Why Seagate Technology Stock Plunged Today
Shares of Seagate Technology (NASDAQ: STX) have plunged today, down by 15% as of 12:00 p.m. EDT, after the company reported fiscal fourth-quarter earnings that fell short of expectations. Additionally, the company's board of directors has decided to replace CEO Steve Luczo.
Revenue in the fiscal fourth quarter came in at $2.4 billion, with non-GAAP earnings per share of $0.65. Analysts were expecting the company to generate $2.56 billion in revenue and $0.98 per share in adjusted profit, making the bottom-line miss particularly bad. Adjusted gross margin was 28.9%, and Seagate finished out the quarter with $2.5 billion in cash on the balance sheet.
Image source: Seagate Technology.
Source: Fool.com
Seagate Technology.Holdings plc Stock
€704.00
-4.310%
The stock is one of the favorites of our community with 106 Buy predictions and 1 Sell predictions.
As a result the target price of 859 € shows a positive potential of 22.02% compared to the current price of 704.0 € for Seagate Technology.Holdings plc.
