FREMONT, Calif.—Jay L. Geldmacher, a director at Seagate Technology Holdings plc (NASDAQ:STX), recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Geldmacher sold 4,100 ordinary shares on October 24 at a price of $103.30 per share. The total value of the transaction amounted to $423,530.
Following this sale, Geldmacher retains ownership of 2,852 shares in the company. Seagate Technology Holdings, headquartered in Singapore, is known for its computer storage devices.
In other recent news, Seagate Technology has been making significant strides in the tech industry. The company's recent earnings and revenue results have surpassed expectations, primarily due to robust demand in the cloud sector. In the first quarter of fiscal year 2025, U.S. cloud service providers significantly contributed to Seagate's revenue growth, marking a 49% year-over-year increase to $2.17 billion. The company also reported a rise in non-GAAP earnings per share to $1.58.
Benchmark, an independent analyst firm, maintained a Hold rating on Seagate's stock, citing the company's strong performance and the potential for margin improvement due to AI integration. The firm's projections for Seagate's non-GAAP earnings stand at $8.44 per diluted share for fiscal year 2026, with sales estimated at $10.1 billion.
In other developments, Seagate is optimistic about the future of Heat-Assisted Magnetic Recording (HAMR) technology. The company expects broader customer qualifications for HAMR by mid-calendar 2025. These recent developments underline Seagate's commitment to innovation and its ability to meet growing demand in the tech industry.
InvestingPro Insights
While Jay L. Geldmacher's recent sale of Seagate Technology Holdings plc (NASDAQ:STX) shares might raise eyebrows, it's essential to consider the broader context of the company's performance and outlook. According to InvestingPro data, Seagate's stock has shown remarkable strength, with a 56.61% total return over the past year. This robust performance aligns with the company's improving financial metrics and market position.
InvestingPro Tips highlight that Seagate is expected to see growth in both net income and sales in the current year. This positive outlook is further supported by 16 analysts revising their earnings estimates upward for the upcoming period, suggesting growing confidence in the company's prospects.
Despite the recent insider sale, Seagate continues to demonstrate its commitment to shareholder value. An InvestingPro Tip notes that the company has maintained dividend payments for 14 consecutive years, with a current dividend yield of 2.7%. This consistent dividend policy, combined with the company's strong market position in the Technology Hardware, Storage & Peripherals industry, underscores Seagate's stability and long-term potential.
For investors seeking a deeper understanding of Seagate's valuation and growth prospects, InvestingPro offers 11 additional tips, providing a comprehensive analysis of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.