Seagate Technology Holdings plc (NASDAQ:STX), a global leader in data storage solutions, announced a forthcoming change to its Board of Directors. On August 23, 2024, Mr. Robert A. Bruggeworth informed the company of his decision not to stand for re-election at the upcoming Annual General Meeting of Shareholders. Mr. Bruggeworth will continue his duties as a director until the meeting's conclusion.
The company's filing with the Securities and Exchange Commission on Thursday clarified that Mr. Bruggeworth's decision was not the result of any disagreements with Seagate's operations, policies, or practices. The Board expressed its gratitude to Mr. Bruggeworth for his service and contributions during his tenure.
Investors and market observers often scrutinize changes within a company's board for indications of strategic shifts or internal challenges. However, Seagate's statement indicates a routine departure without underlying discord.
Seagate, headquartered in Singapore, is known for its products in the computer storage devices sector. The company's business address and contact information remain unchanged, as noted in the SEC filing.
This announcement is based on the company's recent 8-K filing and reflects the formalities of corporate governance within publicly traded companies. Seagate's shares continue to be traded on the NASDAQ Global Select Market under the ticker STX.
The company has not provided further details on potential candidates to fill the upcoming vacancy on the Board or the impact, if any, Mr. Bruggeworth's departure may have on Seagate's strategic direction.
In other recent news, Seagate Technology experienced a surge in demand from Cloud Service Providers and the Video & Imaging Application sector, leading to a significant increase in Non-GAAP gross margins.
The company's earnings per share for the June quarter surpassed expectations, coming in at $1.05. Seagate's revenue and earnings per share guidance for the first fiscal quarter of 2025 also exceeded expectations, forecasting over $2.1 billion in revenue and an EPS of $1.40.
Several firms have updated their outlook on Seagate. BofA Securities increased its price target to $125, citing potential revenue and margin recovery. Loop Capital raised its price target to $135, indicating significant growth potential.
Morgan Stanley, Rosenblatt Securities, and TD Cowen also raised their price targets to $133, $125, and $135 respectively, based on strong hard disk drive supply and demand dynamics.
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