Seagate Rides the AI Rally… CEO Sells Company Shares Worth Hundreds of Millions

(Seagate Technology Holdings plc: STX) CEO William D. Mosley exercised stock options on May 20 and June 1, then sold tens of thousands of Seagate common shares under a pre-arranged Rule 10b5-1 trading plan, securing roughly $50 million in cash, the company disclosed. The options were exercised at about $46 per share, and the shares were sold in the $700–$900 range, implying an estimated gain of around KRW 70 billion. Despite this sale, Mosley still owns over 300,000 shares, representing a stake valued at least between KRW 300 billion and KRW 400 billion.

Against the backdrop of surging demand for high-capacity HDDs in AI servers, Seagate has locked in long-term contracts that will effectively sell its full nearline storage production capacity through 2027. The company also raised its long-term annual revenue growth target to a minimum of 20% and announced plans to early-redeem its entire 3.5% convertible bond issue maturing in 2028. These moves reflect Seagate’s dual focus on accelerating growth and strengthening its financial structure. U.S. and Asian brokerages, citing the company’s AI-storage tailwinds, have successively raised their price targets to the $900–$1,000 range. Seagate’s share price has likewise surged by several hundred percent over the past year, attracting market attention as a leading AI infrastructure beneficiary.

Seagate, an Ireland-registered U.S. data storage company listed on Nasdaq, has built its business around high-capacity hard disk drives and storage systems for enterprise and cloud customers. More recently, it has expanded its product portfolio to meet exploding storage needs in generative AI and hyperscale data centers, spearheaded by next-generation high-capacity HDDs such as its HAMR-based Mosaic drives.