Walter Bashaw II, the President of Coherent Corp. (NASDAQ:NYSE:COHR), has recently sold a portion of his holdings in the company. The transactions, which occurred on March 14, 2024, involved the sale of 8,175 shares of Coherent Corp. common stock, resulting in a total transaction value exceeding $492,000.
The stock sales were executed at varying prices. Specifically, 1,875 shares were sold at a weighted average price of $59.4961, with individual transactions ranging from $59.08 to $60.00. Another 6,100 shares were sold at a weighted average price of $60.3933, with prices between $60.08 and $61.05. The remaining 200 shares were sold at an average price of $61.159, with a price range from $61.12 to $61.50.
These sales were conducted in accordance with a pre-arranged Rule 10b5-1 trading plan, which Bashaw had adopted on December 14, 2023. This plan allows company insiders to establish pre-planned transactions at a time when they are not in possession of material non-public information, providing a defense against potential accusations of insider trading.
Following these transactions, Bashaw's direct holdings in Coherent Corp. have been adjusted to 112,784 shares. Additionally, the reporting documents indicate indirect ownership of 80 shares by children and 1,400 shares by a spouse.
Investors often monitor insider transactions as they can provide insights into executives' perspectives on the company's current valuation and future prospects. However, such sales and purchases may also reflect personal financial management considerations and should not be the sole factor in making investment decisions.
Coherent Corp., headquartered in Saxonburg, Pennsylvania, operates within the optical instruments and lenses sector, providing various applications and services in the industrial market.
InvestingPro Insights
Following the recent insider transactions by Walter Bashaw II at Coherent Corp. (NASDAQ:COHR), investors might be curious about the company's current financial health and market performance. According to InvestingPro data, Coherent Corp. has a market capitalization of $6.12 billion and a high P/E ratio of 56.98, which suggests investor confidence in future earnings potential. The company's recent performance shows a significant six-month price total return of 83.02%, indicating a robust uptrend in its stock price.
An InvestingPro Tip highlights that 14 analysts have revised their earnings upwards for the upcoming period, suggesting that the market sentiment around Coherent Corp.'s future earnings is positive. This could be a factor in Bashaw's decision to sell shares, as the price may be reflecting these improved earnings expectations. Another important InvestingPro Tip to consider is that analysts predict the company will be profitable this year, which could further bolster investor confidence and justify the current high P/E ratio.
Investors looking to dive deeper into Coherent Corp.'s financials and market performance can find additional InvestingPro Tips on InvestingPro. With more tips available, including insights on sales trends and stock volatility, a subscription to InvestingPro can be a valuable tool for making informed investment decisions. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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