Why Shares Of Seagate Technology Are Down Friday


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



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