In a recent transaction on July 1st, Walter R. Bashaw II, President of Coherent Corp. (NASDAQ:NYSE:COHR), sold a total of 3,000 shares of the company's common stock. The sales were executed at prices ranging from $71.9224 to $72.5906, amounting to over $216,000 in total value.
The transactions were carried out under a Rule 10b5-1 trading plan, which was previously adopted by Bashaw on December 14, 2023. Such plans allow company insiders to establish prearranged plans to sell stocks at a predetermined time to avoid accusations of insider trading.
According to the filing, the first sale consisted of 2,203 shares at a weighted average price of $71.9224, and the second sale involved 797 shares at an average of $72.5906. After these transactions, Bashaw's direct holdings in Coherent Corp. decreased to 96,659 shares.
It's important to note that an additional transaction code "F" was reported, where 7,799 shares were withheld by the company to satisfy withholding tax obligations on behalf of Bashaw. These shares were not part of an open market transaction and therefore did not affect the total sale value.
Investors and followers of Coherent Corp. may find this information useful as it provides insights into the trading activities of the company's top executives. The stock transactions are disclosed to the public as per regulatory requirements and provide transparency into the financial dealings of corporate insiders.
In other recent news, Coherent Corp reported a robust third-quarter performance with a 7% sequential increase in revenue and a nearly 50% increase in non-GAAP EPS. The company also raised its full-year revenue and EPS forecasts. On the leadership front, JPMorgan maintained an Overweight rating for Coherent following the appointment of Jim Anderson as the new CEO. Anderson's impressive track record at Lattice (OTC:LTTC) Semiconductors, where he oversaw significant revenue and earnings growth, is expected to foster optimism about Coherent's future prospects.
In terms of product development, Coherent introduced a new laser power sensor, the PM10K+, designed to accelerate power output measurements by up to 500%. The company also unveiled a novel single-mode, polarization-maintaining optical fiber, the first of its kind to support over 20 watts of average power. These recent developments underscore Coherent's commitment to innovation and its strategy to support the growing high-power applications sector.
While the company has reported strong performance and has exciting new products, it is important to note that these are recent developments and future performance can always vary. Information about Coherent's strategies and developments is based on company announcements and analyst notes, and does not represent a comprehensive view of the company's overall operations.
InvestingPro Insights
Amidst the recent insider trading activity at Coherent Corp. (NASDAQ:COHR), investors might be considering the broader financial picture of the company. With a market cap of approximately $11.09 billion and a significant price uptick over the last six months, Coherent has demonstrated a noteworthy performance in the stock market. The PRONEWS24 coupon code can grant access to more exclusive InvestingPro Tips, which currently include 12 additional tips to help investors make more informed decisions.
One of the InvestingPro Tips suggests that the company's stock price movements have been quite volatile, an important consideration for investors looking at the recent insider sales. Additionally, despite analysts anticipating a sales decline in the current year, Coherent has shown a strong return over the last month, with a 27.48% increase, and over the last three months, with a 23.5% increase. This may indicate investor confidence in the company's ability to navigate the anticipated sales challenges.
From a valuation standpoint, Coherent is trading at a high EBITDA valuation multiple, with the latest EBITDA figure standing at $735.39 million. The company's revenue for the last twelve months as of Q3 2024 was reported at $4598.38 million, with a gross profit margin of 30.37%, reflecting the company's ability to maintain profitability in its operations. However, it's worth noting that the company has not been profitable over the last twelve months, which could be a red flag for some investors.
These insights, along with the additional tips available on InvestingPro, could provide valuable context for investors analyzing the recent insider sales and considering their own investment strategies in Coherent Corp.
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