[Form 4] Southwest Gas Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Southwest Gas Holdings, Inc. (SWX) — Form 4 insider transaction

On 27 June 2025, the company’s Senior Vice President, Chief Financial Officer and Controller, Robert J. Stefani, sold 7,000 shares of SWX common stock at a reported price of $75 per share, for an estimated total value of roughly $525 thousand. Following the sale, Stefani continues to hold 24,664.708 shares directly. No derivative securities transactions were reported.

• The sale represents approximately 22% of the executive’s prior direct holdings.
• No purchases were disclosed, and no 10b5-1 trading plan box was ticked, suggesting the sale was not pre-arranged under a safe-harbor plan.
• No other insiders or derivative activities were reported in this filing.

This single insider sale by the CFO may signal personal portfolio rebalancing or other non-corporate factors, but investors often view sizable executive sales as a modestly negative governance indicator when not accompanied by offsetting purchases or a clear 10b5-1 plan.

Positive

• None.

Negative

• CFO insider sale of 7,000 shares (~22% of prior holdings) without a disclosed 10b5-1 plan may be viewed as a mildly negative signal by investors.

Insights

Securities Analyst

TL;DR: CFO sold 7k shares (~$525k), retains stake; modest negative signal.

Insider selling by a key financial executive typically draws scrutiny. The 7,000-share sale equates to about 22% of Stefani’s direct holdings, leaving a still-meaningful ~$1.85 million position. While not large relative to SWX’s market cap, a sale without a disclosed 10b5-1 plan marginally worsens sentiment amid ongoing regulatory focus on insider activity. No additional transactions lessen the context, so the overall takeaway is mildly negative but not materially impactful to valuation absent a broader selling trend.

Corporate Governance Expert

TL;DR: Unplanned CFO sale is a governance yellow flag, impact limited.

Executives routinely diversify holdings, yet best practice encourages use of pre-scheduled 10b5-1 plans to avoid perception of information asymmetry. The unchecked 10b5-1 box means investors lack that reassurance. However, Stefani’s remaining stake maintains alignment with shareholders, and no cluster selling pattern is evident. Governance risk is therefore low-to-moderate, with limited near-term impact on institutional ownership decisions.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Stefani Robert J

(Last) (First) (Middle)

8360 S. DURANGO DR.

(Street)

LAS VEGAS NV 89113

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Southwest Gas Holdings, Inc. [ SWX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP/CFO/Controller

3. Date of Earliest Transaction (Month/Day/Year)
06/27/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/27/2025		S		7,000	D	$75	24,664.708	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

	Catherine M. Mazzeo, POA	06/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many SWX shares did CFO Robert J. Stefani sell?

He sold 7,000 shares of Southwest Gas Holdings common stock.

At what price were the SWX shares sold?

The reported sale price was $75 per share.

How many SWX shares does the CFO still own after the sale?

After the transaction, Stefani directly owns 24,664.708 shares.

Was the sale executed under a Rule 10b5-1 trading plan?

The Form 4 did not indicate use of a 10b5-1 plan; the related checkbox is unchecked.

Does the filing report any derivative security transactions?

No derivative securities were acquired or disposed of in this Form 4.