Seagate Technology Holdings PLC (NASDAQ:STX) reported better-than-expected fourth-quarter financial results and issued first-quarter guidance above estimates on Tuesday.

Seagate Tech reported quarterly earnings of $1.05 per share which beat the analyst consensus estimate of 75 cents per share. The company reported quarterly sales of $1.890 billion which beat the analyst consensus estimate of $1.877 billion, according to data from Benzinga Pro.

"Seagate delivered robust financial performance for the June quarter amid an improving cloud demand environment, capping off a fiscal year of strong execution against our financial goals. Q4 revenue grew 18% year-over-year, non-GAAP gross margin expanded to nearly 31%, and non-GAAP EPS exceeded the high end of our guidance range," said Dave Mosley, CEO of Seagate.

Seagate expects first-quarter revenue of approximately $2.1 billion, plus or minus $150 million, versus estimates of $1.877 billion. The company anticipates first-quarter adjusted earnings of $1.40 per share, plus or minus 20 cents per share, versus estimates of 75 cents per share.

Seagate shares fell 0.8% to close at $105.30 on Tuesday.

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

• Rosenblatt analyst Kevin Cassidy maintained Seagate with a Buy rating and raised the price target from $115 to $125.
• Morgan Stanley analyst Erik Woodring maintained the stock with an Overweight rating, while increasing the price target from $115 to $133.

Read More:

• Top 3 Tech And Telecom Stocks That Are Set To Fly In July