FY2024 EPS Estimates for Seagate Technology Holdings plc Lifted by Analyst (NASDAQ:STX)

Seagate Technology Holdings plc (NASDAQ:STX) – Cantor Fitzgerald increased their FY2024 EPS estimates for shares of Seagate Technology in a note issued to investors on Wednesday, April 24th. Cantor Fitzgerald analyst C. Muse now expects that the data storage provider will earn $0.37 per share for the year, up from their prior estimate of $0.17. Cantor Fitzgerald currently has a “Neutral” rating and a $100.00 target price on the stock. The consensus estimate for Seagate Technology’s current full-year earnings is $0.10 per share.

STX has been the subject of several other research reports. Rosenblatt Securities raised their price target on shares of Seagate Technology from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. Morgan Stanley raised shares of Seagate Technology from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $73.00 to $115.00 in a research report on Tuesday, March 26th. Evercore ISI started coverage on shares of Seagate Technology in a research report on Tuesday, February 27th. They issued an “outperform” rating and a $110.00 price target on the stock. Robert W. Baird boosted their price objective on shares of Seagate Technology from $70.00 to $100.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Finally, Wells Fargo & Company boosted their price target on shares of Seagate Technology from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 1st. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $94.53.

Seagate Technology Price Performance

Shares of NASDAQ:STX opened at $86.04 on Friday. The company has a market cap of $18.03 billion, a price-to-earnings ratio of -66.70, a PEG ratio of 719.92 and a beta of 1.04. The firm has a 50 day simple moving average of $89.25 and a 200 day simple moving average of $82.81. Seagate Technology has a one year low of $54.47 and a one year high of $101.26.

Seagate Technology (NASDAQ:STX) last posted its quarterly earnings results on Tuesday, April 23rd. The data storage provider reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.68 billion. The business’s revenue was down 11.0% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.43) EPS.

Seagate Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 20th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $2.80 annualized dividend and a dividend yield of 3.25%. Seagate Technology’s dividend payout ratio is presently -217.05%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. CWM LLC increased its stake in shares of Seagate Technology by 6.0% in the third quarter. CWM LLC now owns 3,311 shares of the data storage provider’s stock worth $218,000 after purchasing an additional 187 shares in the last quarter. IFP Advisors Inc lifted its stake in Seagate Technology by 4.9% in the third quarter. IFP Advisors Inc now owns 3,542 shares of the data storage provider’s stock worth $234,000 after purchasing an additional 164 shares during the last quarter. Global Retirement Partners LLC grew its stake in Seagate Technology by 23.4% in the 3rd quarter. Global Retirement Partners LLC now owns 2,212 shares of the data storage provider’s stock worth $146,000 after acquiring an additional 419 shares in the last quarter. SG Americas Securities LLC grew its stake in Seagate Technology by 23.2% in the 3rd quarter. SG Americas Securities LLC now owns 21,613 shares of the data storage provider’s stock worth $1,425,000 after acquiring an additional 4,075 shares in the last quarter. Finally, Czech National Bank grew its stake in Seagate Technology by 47.8% in the 3rd quarter. Czech National Bank now owns 33,711 shares of the data storage provider’s stock worth $2,223,000 after acquiring an additional 10,910 shares in the last quarter. Institutional investors own 92.87% of the company’s stock.

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.