Seagate Technology PLC (STX) Releases Earnings Results, Beats Expectations By $0.08 EPS

Seagate Technology PLC (STX) reported quarterly earnings results on Tuesday, Aug-2-2016. The company said it had a profit of $0.69 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.08. Analysts had a consensus of $0.61. The company posted revenue of $2654.00 million in the period, compared to analysts expectations of $2652.78 million. The company’s revenue was down -9.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.77 EPS.

Many Wall Street Analysts have commented on Seagate Technology PLC. Company shares were Upgraded by Citigroup on Jul 19, 2016 to ” Neutral”, Firm has raised the Price Target to $ 29 from a previous price target of $18 .Company shares were Reiterated by Maxim Group on Jul 12, 2016 to “Hold”, Firm has raised the Price Target to $ 35 from a previous price target of $25 .Company shares were Reiterated by RBC Capital Mkts on Jul 12, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 27 from a previous price target of $24 .

Seagate Technology PLC closed down -0.57 points or -1.75% at $32.03 with 64,15,998 shares getting traded on Friday. Post opening the session at $32.09, the shares hit an intraday low of $31.2642 and an intraday high of $32.41 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

In a different news, on Jun 7, 2016, David H Jr Morton (Chief Financial Officer & EVP) sold 8,038 shares at $23.79 per share price. According to the SEC, on May 9, 2016, Frank Biondi (director) sold 12,919 shares at $18.98 per share price. On May 3, 2016, Stephen J Luczo (CEO) purchased 200,000 shares at $20.08 per share price, according to the Form-4 filing with the securities and exchange commission.

Seagate Technology plc (Seagate) is a provider of electronic data storage products. The Company’s products are hard disk drives (HDD). The Company produces a range of electronic data storage products including solid state hybrid drives (SSHD) solid state drives (SSD) peripheral component interconnect express (PCIe) cards and Serial AT Attachment (SATA) controllers. The Company’s products are designed for enterprise servers and storage systems for applications client compute applications and client non-compute applications. The Company’s product and solution portfolio for the enterprise data storage industry includes storage enclosures integrated application platforms and high performance computing (HPC) data storage solutions. Its data storage services provide online backup data protection and recovery solutions for small to medium-sized businesses. Its products include Enterprise Performance HDDs Mobile HDDs and SSHDs NAS HDDs and Surveillance HDDs among others.

Seagate Technology PLC

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