Transaction details
Donald L. Reeves III, who serves as senior vice president, Outcomes at Itron, Inc. (NASDAQ: ITRI), sold 519 shares of the company's common stock on February 25, 2026. The shares were disposed at $97.84 apiece, producing gross proceeds of approximately $50,778, according to a Form 4 filing with the Securities and Exchange Commission. After the sale, Reeves is reported to directly own 29,951 shares of Itron common stock.
Trading plan and context
The reported transactions were carried out pursuant to a Rule 10b5-1 trading plan that Reeves adopted on September 11, 2025. The sale was recorded in the required SEC filing that details the transaction and resulting direct holdings.
Market and valuation snapshot
The insider sale took place while Itron shares were trading near their 52-week low of $88.57, with the quoted price at $94.36 at the time of reporting. InvestingPro analysis included in the filing indicates that the stock is classified as undervalued based on its Fair Value assessment, and lists Itron among companies on the Most Undervalued list. The company is reported to carry a price-to-earnings ratio of 14.59 and a market capitalization of $4.25 billion. A Pro Research Report on ITRI is available through the platform for readers seeking additional detail.
Earnings and analyst reaction
Itron announced fourth-quarter 2025 results that topped analysts' expectations. The company posted earnings per share of $2.46, versus a consensus forecast of $2.19, and reported revenue of $572 million, ahead of the anticipated $561.48 million. In the wake of the results and the fiscal 2026 guidance that accompanied them, Oppenheimer raised its price target on Itron shares to $133 from $125 while maintaining an Outperform rating. Baird likewise upgraded Itron to Outperform from Neutral and lifted its price target to $128 from $118, citing the company's multi-year opportunity in utility grid modernization.
Financing activity
Separately, Itron recently priced a private offering of $700 million in convertible senior notes due 2032, up from an earlier announcement of $600 million in size. The company granted initial purchasers an option to acquire an additional $105 million in notes during a 13-day period beginning on the first day of issuance. Those transactions were described as reflective of the company's strategic financial positioning.
Takeaway
The insider sale by Reeves is a disclosed, plan-driven transaction recorded on Form 4, occurring amid a period in which the stock trades near its 52-week low even as recent quarterly results and broker upgrades have been positive. The company has also executed a larger convertible note placement, which, together with the earnings beat and analyst revisions, forms the current backdrop for Itron's shares and investor assessment.