provider’s stock worth $246,000 after acquiring an additional 402 shares during the period. Kingsview Wealth Management LLC bought a new position in shares of Seagate Technology during the 2nd quarter valued at $240,000. Finally, Meeder Asset Management Inc. purchased a new position in shares of Seagate Technology in the 1st quarter worth $235,000. 87.37% of the stock is currently owned by institutional investors.

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.

See Also

Earnings History and Estimates for Seagate Technology (NASDAQ:STX)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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About Alex Chen

Alex Chen is a tech blogger based in Silicon Valley. He loves writing about the latest trends in the industry and sharing his insights with his readers. With years of experience in the field, Alex has built a loyal following of tech enthusiasts who appreciate his informative and engaging content. When he's not writing, Alex enjoys experimenting with new tech gadgets and exploring the vibrant tech scene in the Bay Area.

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