In a recent transaction, Christopher E. Ware, Senior Vice President, General Counsel, and Corporate Secretary of Itron, Inc. (NASDAQ:ITRI), sold shares of the company's common stock. The sale was executed on May 24, 2024, and reported in a filing with the Securities and Exchange Commission (SEC) on May 28.
The transaction involved the sale of 90 shares at a price of $108.87 each, amounting to a total value of approximately $9,798. According to the footnote in the filing, the shares were sold automatically to cover tax withholding obligations that arose from the vesting of a restricted stock unit award.
Following the sale, Ware's holdings in Itron decreased, but he still retains 15,281 shares of the company's common stock. Itron, Inc., headquartered in Liberty Lake, Washington, operates in the sector of instruments for measurement and testing of electricity and electrical signals.
The sale by a high-level executive is often of interest to current and potential investors, as it provides insight into the behavior of company insiders. However, it is important to note that such transactions can occur for various reasons and do not necessarily reflect a change in the executive's view of the company's future prospects.
Itron, Inc. has not issued any public statement regarding this specific transaction. Investors and analysts typically monitor insider transactions as part of a broader strategy to understand market sentiment and company performance.
InvestingPro Insights
In light of the recent insider sale at Itron, Inc. (NASDAQ:ITRI), investors may be seeking additional context to gauge the company's financial health and future prospects. Here are some key metrics and insights from InvestingPro that can provide further depth to the narrative:
- The company's market capitalization stands at a robust $5.05 billion, reflecting a significant presence in its sector.
- Itron has shown impressive revenue growth, with a 25.77% increase in the last twelve months as of Q1 2024, and a quarterly growth rate of 22.0% in Q1 2024.
- The company's earnings are also on an upward trajectory, with a notable EBITDA growth of 147.36% in the last twelve months as of Q1 2024.
InvestingPro Tips for Itron reveal a positive outlook:
1. Analysts have a favorable view of the company's earnings, with 7 analysts having revised their earnings upwards for the upcoming period, indicating potential confidence in Itron's financial performance.
2. Itron has achieved a high return over the last year, with a 68.45% price total return, positioning it near its 52-week high and highlighting strong market performance.
For those looking to delve deeper into Itron's financials and performance indicators, InvestingPro offers a comprehensive suite of additional tips. Currently, there are 11 more InvestingPro Tips available, which can be accessed at: https://www.investing.com/pro/ITRI. Moreover, readers can take advantage of an exclusive offer using the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing even more valuable insights for informed investment decisions.
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