Alphabet CEO John L. Hennessy Sells More Than $123,000 in Company Shares De Investing.com

Investors following insider trading at Alphabet Inc. (NASDAQ: ) may note that John L. Hennessy, a member of the company’s board of directors, recently sold shares of the tech giant. The transactions, which occurred on September 12, 2024, resulted in the sale of more than $123,000 worth of company stock.

According to the details provided, Hennessy sold a total of 496 shares at a weighted average price of approximately $153.47, with individual sale prices ranging from $153.06 to $153.95. Additionally, another 304 shares were sold at an average price of approximately $154.22, with a price range of $154.02 to $154.55. These sales were made through a trust, indicating indirect ownership.

Hennessy’s trades were conducted under a predetermined trading plan, known as a Rule 10b5-1 plan, which was set for November 1, 2023. Such plans allow company insiders to sell a predetermined number of shares at a predetermined time to avoid charges. of trading in material non-public information.

Following these transactions, Hennessy continues to hold a significant number of Alphabet shares, directly and indirectly through various trusts, ensuring its continued interest in the company’s performance. The exact number of shares retained by Hennessy was not disclosed in the summary provided.

For investors and market watchers, insider sales and buyouts can provide valuable signals about a company’s health and the confidence level of its executives and top executives. However, it is important to note that selling shares does not necessarily indicate a lack of confidence in the company; it could also be part of personal financial planning or diversification strategies.

Alphabet Inc. has not issued any official statement regarding these transactions and it remains business as usual for the Mountain View, California-based company.

In other recent news, Alphabet Inc. continues to make headlines with a series of developments. The company’s stock retains an Outperform rating from Evercore ISI, despite a lowered price target due to the potential outcome of ongoing Justice Department antitrust lawsuits. Evercore ISI maintains confidence in Alphabet’s long-term outlook, citing a minimal impact on earnings even in a worst-case scenario.

At the same time, Alphabet’s Google is being scrutinized by European Union antitrust officials over its advertising technology practices. The EU is focusing on stopping the alleged anti-competitive actions, rather than seeking a break-up of the company. In addition, the Irish Data Protection Commission is investigating Google’s compliance with EU data protection laws in the development of its artificial intelligence model, Pathways Language Model 2.

In the US, an ongoing antitrust lawsuit has exposed Google’s aggressive strategy against its competitors in the online advertising market. Meanwhile, Truist Securities maintained a buy rating on Alphabet shares, citing the change in search engines thanks to generative AI technologies. Goldman Sachs also reaffirmed its Buy rating on Alphabet shares, highlighting potential AI-driven growth in Alphabet’s cloud business.

InvestingPro Insights

As Alphabet Inc. (NASDAQ:GOOGL) navigates the market, recent insider trades may catch the eye of savvy investors. To provide additional context, here is some information about InvestingPro that may provide more insight into the company’s current financial situation:

InvestingPro Data shows that Alphabet’s market capitalization is robust at $1.94 trillion, reflecting the company’s significant presence in the technology industry. This is supported by a healthy P/E ratio of 22.53, which is even more attractive when considering the adjusted P/E ratio for the trailing twelve months through Q2 2024, which stands at 21.47. This suggests that Alphabet’s earnings are strong relative to its share price.

Furthermore, the company’s revenue growth remains solid, growing 13.38% over the trailing twelve months through Q2 2024. This consistent performance is supported by a substantial gross profit margin of 57.64%, demonstrating Alphabet’s ability to maintain profitability despite different market conditions.

In addition to these metrics, two InvestingPro tips highlight Alphabet’s financial strength and growth potential. The company holds more cash than debt, ensuring a solid balance sheet, and trades at a low P/E ratio relative to near-term earnings growth, which could indicate an undervalued stock on the way to appreciation.

For those interested in further analysis, InvestingPro offers more advice on Alphabet, including information on the company’s position in the Media and Interactive Services industry and its ability to generate strong returns over the past decade. Visit InvestingPro at https://www.investing.com/pro/GOOGL for a comprehensive list of additional tips and real-time metrics that can inform investment decisions.

This article was generated with support from AI and reviewed by an editor. For more information, see T&C.