Movement Alert｜Seagate Technology PLC Falls 3.65% in Pre-Market Trading, Price-Target Cuts After Earnings and Sector Weakness Weigh on Shares

Market Focus10-29 16:09

On October 29, Seagate Technology PLC fell 3.65% in Pre-Market Trading, trading near $673.0 per share, with turnover of $3.8331 million.

The move was tied to post-earnings price-target cuts by multiple firms and continued debate over the company’s second-quarter gross margin outlook, while weakness across storage and computer hardware names added pressure.

Seagate Technology PLC recently reported quarterly revenue of $4.23 billion and adjusted EPS of $7.68, both above market expectations, and guided next-quarter adjusted EPS to $9.00-$9.40 on revenue of $4.7-$4.9 billion, also ahead of consensus. Even so, several institutions lowered their targets after the release, including Wells Fargo to $820 from $865, while investors remained split on near-term margin expectations. In the same pre-market backdrop, Western Digital fell 3.92%, Dell Technologies Inc. fell 3.24%, and SUPER MICRO COMPUTER INC fell 3.8%, reinforcing the sector drag.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

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