Seagate Technology Holdings plc STX reported better-than-expected second-quarter earnings on Tuesday.

The company posted quarterly earnings of $2.03 per share which beat the analyst consensus estimate of $1.88 per share. The company reported quarterly sales of $2.33 billion which beat the analyst consensus estimate of $2.32 billion.

“Seagate ended calendar 2024 on a strong note as we grew revenue, gross margin and non-GAAP EPS successively in each quarter of the year. Our results demonstrate structural improvements in the business and our focus on value capture in an improving demand environment, highlighted by decade-high gross margin performance exiting the December quarter,” said Dave Mosley, Seagate’s chief executive officer.

Seagate shares gained 3.7% to close at $101.25 on Tuesday.

These analysts made changes to their price targets on Seagate following earnings announcement.

• Morgan Stanley analyst Erik Woodring maintained Seagate with an Overweight rating and raised the price target from $129 to $134.
• Barclays analyst Tom O’Malley maintained the stock with an Equal-Weight rating and raised the price target from $95 to $105.
• Northland Capital Markets analyst Gus Richard reiterated Seagate with an Outperform rating and raised the price target from $144 to $160.

Considering buying STX stock? Here’s what analysts think:

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