The Latest Breaking News from Seagate Technology Holdings PLC

The S&P 500 Index ($SPX ) (SPY ) today is up +0.03%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.02%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.43%. March E-mini S&P futures (ESH26 ) are up +0.02%, and March E-mini Nasdaq futures...

The S&P 500 Index ($SPX ) (SPY ) today is up +0.28%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.04%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.81%. March E-mini S&P futures (ESH26 ) are up +0.25%, and March E-mini Nasdaq futures...

Seagate Technology Holdings PLC (NASDAQ: STX) reported its quarterly revenue at $2.6 billion, down 13% year-on-year, and non-GAAP profits at $1.59 per share, with both metrics below Street expectations. The company’s projection was $1.90 a share.

Upgrades

Seagate Technology Holdings PLC (NASDAQ:STX) reported third-quarter FY22 revenue growth of 2.6% year-on-year to $2.80 billion missing the consensus of $2.81 billion. The non-GAAP gross margin expanded 180 bps to 29.2%. The non-GAAP operating margin expanded 140 bps to 16.8%. Non-GAAP EPS of $1.81 missed the consensus of $1.89. Seagate generated $460 million…

Rosenblatt did not expect any surprises from Seagate Technology Holdings PLC (NASDAQ:STX) and Western Digital Corp (NASDAQ:WDC) pre-announcing their March quarter results. The June quarter outlook is a different story.  Continued COVID-related shutdowns in China may further delay security system deployments that use HDD storage.  June quarter HDD revenue could have some upside if the…

Wells Fargo analyst Aaron Rakers maintained Seagate Technology Holdings PLC (NASDAQ:STX) with an Equal-Weight and reduced the price target from $110 to $90 (8.1% upside). Rakers maintained Western Digital Corp (NASDAQ:WDC) with an Overweight and decreased the price target from $80 to $70 (45.6% upside). Rakers reduced its estimates on Seagate and Western Digital ahead of their upcoming earnings releases.  Also…