Movement Alert｜Seagate Technology PLC Overnight Decline 3.14%, Post-Earnings Target Cuts and Sector Weakness Weigh on Shares

Market Focus10-29 09:54

On October 29, Seagate Technology PLC fell 3.14% Overnight, trading at $676.26 per share, with turnover of $3.7641 million.

The move was tied to post-earnings target price cuts by several brokerages, lingering investor debate over the company’s fiscal Q2 gross margin outlook, and broad weakness across Technology Hardware, Storage & Peripherals names.

Seagate Technology PLC recently reported fiscal Q1 revenue of $4.23 billion and adjusted EPS of $7.68, both above market expectations, and guided fiscal Q2 adjusted EPS to $9.00-$9.40 on revenue of $4.7-$4.9 billion, also ahead of consensus. Even so, several firms lowered price targets after the report, while some investors remained cautious that prior expectations had been elevated. Peer pressure added to the pullback, with Western Digital falling 3.69%, Dell Technologies Inc. falling 2.91%, and SUPER MICRO COMPUTER INC falling 3.3%.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment