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Why Shares Of Seagate Technology Are Down Friday

ByDylan Wechsler

Jul 22, 2022
Why Shares Of Seagate Technology Are Down Friday

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Shares of Seagate Technology Holdings PLC STX are trading lower today. 

Why It Is Moving?

Shares of Seagate are trading lower after the company reported worse-than-expected Q4 results and issued weak Q1 guidance.

The company reported earnings per share of $1.59, missing the consensus estimate of $1.92. Revenue of $2.63 billion also missed analyst expectations of $2.78 billion. 

The company also issued soft Q1 guidance. 

Seagate expects adjusted earnings per share of $1.20 to $1.60 versus the $2.27 consensus estimate. It expects revenues of $2.35 billion to $2.65 billion, well below the consensus esimate of $3.03 billion. 

Analysts at multiple firms lowered their price targets on the stock. Craig-Hallum downgraded the stock from Buy to Hold following the report.

Price Action: Shares are trading 10.2% lower at $75.05 during today’s pre-market session, according to data from Benzinga Pro.

Photo: Courtesy of Jeremy Keith on flickr



 

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Image and article originally from www.benzinga.com. Read the original article here.