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FREMONT, Calif. - Seagate Technology Holdings plc (NASDAQ:STX), a $31.8 billion market cap company trading near its 52-week high of $153.88, announced Monday that Chief Executive Officer Dave Mosley will take on the additional role of Board Chair following the company’s 2025 Annual General Meeting of Shareholders expected in October. According to InvestingPro data, the company has demonstrated strong momentum with a 52.5% return over the past six months.
Mosley will succeed current Board Chair Michael R. Cannon, who will remain on the board and assume the position of Lead Independent Director.
"His election as Board Chair reflects the Board’s confidence in his strategic vision and our trust in his leadership to guide Seagate through its next phase of profitable growth," Cannon said in a statement about Mosley’s appointment. The confidence appears well-placed, as InvestingPro analysis shows Seagate maintaining a GOOD financial health score and forecasting 38% revenue growth this fiscal year.
Mosley, who has served as Seagate’s CEO since October 2017 and as a director since July 2017, has nearly 30 years of experience with the data storage company in various leadership roles across research and development, operations, sales, and marketing.
"In this opportunity-rich era shaped by the explosive growth in data generation and data value, I remain committed to collaborating with our board and leadership team to continue driving storage technology innovation," Mosley stated.
Cannon has been a Seagate director since February 2011 and has served as Board Chair since July 2020.
The leadership transition comes as Seagate, which has been in operation for over 45 years, continues to develop mass-capacity data storage solutions. The company has maintained dividend payments for 15 consecutive years, demonstrating consistent shareholder returns. The announcement was made in a company press release. For deeper insights into Seagate’s financial health and growth prospects, investors can access comprehensive analysis through InvestingPro’s detailed research reports.
In other recent news, Seagate Technology has seen a series of updates from various analyst firms. Cantor Fitzgerald increased its price target for Seagate to $175 from $125, citing strong performance driven by robust cloud demand and progress toward projected earnings of $12 per share by 2026. Mizuho also raised its price target to $155 from $130, maintaining an Outperform rating, with revenue and earnings per share estimates for the June quarter set at $2.40 billion and $2.40, respectively. Goldman Sachs initiated coverage with a Buy rating and a price target of $170, highlighting Seagate’s technological leadership in HAMR-based drives. BofA Securities expressed confidence by raising its price target to $135, following a positive meeting with Seagate’s CFO and maintaining a Buy rating. BofA had previously lifted its target to $125 after Seagate’s Analyst Day, where the company outlined financial targets, including a revenue CAGR in the low-to-mid teens from 2025 to 2028. These developments reflect growing analyst confidence in Seagate’s strategic direction and market positioning.
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