Stephen G. Daly, President and CEO of MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI), recently sold shares of the company worth $561,081. The transactions occurred on October 28, 2024, with the shares sold at prices ranging from $117.79 to $121.80.
The sales were part of a pre-arranged trading plan adopted on May 31, 2024, under Rule 10b5-1 of the Securities Exchange Act of 1934. Following these transactions, Daly retains direct ownership of 65,577 shares of the company.
Additionally, on October 27 and 28, Daly had shares withheld by the company to satisfy tax obligations related to the vesting of restricted stock units, amounting to $682,289 in total, with prices ranging from $117.54 to $121.70.
In other recent news, MACOM Technology Solutions has been making significant strides in both financial performance and strategic initiatives. The semiconductor solutions company recently reported robust fiscal third-quarter results in 2024, with revenues reaching $190.5 million and an adjusted EPS of $0.66 per diluted share. The company's financial health remains strong, with over $40 million in free cash flow and a robust cash position of $521 million.
Benchmark has reaffirmed its Buy rating on shares of MACOM, indicating increased confidence in the company's revenue growth trajectory. The firm highlighted MACOM's progress in integrating Wolfspeed (NYSE:WOLF)'s RF assets and the successful expansion into new product areas. The data center sector and the introduction of new products are expected to drive short-term and long-term revenue growth, respectively.
These recent developments underscore MACOM's strategic focus on high-frequency, high-power, and high-data rate applications, with significant adoptions in defense and opportunities in 5G and satellite communications. Despite a decline in Telecom revenues, MACOM anticipates growth in the coming year, fueled by its technology being adopted by leading defense OEMs and government customers. The company's outlook for the fiscal fourth quarter projects revenue to be between $197 million and $203 million.
InvestingPro Insights
As Stephen G. Daly, President and CEO of MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI), recently sold shares worth $561,081, it's worth noting that the company's stock has shown strong performance. According to InvestingPro data, MTSI has delivered a remarkable 66.08% total return over the past year, and a 20.13% return in the last three months alone. This aligns with the InvestingPro Tip that highlights MTSI's "High return over the last year."
The stock's current trading price of $117.54 is near its 52-week high, with the price at 97.54% of its peak. This information corroborates another InvestingPro Tip indicating that MTSI is "Trading near 52-week high." Such strong performance might explain why the CEO has chosen to sell some shares, possibly to realize gains.
Despite the recent insider selling, MACOM's financial health appears robust. The company boasts a market capitalization of $8.63 billion and generated revenue of $679.24 million in the last twelve months. Moreover, an InvestingPro Tip reveals that "Liquid assets exceed short term obligations," suggesting a solid financial position.
For investors seeking a more comprehensive analysis, InvestingPro offers 15 additional tips for MACOM Technology Solutions Holdings, providing a deeper understanding of the company's financial landscape and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.