John Christopher Morris, Senior Vice President and Chief Technology Officer of Seagate Technology (NASDAQ:STX) Holdings plc (NASDAQ:STX), a $20.3 billion market cap technology hardware company with a "GREAT" InvestingPro Financial Health score, recently disclosed a sale of company shares. On December 12, Morris sold 141 ordinary shares at an average price of $98.46 each, totaling approximately $13,882. This transaction was conducted under a pre-established Rule 10b5-1 trading plan, which Morris adopted on February 6, 2024.
In addition to the sale, Morris executed other stock transactions earlier. On December 11, he acquired 941 ordinary shares through the exercise of restricted share units, which were granted under Seagate's 2022 Equity Incentive Plan. This acquisition was part of a four-year vesting schedule tied to his continued employment with the company.
Morris also disposed of 430 shares at a price of $98.39 each to cover tax obligations, resulting in a transaction value of $42,307. Following these transactions, Morris holds a total of 7,757 shares directly.
In other recent news, Seagate Technology, a global leader in data storage solutions, is currently on track with its fiscal second quarter revenue and profitability, despite facing production delays. The company has acknowledged a shortfall in production output for the fiscal third quarter, potentially reducing revenue by up to $200 million. However, Seagate has successfully completed qualification testing for its Heat-Assisted Magnetic Recording (HAMR) based Mozaic drives, indicating readiness for the next phase of deployment.
In addition, Seagate has maintained its Hold status according to a Benchmark analyst, due to strong cloud demand contributing significantly to the company's revenue growth. For fiscal year 2026, Seagate's non-GAAP earnings are projected at $8.44 per diluted share, with sales estimated at $10.1 billion.
Moreover, Seagate reported a robust financial performance in its Fiscal First Quarter 2025, with significant increases in revenue and earnings per share. The company's revenue surged to $2.17 billion, marking a 49% year-over-year growth and a 15% rise from the previous quarter. Non-GAAP EPS also exceeded expectations at $1.58. These are among the recent developments in the company.
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