Cohu CEO Luis Muller Sells Shares for $3.3 Million
Key Points
Luis Muller sold 55,794 shares of common stock at $60.00 per share for a total value of ~$3.3 million.
The transaction size represented 6% of the direct equity held by the insider prior to the filing.
The disposal was conducted through direct ownership, and the insider continues to hold 871,825 shares directly.
This transaction was executed under a Rule 10b5-1 trading plan adopted on May 28, 2026, facilitating a scheduled liquidity event.
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Luis A. Muller, President & CEO of Cohu, Inc. (NASDAQ:COHU), sold 55,794 shares of common stock on Sept. 21, 2026, according to a SEC Form 4 filing.
Transaction summary
| Metric | Value |
|---|---|
| Transaction value | ~$3.3 million |
| Shares sold | 55,794 |
| Post-transaction shares (directly held) | 871,825 |
| Post-transaction value | $52.85 million |
Transaction value based on SEC Form 4 weighted average sale price ($60.00); post-transaction value based on Sept. 21, 2026, market close ($60.62).
Key questions
- How does this transaction relate to the CEO's total equity position?
The disposal of 55,794 shares represents a 6% portion of the stake held by Luis A. Muller before the filing. After the sale, the insider maintains a direct holding of 871,825 shares, which includes 508,101 restricted stock units that convert to common stock upon vesting. - What was the market context at the time of the transaction?
Shares of the semiconductor equipment company have appreciated 169% over the 12 months ending on the transaction date. The shares were sold at $60.00 per share, while the market closed at $60.62 on the same day. - What is the purpose of the Rule 10b5-1 trading plan?
The plan, adopted on May 28, 2026, allows insiders to establish pre-determined trading instructions for future dates. This mechanism enables executives to manage equity compensation and personal liquidity on a scheduled basis, regardless of subsequent stock price movements.
Company Overview
| Metric | Value |
|---|---|
| Share Price (as of market close 2026-09-22) | $64.54 |
| Market Capitalization | $3.2 billion |
| Revenue (TTM) | $522.6 million |
| Net Income (TTM) | -$38.8 million |
Company Snapshot
- Cohu designs, manufactures, and markets advanced semiconductor test equipment and comprehensive associated services, including automated test equipment (ATE) and related solutions that serve as critical infrastructure for semiconductor and electronics manufacturers.
- The company generates revenue through the sale of proprietary test equipment and the provision of related services to semiconductor manufacturers and test subcontractors, leveraging its technological expertise to address complex testing requirements in the semiconductor industry.
- Cohu serves a global customer base of semiconductor and electronics manufacturers, as well as independent test subcontractors, with significant operational presence across key markets including the United States, China, Taiwan, Malaysia, and the Philippines.
Cohu is a prominent global provider of advanced semiconductor test solutions, with a market capitalization of $3.2 billion and approximately 2,777 employees.
The company has demonstrated significant market momentum, with a one-year share price appreciation of 169%, reflecting investor confidence in the semiconductor testing equipment sector. Despite current net losses of $39 million on a TTM basis, Cohu maintains substantial TTM revenue of $523 million, positioning the company as a significant participant in the specialized semiconductor equipment market.
What this transaction means for investors
This sale shouldn't concern investors. It was executed under a preplanned trading schedule, and the transaction represented a small percentage of the executive's stock holdings.
Importantly, Cohu is experiencing robust growth, with TTM revenue surging 33% year over year. The growing demand has narrowed its operating loss to -$36 million on a same-basis, down from -$70 million in 2025.
The stock has recently been volatile after a sharp increase. It trades at a forward P/E of 44, while analysts still expect earnings to grow at an annualized rate of 20% in the coming years.
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John Ballard has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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