Ultra Clean Holdings, Inc. (NASDAQ:UCTT) CFO Sheri Savage has sold a substantial amount of company stock, as recent SEC filings indicate. On June 7 and June 10, Savage executed multiple sales of Ultra Clean Holdings common stock, totaling over $750,000.
The transactions occurred in a series of sales with prices ranging from $45.5250 to $47.1800 per share. On June 7, Savage sold shares in five separate transactions with prices per share as follows: 1,044 shares at a weighted average price of $45.8882, 5,551 shares at $45.9109, 1,467 shares at $45.91, 1,706 shares at $46.0052, and another batch of 5,551 shares at $46.1405. The total value of these sales reached approximately $674,716.
Additionally, on June 10, Savage sold 2,708 shares at a price of $47.18 per share, totaling $127,763. These transactions were made public through Form 4 filings with the Securities and Exchange Commission, which were signed by attorney-in-fact Paul Y. Cho on behalf of Savage.
The sales were executed in multiple transactions at varying prices, and Savage has committed to providing full information regarding the number of shares sold at each price upon request. After these transactions, Savage's ownership in the company has decreased, yet she still retains a significant number of shares.
Investors often keep an eye on insider transactions such as these for insights into executive sentiment regarding their company's stock. The sales by Ultra Clean Holdings' CFO may be of particular interest to current and potential shareholders as they evaluate their investment in the company.
In other recent news, Ultra Clean Holdings Inc. experienced a substantial first quarter in 2024, with total revenue reaching $477.7 million and earnings per share of $0.27. This robust performance was primarily attributed to strong orders from China and increased demand for high-bandwidth memory and advanced packaging. The company's management expects this demand from Chinese original equipment manufacturers to remain consistent throughout the year.
Needham and TD Cowen, two noted analyst firms, have shown confidence in Ultra Clean's trajectory. Needham raised the price target for Ultra Clean from $50 to $56, maintaining a Buy rating, while TD Cowen increased its price target from $47 to $55, also holding a Buy rating. These adjustments reflect the company's ability to navigate the complexities of the semiconductor equipment industry and capitalize on specific areas of rising demand.
Despite the positive outlook, Ultra Clean's management noted that leading original equipment manufacturers outside of China are still adjusting their orders, indicating that a full recovery in those markets may not be imminent. However, the company's strong performance in China and the positive outlook provided by management suggest a stable trajectory for the near future. These are the recent developments regarding Ultra Clean Holdings Inc.
InvestingPro Insights
Following the recent insider sales by Ultra Clean Holdings, Inc.'s (NASDAQ:UCTT) CFO Sheri Savage, investors might be seeking a broader understanding of the company's financial health and market performance. According to real-time data from InvestingPro, Ultra Clean Holdings currently has a market capitalization of $2.13 billion. The company's revenue for the last twelve months as of Q1 2024 stands at $1.78 billion, despite a decline of 20.71% in the same period. However, the company has shown a quarterly revenue growth of 10.25% in Q1 2024.
Ultra Clean Holdings has been experiencing some volatility with a P/E ratio of -56.94, reflecting a market that has had concerns about profitability. This is further indicated by the adjusted P/E ratio for the last twelve months as of Q1 2024 being -71.99. Despite these challenges, the company has seen a significant price uptick over the last six months, with a total return of 63.1%. This could suggest investor optimism about the company's future performance, aligning with one of the InvestingPro Tips that indicates analysts predict the company will be profitable this year.
InvestingPro Tips for Ultra Clean Holdings also reveal that the company's stock price movements are quite volatile, which may be worth noting for investors considering the timing of their trades. Additionally, it's highlighted that Ultra Clean Holdings' liquid assets exceed its short-term obligations, providing some reassurance regarding the company's liquidity and ability to meet immediate liabilities.
For investors seeking further insights, there are additional InvestingPro Tips available for Ultra Clean Holdings at https://www.investing.com/pro/UCTT. Those interested can take advantage of an exclusive offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With these resources, investors can make more informed decisions amidst the CFO's recent stock sales and the company's evolving financial landscape.
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