Seagate Technology Announces Preliminary Financial Information for Fiscal First Quarter 2016

UBS Cuts Price Target on Seagate Technology (STX) to $34 Following Negative Pre-Announcement

October 19, 2015 9:46 AM EDT

UBS reiterated a Sell rating on Seagate Technology (NASDAQ: STX), and cut the price target to $34.00 (from $36.00), following a negative 1Q16 pre-announcement.

Analyst John Roy commented, "After the negative preannouncement the question of the day was, why that big of a gross... More

RBC Capital Cuts Price Target on Seagate Technology (STX) Following Quarterly Pre-Announcement

October 15, 2015 1:01 PM EDT

RBC Capital reiterated an Outperform rating on Seagate Technology (NASDAQ: STX), and cut the price target to $47.00 (from $53.00), following september quarter's pre-announcement. While unit shipments were in-line, the gross margin expectation is well below prior expectations of 27%. STX anticipates revenue of $2.9B, gross... More

Needham & Company Downgrades Seagate Technology (STX) to Buy

October 15, 2015 11:18 AM EDT

Needham & Company downgraded Seagate Technology (NASDAQ: STX) from Strong Buy to Buy with a price target of $50.00 (from $65.00).

Analyst Richard Kugele commented, "Despite the overall September quarter TAM being above guidance, high-capacity drives were the culprit behind the negative pre-announcement. Datacenter and cloud... More

Stifel Keeps Seagate (STX) as 'Hold' Following Prelim Q1 Results; Sees Western Digital (WDC) Outperforming

October 15, 2015 9:09 AM EDT

Stifel affirms Seagate (Nasdaq: STX) at Hold following preliminary Q1 results issued on Thursday morning.

Analyst Aaron C. Rakers made the following observations:

Quick Math: based on the above would leave us to consider a F1Q16 non-GAAP EPS in the range of $0.45-$0.50/sh. versus our prior $0.87/sh. estimate (street: $0.85/sh.). Seagate attributed its weaker F1Q16 gross margin to lower-than-expected intra-quarter demand for the companys 4TB... More

Seagate Technology (STX) Cuts Q1 Revenue, Gross Margin Outlook

October 15, 2015 8:02 AM EDT

Seagate Technology (NASDAQ: STX) announced selected preliminary financial information for its fiscal first quarter of 2016, which ended on October 2, 2015.

Seagate expects to report revenue of approximately $2.9 billion and non-GAAP gross margin of approximately 24% for the fiscal first quarter 2016. The Company expects to report unit shipments for the fiscal first quarter of approximately 47 million and maintaining approximately 40% market share.

*** The Street sees Q1 revenue of $3.03 billion.

These preliminary results compare to the Companys previously forecasted range for fiscal first quarter of... More