NEW YORK (TheStreet) -- Seagate Technology (STX) was falling -2.7% to $52.04 Wednesday after slightly missing analysts' expectations for revenue in the fiscal third quarter and guiding below revenue estimates for the fourth quarter.
For the fiscal third quarter Seagate posted earnings of $1.34 a share, beating the Capital IQ Consensus Estimate of $1.25 a share by 9 cents. Revenue fell -3.4% from the year-ago quarter to $3.34 billion. Analysts expected revenue of $3.42 billion for the quarter.
Looking to the fiscal fourth quarter Seagate expects revenue of at least $3.3 billion. Analysts expect revenue of $3.4 billion for the quarter.
The company shipped 138 million hard drives in the quarter, up from 136 million in the year-ago quarter, but down from 142 million in the previous quarter. Seagate expects demand to be "down a few points" in the fiscal fourth quarter.
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TheStreet Ratings team rates SEAGATE TECHNOLOGY PLC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate SEAGATE TECHNOLOGY PLC (STX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, good cash flow from operations and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."