Seagate Executives Sell Billions in Shares Amid Record Rally

Recent filings reveal that members of the board and senior executives at Seagate Technology Holdings plc (NASDAQ: STX) have sold ordinary shares in successive transactions, generating approximately $18 million in cash as of May, equivalent to roughly KRW 240 billion. On May 5, Stephanie Tilenius executed a discretionary sale of part of her holdings on the open market. Meanwhile, EVP and CTO John Christopher Morris and EVP and Chief Commercial Officer Teh Ban Seng reduced their stakes through a series of planned transactions under a 10b5-1 trading plan and by selling all shares immediately after exercising stock options. In particular, Teh Ban Seng liquidated about $6.5 million—around KRW 80 billion—in shares on the same day he exercised his options. Despite these partial divestitures, all three executives continue to hold shares valued in the tens of billions of won, according to the filings.

In its fiscal 2026 third-quarter results announced on April 28, Seagate reported revenue of $3.11 billion and non-GAAP diluted EPS of $4.10, beating market expectations. Fueled by robust demand for high-capacity hard disk drives (HDDs) for hyperscale data centers and the HAMR-based “Mosaic” platform, the company achieved a record gross margin of approximately 47%. Seagate also provided guidance for the fourth quarter, projecting revenue of about $3.45 billion, and reaffirmed its commitment to a quarterly cash dividend of $0.74 per share and ongoing share repurchases. Buoyed by these results and outlook, the stock reached an all-time high of about $727 on May 1.

Founded in 1980, Seagate is a leading manufacturer of high-capacity HDDs headquartered in Singapore, serving cloud providers, hyperscale data centers and enterprise storage markets. The company recently began shipping HAMR-based drives exceeding 40 terabytes and aims to expand its high-capacity portfolio to 100-terabyte-class products by 2030. Against the backdrop of surging data storage demand driven by AI proliferation, Seagate is widely regarded as a company with strong medium- to long-term growth prospects.