Seagate's Lead Independent Director Mike Cannon to Retire
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2 days ago
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Should l Buy STX?
Source: Newsfilter
- Board Transition: Mike Cannon, Seagate's Lead Independent Director, has announced his retirement effective October 2026, concluding his tenure that began in 2011, which includes significant roles as Lead Independent Director and Board Chair, reflecting the stability of the company's governance structure.
- Industry Contributions: Over his 15 years, Cannon has made substantial contributions to Seagate and the disk drive industry, with his leadership and expertise guiding the company through transformational changes and strategic growth, highlighting his deep impact in the data storage sector.
- Career Background: Prior to joining Seagate, Cannon held executive positions at renowned companies like Boeing and IBM, accumulating extensive industry experience that laid the groundwork for his success at Seagate, thereby enhancing the company's technological capabilities.
- Future Outlook: Cannon expresses confidence in Seagate's future, asserting that the company has built a solid foundation to meet the rapidly growing data storage demands over the next decade, indicating the company's ongoing relevance in the industry.
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Analyst Views on STX
Wall Street analysts forecast STX stock price to fall
18 Analyst Rating
14 Buy
3 Hold
1 Sell
Moderate Buy
Current: 766.440
Low
150.00
Averages
310.39
High
465.00
Current: 766.440
Low
150.00
Averages
310.39
High
465.00
About STX
Seagate Technology Holdings plc provides mass-data storage infrastructure solution. The Company’s principal products are hard disk drives, commonly referred to as disk drives, hard drives (HDDs). In addition to HDDs, the Company produces a range of data storage products, including solid state drives (SSDs), solid state hybrid drives, storage subsystems, as well as a scalable edge-to-cloud mass data platform. Its HDD products are designed for mass capacity storage and legacy markets. Mass capacity storage involves use cases, such as hyperscale data centers and public clouds, as well as emerging use cases. The Company’s HDD and SSD product portfolio includes Serial Advanced Technology Attachment, Serial Attached SCSI and Non-Volatile Memory Express based designs to support a variety of mass capacity and legacy applications. Its systems portfolio includes storage subsystems for enterprises, cloud service providers, scale-out storage servers and original equipment manufacturers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Industry Contributions: Over his 15 years, Cannon has made substantial contributions to Seagate and the disk drive industry, with his leadership and expertise guiding the company through transformational changes and strategic growth, highlighting his deep impact in the data storage sector.
- Career Background: Prior to joining Seagate, Cannon held executive positions at renowned companies like Boeing and IBM, accumulating extensive industry experience that laid the groundwork for his success at Seagate, thereby enhancing the company's technological capabilities.
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- Long-term Supply Agreements: The company has secured supply agreements with nearly all major cloud and hyperscale customers for high-capacity storage products, ensuring sustained revenue growth for 2027 and beyond, indicating its competitive edge in a fierce market.
- Strong Market Demand: Data centers accounted for 80% of Seagate's revenue last quarter, and with the AI server market projected to grow nearly sixfold from 2024 to 2030, the company's growth potential is significant, allowing it to capitalize on storage product shortages to raise prices.
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- Technical Analysis Tool: Comparing the latest share price to the 200-day moving average provides valuable insights for investors, aiding in the assessment of the ETF's long-term trends and market performance.
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- Liquidity Monitoring: Weekly monitoring of changes in shares outstanding helps identify significant inflows (new units created) or outflows (old units destroyed), which directly impacts the ETF's underlying holdings and its market performance.
See More
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- Board Transition: Mike Cannon, Seagate's Lead Independent Director, has announced his retirement effective October 2026, concluding his tenure that began in 2011, which includes significant roles as Lead Independent Director and Board Chair, reflecting the stability of the company's governance structure.
- Industry Contributions: Over his 15 years, Cannon has made substantial contributions to Seagate and the disk drive industry, with his leadership and expertise guiding the company through transformational changes and strategic growth, highlighting his deep impact in the data storage sector.
- Career Background: Prior to joining Seagate, Cannon held executive positions at renowned companies like Boeing and IBM, accumulating extensive industry experience that laid the groundwork for his success at Seagate, thereby enhancing the company's technological capabilities.
- Future Outlook: Cannon expresses confidence in Seagate's future, asserting that the company has built a solid foundation to meet the rapidly growing data storage demands over the next decade, indicating the company's ongoing relevance in the industry.
See More
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- Tech Stock Surge: Intel's stock soared over 12% after Apple held exploratory talks with Intel and Samsung Electronics for U.S. processor production, indicating strong market confidence in tech stocks and driving gains across chipmakers.
- Oil Price Decline: WTI crude oil prices fell more than 3% as the ceasefire in the Middle East eased geopolitical risks, providing support for the stock market and reflecting market demand for stability amid fluctuating oil prices.
- New Home Sales Growth: U.S. March new home sales rose 7.4% month-over-month to 682,000, surpassing expectations of 652,000, indicating a robust recovery in the housing market that could bolster economic confidence.
- Positive Earnings Outlook: As of Tuesday, 83% of the 354 S&P 500 companies that reported Q1 earnings exceeded estimates, with projected earnings growth of 12% year-over-year, demonstrating sustained corporate profitability that may further drive stock market gains.
See More
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- Earnings Highlights: Apple, Amazon, and TSMC have all achieved a 'triple play' this quarter, delivering growth in earnings, revenue, and guidance, which underscores strong market demand and business resilience, further solidifying their leadership positions in their respective industries.
- Market Reaction: Investors reacted positively to the earnings reports from these three companies, driving stock prices higher, which reflects a renewed confidence in tech stocks and may attract more capital inflows into the technology sector.
- Industry Impact: The robust performance of these companies not only enhances their market valuations but may also lead to upward revisions in earnings expectations for other tech firms, creating a virtuous cycle that could further drive the recovery of the entire industry.
- Future Outlook: As the global economy gradually recovers, the success stories of Apple, Amazon, and TSMC may inspire other companies to adopt similar growth strategies, fostering innovation and investment that drive long-term growth.
See More
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