Robert Dennehy, Senior Vice President of Operations at MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI), has recently sold shares of the company. According to a Form 4 filing with the Securities and Exchange Commission, Dennehy sold a total of 6,587 shares on December 10, 2024. The transaction comes as MACOM's stock trades near its 52-week high, with the company showing impressive returns of over 48% year-to-date. InvestingPro analysis indicates the stock is currently trading above its Fair Value. The sales were executed at prices ranging from $134.97 to $137.97 per share, totaling approximately $898,406.
Following these transactions, Dennehy holds 24,619 shares of MACOM Technology Solutions. The sales were conducted under a previously adopted Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for selling stocks to avoid any potential insider trading allegations.
"In other recent news, MACOM Technology Solutions Holdings Inc. reported strong financial results, with record quarterly revenue of $200.7 million and an adjusted earnings per share (EPS) of $0.73. The company's full-year revenue reached $729.6 million, yielding an EPS of $2.56. These recent developments come on the heels of Needham & Company's upgrade of MACOM's stock price target to $150 from $120, maintaining a Buy rating.
The upgrade followed MACOM's robust forecast, driven by its Data Center business's exceptional performance. MACOM also completed the acquisition of ENGIN-IC, which is expected to enhance its microwave IC design capabilities for defense applications. In addition, the company anticipates significant revenue contributions from new optical technologies like photodetectors and Continuous Wave lasers, potentially by fiscal year 2025.
However, MACOM's management acknowledged potential volatility in the Artificial Intelligence architecture sector, expecting a decrease in revenue from AI Compute Chips within the U.S. market. Despite this, international interest in MACOM's products continues. Looking ahead, MACOM aims to surpass an annualized revenue run rate of $1 billion by fiscal year 2026 with a particular focus on enhancing its semiconductor technologies leadership."
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