Seagate Technology (NASDAQ:STX) Releases Earnings Results, Beats Estimates By $0.28 EPS

Seagate Technology (NASDAQ:STX) announced its quarterly earnings data on Tuesday. The data storage provider reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.28, Briefing.com reports. Seagate Technology had a net margin of 11.34% and a negative return on equity of 30.18%. The business had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. Seagate Technology’s quarterly revenue was up 49.1% on a year-over-year basis. During the same quarter last year, the company posted ($0.34) earnings per share. Seagate Technology updated its Q2 guidance to $1.65-2.05 EPS and its Q2 2025 guidance to 1.650-2.050 EPS.

Seagate Technology Stock Performance

Shares of NASDAQ:STX opened at $103.52 on Thursday. The business has a fifty day moving average of $105.04 and a 200-day moving average of $99.55. Seagate Technology has a twelve month low of $64.12 and a twelve month high of $115.32. The firm has a market cap of $21.74 billion, a PE ratio of -80.25 and a beta of 1.04.

Seagate Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Sunday, December 15th will be paid a $0.72 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.88 dividend on an annualized basis and a yield of 2.78%. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.70. Seagate Technology’s payout ratio is currently -217.05%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Evercore ISI raised their price target on shares of Seagate Technology from $125.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday. Wells Fargo & Company upped their price target on Seagate Technology from $90.00 to $120.00 and gave the company an “equal weight” rating in a report on Wednesday, July 24th. Benchmark reiterated a “hold” rating on shares of Seagate Technology in a research report on Wednesday. StockNews.com upgraded Seagate Technology from a “hold” rating to a “buy” rating in a research note on Thursday, October 17th. Finally, TD Cowen raised their target price on Seagate Technology from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $118.83.

Insider Buying and Selling

In other Seagate Technology news, CFO Gianluca Romano sold 25,760 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $94.54, for a total value of $2,435,350.40. Following the completion of the transaction, the chief financial officer now directly owns 52,620 shares of the company’s stock, valued at approximately $4,974,694.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CFO Gianluca Romano sold 25,760 shares of Seagate Technology stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $94.54, for a total value of $2,435,350.40. Following the completion of the sale, the chief financial officer now directly owns 52,620 shares of the company’s stock, valued at approximately $4,974,694.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William D. Mosley sold 20,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $93.46, for a total value of $1,869,200.00. Following the transaction, the chief executive officer now directly owns 654,270 shares in the company, valued at $61,148,074.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 214,298 shares of company stock worth $22,814,576 in the last 90 days. Corporate insiders own 0.89% of the company’s stock.

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.