Seagate Technology Holdings PLC ( STX ) shares traded higher on Wednesday. The company reported third-quarter earnings on Tuesday after the market closed.

What To Know: Seagate ( STX ) reported adjusted earnings per share of $1.90, missing the analyst estimate of $2.09. In addition, the company reported sales of $2.16 billion, missing the analyst estimate of $2.31 billion.

It reported cash flow from operations of $259 million and free cash flow of $216 million. Seagate ( STX ) also declared a cash dividend of 72 cents per share.

Outlook: For the fourth quarter, the company sees adjusted earnings per share from $2.20 to $2.60, versus the analyst estimate of $2.20. It expects sales from $2.25 billion to $2.55 billion, versus the analyst estimate of $2.43 billion.

“We remain focused on executing our HAMR product ramp to support ongoing cloud customer demand. While we navigate the current dynamic macroeconomic environment, we are confident that our technology leadership, resilient financial model and solid industry fundamentals will drive profitable growth through 2025 and beyond,” said Dave Mosley, Seagate ( STX ) CEO.

Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.

Wells Fargo analyst Aaron Rakers maintained an Equal-Weight rating on Seagate ( STX ) and lowered the price target from $120 to $105.

UBS analyst Timothy Arcuri maintained a Neutral rating on Seagate ( STX ) and raised the price target from $80 to $85.

STX Price Action: Seagate ( STX ) shares traded 8.97% lower at $88.92, according to data from Benzinga Pro.

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