Seagate Technology Hldngs Plc Stock Price, News & Analysis

The Multicloud Maturity Report from Seagate (NASDAQ: STX) highlights the challenges of multicloud complexity and rising data costs, emphasizing the importance of managing these effectively to boost business value. The report reveals that organizations demonstrating multicloud maturity can significantly outperform competitors, achieving revenue goals nearly twice as often and accelerating market entry by 6.3 times. It underscores the need for data-centric strategies to eliminate friction and unlock the potential of the growing global datasphere, which is expected to double in size every three years.

Seagate Technology Holdings plc (NASDAQ: STX) announced its participation in two upcoming investor events. The Morgan Stanley 7th Annual Sustainable Futures Conference is scheduled for May 24, 2022, at 7:15 AM PT. Following this, the Bank of America Global Technology Conference will take place on June 8, 2022, at 9:30 AM PT. Live webcasts of both events will be available on Seagate's Investor Relations website, with replays accessible for 30 days post-event.

Hammerspace and Seagate Technology Holdings plc (NASDAQ: STX) have partnered to offer automated data orchestration and unified data access across Seagate’s Lyve Cloud and Exos CORVAULT. This collaboration allows customers to integrate data from various sources into a Global Data Environment, improving accessibility and management across multi-site hybrid cloud infrastructures. Seagate’s Lyve Cloud provides data privacy and cost-effective storage solutions, enabling organizations to efficiently manage and utilize massive data sets without incurring extra charges for data movement.

Seagate Technology (NASDAQ: STX) plans to expand its Lyve Cloud services by adding seven new global regions, including locations in the U.S., U.K., Germany, India, and Japan. This will increase its total cloud presence to ten regions with 16 availability zones. The company is launching Lyve Cloud Archive for optimized storage costs and a new Lyve Cloud Marketplace for tailored partner solutions. Notably, Seagate aims to achieve HIPAA compliance in the U.S. to cater to the healthcare sector. These initiatives aim to enhance data accessibility and support mass data growth.

Seagate has launched three collectible Hard Disk Drives (HDD) inspired by popular Star Wars characters: Boba Fett™, Grogu™, and The Mandalorian™. These special edition drives celebrate Star Wars Day on May 4th and are available for $109.99 each with a capacity of 2TB. Designed for compatibility with PC, Mac, PlayStation, and Xbox, they feature customizable RGB LED lighting. Each purchase includes a five-year warranty and three years of Rescue Data Recovery Services™. This initiative strengthens Seagate's position in the gaming and collectibles market.

StorONE has partnered with Seagate Technology to launch a new hybrid storage solution aimed at reducing production, archive, and backup storage costs. This solution, featuring the Exos AP BV-1 module and StorONE’s Enterprise Storage Platform, enhances ransomware protection through various features including Flash-First Backups and improved immutability of backup jobs. The solution supports several configurations tailored for different data center needs, showcasing StorONE's focus on optimizing performance and minimizing costs.

Seagate Technology reported fiscal Q3 2022 revenue of $2.8 billion, with GAAP diluted EPS at $1.56 and non-GAAP diluted EPS at $1.81. Cash flow from operations reached $460 million, while free cash flow was $363 million. The company returned $571 million to shareholders through dividends and share repurchases. Despite record nearline product revenue, macro challenges affected profitability. Seagate anticipates double-digit revenue growth for the fiscal year, aided by strong cloud demand and new high-capacity products.

Alfa Romeo F1 Team ORLEN partners with Seagate Technology to address digital storage challenges using Seagate Lyve Cloud. This collaboration aims to manage the gigabytes of data generated during Formula One races while reducing costs and complexities of cloud storage. Seagate's platform offers data privacy, vendor freedom, and eliminates API charges and egress fees. The partnership enables Alfa Romeo to scale data storage efficiently, supporting their operational needs as they compete in the 2022 Formula One championship. Branding will feature on the team's cars.

Seagate Technology Holdings plc (NASDAQ: STX) announced its commitment to achieve 100% renewable energy by 2030 and carbon neutrality by 2040, as part of its 16th Global Citizenship Annual Report. In FY2021, the company exceeded its energy conservation goal by saving approximately 23,000 MWh. Seagate also reported a 17% reduction in hazardous waste generation per exabyte and a 9% increase in water recycling. The report highlights advancements in diversity, including a rise in women in leadership positions and recognition for LGBTQ+ equity.