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
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.