Coherent Corp. (NASDAQ:NYSE:COHR) Chief Innovation Officer Christopher Koeppen has sold a total of 1,899 shares of the company's common stock, according to a recent SEC filing. The transactions, which took place on October 1, 2024, were executed at a price of $91.35 per share, resulting in a total value of $173,473.
The sale was conducted under a pre-arranged trading plan, known as a Rule 10b5-1 plan, which Koeppen had adopted on June 15, 2023. Such plans allow company insiders to sell shares over a predetermined period of time, to avoid concerns about transactions based on access to non-public information.
Following the transaction, Koeppen still holds a substantial number of shares in the company. Directly, he owns 66,148 shares of Coherent Corp. stock. Additionally, there are indirect holdings of 15 shares each by Koeppen's daughter and son. These holdings reflect the long-term commitment of the executive to the company, despite the recent sale.
Coherent Corp., with its headquarters in Saxonburg, Pennsylvania, specializes in optical instruments and lenses and is known for its contributions to industrial applications and services. The company's stock is publicly traded under the ticker symbol COHR on the NASDAQ stock exchange.
Investors often monitor the buying and selling activities of company executives as they may provide insights into the executive's view of the company's future performance. However, it's important to note that such transactions do not always indicate a change in company fundamentals or future performance and may be carried out for various personal financial reasons by the executives.
The filing was signed on behalf of Christopher Koeppen by Attorney-in-Fact Jeffrey W. Acre, as indicated by a power of attorney agreement dated July 2019.
In other recent news, Coherent Corp. announced significant developments. The company's Q4 results showed a 9.1% year-over-year increase in revenue to $1.31 billion, with adjusted earnings per share of $0.61, slightly above the consensus forecast of $0.60. In addition, Coherent Corp. sold its Newton Aycliffe manufacturing facility in the UK as part of a strategic move to streamline operations, facilitated by Macquarie Semiconductor and Technology.
The company also unveiled two advanced transceiver modules at the European Conference on Optical Communication (ECOC) in Frankfurt, Germany, designed to enhance data transmission speeds and efficiency for data centers and network operators. Coherent Corp. appointed James R. Anderson, the current CEO, as the new President, following the resignation of the outgoing President, Walter R. Bashaw II.
Analysts from Loop Capital, Craig-Hallum, Benchmark, Rosenblatt Securities, Morgan Stanley (NYSE:MS), and Citi have all raised their price targets for Coherent, reflecting confidence in its growth trajectory. The company anticipates revenue for the first quarter of fiscal 2025 to fall between $1.27 billion and $1.35 billion, with adjusted EPS projected to range from $0.53 to $0.69. These are the recent developments shaping the trajectory of Coherent Corp.
InvestingPro Insights
To complement the recent insider trading activity at Coherent Corp. (NASDAQ:COHR), InvestingPro data provides additional context for investors. According to InvestingPro Tips, Coherent's stock price movements have been quite volatile, which aligns with the executive's decision to use a pre-arranged trading plan for his recent sale.
Despite this volatility, the company has shown strong performance in the market. InvestingPro data indicates that Coherent has delivered a high return over the last year and is currently trading near its 52-week high. This positive momentum is further supported by strong returns over the last month and three months.
Looking ahead, InvestingPro Tips suggest that net income is expected to grow this year, and analysts predict the company will be profitable. This outlook may provide some reassurance to investors in light of the recent insider sale.
It's worth noting that InvestingPro offers 15 additional tips for Coherent Corp., providing a more comprehensive analysis for investors seeking deeper insights into the company's financial health and market position.
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