Seagate Technology PLC (NASDAQ:STX) reported on Tuesday that sales moved up to almost $3.6 billion in the fiscal Q1, surpassing prior estimates of $3.5 billion as the world’s biggest hard disk maker maintained its hard-drive market share.
Dublin-based Seagate reported in a statement that gross margin was over 27% in the quarter finished Dec 28. The hard disk maker earlier had estimate gross margin at the low end of a range of 27% to 32%. Bloomberg gathered data confirms that analysts had forecasted sales of $3.52 billion.
The superior forecasts contrasts with the guidance previous year, when Seagate shattered growth estimates some periods.
Shares of the company surged to $32.20 in late trading session after ending at $31.39 in New York. Seagate stock moved up 85% previous year.
Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. Western Digital Corp. (NASDAQ:WDC) fell -2.14% to settle at $41.98, STEC, Inc. (NASDAQ:STEC) moved down -2.17% to end at $4.90 while OCZ Technology Group Inc. (NASDAQ:OCZ) jumped +0.91% to finish at $1.98 on Tuesday.
Seagate Technology PLC (NASDAQ:STX) last session’s volume of 8.46 million shares was lower than its average volume of 8.49 million shares. The stock after opening at $31.32 hit high price of $31.92 and then closed at $31.39 by scoring -0.28%.
STX generated revenue of $15.86 billion in the previous twelve months and earned $3.30 billion. The Company showed a positive 20.83% in the net profit margin as well as in its operating margin which remained at 22.04%. Company’s annual sales growth for the past five years was 5.63%.
The STX’s past twelve months’ price to sales ratio was 0.75 and price to cash ratio remained 5.00. As far as the returns are concerned, STX’s return on equity was recorded as 111.85% and return on investment increased 53.25% while its return on asset stayed at 36.20%.
The stock showed weekly upbeat performance of 3.20% which was maintained for the month at 11.48%. Likewise the positive performance for the quarter was recorded as 7.18% and for the year was 84.67% while the YTD performance remained at 3.20%.
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