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Alphabet director John Hennessy sells shares worth over $127k

Published 04/15/2024, 08:18 PM

Alphabet (NASDAQ:GOOGL) Inc. (NASDAQ:GOOG) board director John L. Hennessy has sold a total of 800 shares of Class C Capital Stock, according to a recent SEC filing. The transactions, which took place on April 12, 2024, amounted to over $127,648 in value, with prices ranging from $158.8231 to $161.1641 per share.

The filing indicates that the shares were sold in multiple transactions within the specified price range. After the sale, Hennessy's remaining stake in Alphabet's Class C Capital Stock is reported to be 7,991 shares. It is noted that the sales were executed indirectly by a trust.

Alphabet investors often monitor insider transactions as they provide insights into the actions of the company's directors and executives. Hennessy's recent stock sales might draw particular interest from the market, as they reflect transactions by a member of the company's board.

The report also details holdings in Class A Common Stock and various tranches of Class C Google Stock Units, which entitle the holder to receive Alphabet Inc. Class C Capital Stock as they vest. These holdings are part of long-term compensation and are not directly affected by the reported sale transactions.

The SEC filing includes a remark that all the reported sales were conducted in accordance with a pre-arranged trading plan, known as a Rule 10b5-1 plan, which was adopted by the John L. Hennessy and Andrea J. Hennessy Revocable Trust on November 1, 2023. This plan allows insiders to sell shares at predetermined times to avoid concerns about transactions based on non-public information.

Alphabet Inc. has not made any official comment regarding the transactions reported in the SEC filing.

InvestingPro Insights

As Alphabet Inc. (NASDAQ:GOOG) sees insider transactions, it's important for investors to consider the company's financial health and market position. Alphabet holds a commanding presence in the Interactive Media & Services industry, which is supported by its robust balance sheet. An InvestingPro Tip highlights that Alphabet maintains more cash than debt, providing financial flexibility and stability.

On the valuation front, Alphabet is trading at a P/E ratio that is low relative to its near-term earnings growth. This is a key metric for investors as it suggests the company's stock may be undervalued in terms of its growth potential. Moreover, the adjusted P/E ratio over the last twelve months as of Q4 2023 stands at 24.83, which can be an attractive proposition for value investors.

InvestingPro Data further reveals that Alphabet's market capitalization is a staggering 1940.0 billion USD, reflecting its significant size and influence in the market. The company has also demonstrated a solid revenue growth of 8.68% over the last twelve months as of Q4 2023, indicating its ability to increase sales and expand its business operations. Additionally, Alphabet's price is trading near its 52-week high, with the price percentage of the 52-week high at 99.45%, signaling strong market confidence in the stock.

With these insights, investors can make more informed decisions, especially in light of the recent insider selling. For those looking to delve deeper into Alphabet's financials and stock performance, there are many more InvestingPro Tips available, providing a comprehensive analysis of the company's prospects. To access these tips and enhance your investment strategy, visit https://www.investing.com/pro/GOOG and remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

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

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