Seagate Technology Plc (STX Quick QuoteSTX - Free Report) is one of the largest manufacturers of hard disk drives (HDD) which caters to the needs of individual and small businesses.

However, for the past few years the company is focusing on the larger enterprise segment, where technology upgrades and cloud-related investments are on the rise. Moreover, Seagate’s cloud-based applications have generated ample customer interest.

Recent estimates for Seagate have moved upward, pushing up the Zacks Consensus Estimate as well. Notably, the company beat the Zacks Consensus Estimates in three of the trailing four-quarters.

Currently, Seagate has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

However, the Zacks Rank could definitely change following the company’s third-quarter fiscal 2018 report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings: Seagate reported non-GAAP earnings of $1.46 per share, which beat the Zacks Consensus Estimate of $1.36.

Revenues: Seagate posted revenues of $2.80 billion, which also beat the Zacks Consensus Estimate of $2.69 billion.

Key Stats: Seagate reported gross margin of 30.8% in the quarter.
 

Stock Price: Shares are down almost 6% in the pre-market session.

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