What to expect from Seagate Technology’s Q4 2024 earnings report – TradingView News

Headquartered in Dublin, Ireland, Seagate Technology Holdings plc STX is a global leader in data storage solutions, offering a comprehensive range of HDD, SSD and cloud storage products. The company has a market value of $21.7 billion. The company is scheduled to report fiscal fourth-quarter financial results on Wednesday, July 24.

Ahead of the event, analysts are expecting the storage maker to post earnings of $0.60 per share, up 306.9% from negative earnings of $0.29 per share in the year-ago quarter. The company has met or exceeded Wall Street estimates for net earnings in each of its last four quarterly reports. The company topped consensus EPS estimates by 70% in the latest quarter, driven by higher demand for its memory chips from cloud customers.

For fiscal 2024, analysts predict that STX will post earnings per share of $0.44, up 222.2% from negative earnings per share of $0.36 in fiscal 2023. Looking ahead to fiscal 2025, earnings per share are expected to increase significantly to $5.11.

Over the past 52 weeks, STX XLK an increase of almost 37% compared to the same period.

STX saw its shares MSThe company expects Seagate Technology shares to reach new highs, driven by a recovery in the storage market, promising prospects in heat-assisted magnetic recording (HAMR) technologies and growing demand related to artificial intelligence (AI).

Additionally, on April 23, the stock price rose following the release of third-quarter results as profit beat expectations and higher fourth-quarter profit was forecast.

The analyst consensus on Seagate Technology stock is cautiously optimistic, with an overall rating of “Moderate Buy.” Of the 20 analysts covering the stock, 10 recommend a “Strong Buy,” one suggests a “Moderate Buy,” seven give a “Hold” rating, and two advise a “Strong Sell.” This consensus is more bullish than it was three months ago, with eight analysts suggesting a “Strong Buy.” STX is currently trading above the average analyst price target of $99.72.

On the date of publication, Sohini Mondal did not hold (directly or indirectly) a position in any of the securities mentioned in this article. All information and data in this article is for informational purposes only. For further information, please refer to Barchart’s Disclosure Policy here.