In a recent transaction, Oreste Donzella, Executive Vice President of KLA Corp (NASDAQ:KLAC), sold 3,257 shares of the company's common stock, leading to a total sale amount of over $2.2 million. This sale was executed at a price of $697.85 per share.
KLA Corp, a leading provider of process control and yield management solutions, saw this significant transaction take place on March 25, 2024, according to the latest Form 4 filing with the Securities and Exchange Commission. The executive's decision to sell the shares was made under a prearranged Rule 10b5-1 trading plan, which was adopted on October 30, 2023.
Following the transaction, Donzella's direct holdings in KLA Corp have decreased, yet he still owns 16,922.383 shares of the company's common stock. It is important to note that this figure includes 8,678 shares that are issuable upon the vesting of restricted stock units (RSUs).
Investors often monitor insider transactions such as these for insights into executive sentiment regarding their company's stock. The sale by Donzella comes at a time when KLA Corp's stock is trading around the price at which the sale occurred.
The transaction was signed by Jeffrey S. Cannon, attorney-in-fact for Oreste Donzella, and the filing was completed on March 27, 2024. KLA Corp has not made any official statement regarding this recent stock sale by one of its top executives.
InvestingPro Insights
KLA Corp (NASDAQ:KLAC), a key player in the semiconductor industry, has shown a robust performance in the market, reflecting in its high return over the last year, with an impressive 86.11% price total return. This bullish trend is highlighted by the company's stock trading near its 52-week high, at 94.41% of the peak value. Despite these strong returns, the company is facing headwinds, as evidenced by a notable revenue decline of 7.75% over the last twelve months as of Q2 2024.
With a market capitalization of $94.24 billion, KLA Corp is trading at a high earnings multiple, with a P/E ratio of 34.97, suggesting that investors hold high expectations for the company's future earnings. This is reinforced by the company's ability to maintain dividend payments for 20 consecutive years, and even more so, having raised its dividend for the last 8 years, with a recent growth of 11.54% in dividends.
InvestingPro Tips indicate that while KLA Corp is a prominent player in its industry, analysts have revised their earnings downwards for the upcoming period, and anticipate a sales decline in the current year. For investors looking for a deeper dive into KLA Corp's financials and future prospects, there are an additional 18 InvestingPro Tips available, which can be accessed through the company's dedicated page on InvestingPro. To enhance your investment research experience, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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