Donald L. Reeves III, who serves as senior vice president of outcomes at Itron, Inc. (NASDAQ: ITRI), disposed of 544 shares of the company's common stock on February 24, 2026. The shares traded at a price of $94.8147 each, producing a gross transaction value of $51,579.
The sale was disclosed in a Form 4 filed with the Securities and Exchange Commission. According to that filing, the disposition was carried out specifically to satisfy tax withholding obligations associated with the vesting of a restricted stock unit award. After the sale, Reeves remains a significant stockholder, directly holding 30,470 shares of Itron common stock.
Investor attention to this insider sale comes against a backdrop of recent company-level developments. Itron reported fourth-quarter 2025 results that surpassed consensus expectations: earnings per share of $2.46 versus the forecasted $2.19, and revenue of $572 million compared with an anticipated $561.48 million. The company also issued fiscal 2026 guidance that, according to the report, exceeded market expectations.
Market analysts reacted positively to the quarterly performance and the outlook. Baird upgraded its rating on Itron shares to Outperform from Neutral, citing opportunities in utility grid modernization. Oppenheimer also responded by raising its price target for Itron to $133 from $125 while maintaining an Outperform rating.
In parallel with the earnings and analyst commentary, Itron announced a private offering of convertible senior notes due 2032. The offering size was increased to $700 million from a previously planned $600 million, and the company granted the initial purchasers an option to acquire an additional $105 million in notes.
Taken together, the insider transaction and the company's recent financial and financing moves present a concise snapshot of activity at Itron: an executive sale tied to tax obligations from RSU vesting, a quarterly earnings beat accompanied by an upbeat fiscal outlook, analyst upgrades and higher price targets, and an expanded convertible debt issuance.
Additional detail is limited to the items disclosed in the Form 4 and the company reporting around its quarterly results and note offering. The filings and announcements cited here constitute the public record for the transactions and corporate actions noted.
Clear summary
Donald L. Reeves III sold 544 Itron shares on February 24, 2026, at $94.8147 per share to cover tax withholding on vested RSUs, leaving him with 30,470 shares. Separately, Itron exceeded Q4 2025 revenue and EPS estimates, issued stronger fiscal 2026 guidance, received positive analyst revisions from Baird and Oppenheimer, and increased a planned $600 million convertible note offering to $700 million with an option for $105 million more.
Key points
- The insider sale was executed expressly to satisfy tax-withholding related to RSU vesting, as reported on a Form 4.
- Itron beat Q4 2025 earnings and revenue expectations and issued fiscal 2026 guidance that surpassed market forecasts.
- Analysts reacted favorably, with Baird upgrading to Outperform and Oppenheimer raising its price target while maintaining an Outperform rating; the company also expanded a convertible note offering to $700 million with an initial purchaser option for $105 million.
Risks and uncertainties
- The public filings and announcements outline an increased convertible note offering, but the article does not provide further detail on how the offering will be allocated or its ultimate market reception.
- While analysts upgraded and raised targets following the quarter, the article does not specify the market or operational variables that could alter future analyst views.
- Information on the long-term effect of the convertible notes on the company's capital structure or dilution is not provided in the disclosures cited.