The Latest Breaking News from Seagate

Seagate fell Wednesday as it reported fiscal first-quarter results that missed views on earnings and said it will cut its workforce by 8%.

STX stock fell after the disk drive maker lowered its business outlook against a worsening macroeconomic backdrop.

Seagate Technology Holdings PLC (NASDAQ: STX) reported its quarterly revenue at $2.6 billion, down 13% year-on-year, and non-GAAP profits at $1.59 per share, with both metrics below Street expectations. The company’s projection was $1.90 a share.

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Seagate Technology Holdings PLC (NASDAQ:STX) reported third-quarter FY22 revenue growth of 2.6% year-on-year to $2.80 billion missing the consensus of $2.81 billion. The non-GAAP gross margin expanded 180 bps to 29.2%. The non-GAAP operating margin expanded 140 bps to 16.8%. Non-GAAP EPS of $1.81 missed the consensus of $1.89. Seagate generated $460 million…

Wells Fargo analyst Aaron Rakers maintained Seagate Technology Holdings PLC (NASDAQ:STX) with an Equal-Weight and reduced the price target from $110 to $90 (8.1% upside). Rakers maintained Western Digital Corp (NASDAQ:WDC) with an Overweight and decreased the price target from $80 to $70 (45.6% upside). Rakers reduced its estimates on Seagate and Western Digital ahead of their upcoming earnings releases.  Also…

Susquehanna analyst Mehdi Hosseini downgraded the Seagate Technology Holdings PLC (NASDAQ:STX) to Negative and Western Digital Corp (NASDAQ:WDC) to Neutral. Hosseini slashed Seagate's price targets to $65 (20.7% downside) and Western Digital to $50 (6.3% upside).  Even though hard disk drive shipments are likely to be higher in the near term and the second half of 2022 and…

Skyrocketing inflation, rising interest rates, and a geopolitical crisis caused by Russia’s invasion of Ukraine, have triggered massive selloffs in the technology sector. However, these conditions represent a great opportunity to buy stocks on their price dips. So, we think it could be wise to invest in financially solid tech…

Rapid digitalization and continuing hybrid working arrangements have been driving the growth of the computer hardware market. So, we think computer hardware stocks Daktronics (DAKT), AstroNova (ALOT), Canon (CAJ), and Seagate Technology (STX) could be solid additions to one’s watchlist. These stocks are rated Buy or Strong Buy in our…

Analysts raised their price targets