KLA Corp (NASDAQ:KLAC) EVP and Chief Financial Officer Bren D. Higgins has sold 1,019 shares of the company's common stock, according to a recent SEC filing. The transaction, dated May 23, 2024, was executed at an average price of $788.58 per share, totaling approximately $803,563.
The sale was conducted under a Rule 10b5-1 trading plan, which Higgins had adopted on February 23, 2023. Such plans allow company insiders to establish prearranged plans to buy or sell company stock at a predetermined time to avoid accusations of insider trading.
Following the transaction, Higgins still holds a significant stake in the company, with 31,356.2 shares remaining in his possession. This figure includes 21,433 shares that are issuable upon the vesting of restricted stock units (RSUs), as noted in the SEC filing footnotes.
KLA Corp, with its headquarters in Milpitas, California, operates within the optical instruments and lenses sector, providing various industrial applications and services. The company, formerly known as KLA Tencor Corp, is incorporated in Delaware and has been a key player in the industry with a history dating back to its name change from KLA Instruments Corp in 1992.
Investors often monitor insider transactions as they can provide insights into executives' perspectives on the company's current valuation and future prospects. However, such transactions are not necessarily indicative of future price movements and can be influenced by a variety of personal financial considerations.
InvestingPro Insights
As KLA Corp (NASDAQ:KLAC) continues to make headlines with insider transactions, investors are keenly observing the company's performance metrics and market position. According to InvestingPro data, KLA Corp currently holds a market capitalization of $104.89 billion, reflecting its substantial presence in the semiconductor industry. Despite a challenging market environment, the company's P/E ratio stands at a robust 40.58, with a slight adjustment to 36.53 when looking at the last twelve months as of Q3 2024.
InvestingPro Tips highlight that KLA Corp has raised its dividend for 8 consecutive years, showcasing a commitment to shareholder returns. Additionally, 11 analysts have revised their earnings upwards for the upcoming period, signaling potential confidence in the company's financial trajectory. This is particularly relevant for investors following Bren D. Higgins' recent stock sale, as it may suggest a broader context of growth and stability.
Moreover, the company's strong return over the last year, with a one-year price total return of 88.94%, underscores its impressive performance in the industry. KLA Corp is also trading near its 52-week high, at 98.55% of the peak price, indicating that the stock is currently favored in the market.
For those looking to delve deeper into KLA Corp's financials and market performance, InvestingPro offers a comprehensive suite of tips and data. There are an additional 18 InvestingPro Tips available, providing a more nuanced understanding of the company's strategic positioning and financial health. Interested readers can access these insights by visiting https://www.investing.com/pro/KLAC and can benefit from an additional 10% off a yearly or biyearly Pro and Pro+ subscription using the coupon code PRONEWS24.
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