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Oracle director sells over $5.2 million in company stock

Published 05/08/2024, 05:23 PM
© Reuters.

Oracle Corp (NYSE:ORCL) director Michael J. Boskin has sold 45,000 shares of company stock, according to a recent SEC filing. The transaction, which took place on May 7, 2024, totaled over $5.2 million, with shares sold at a weighted average price of $117.7377.

This sale was conducted under a Rule 10b5-1 trading plan, which Boskin had adopted on February 6, 2024. The plan allows company insiders to set up a predetermined schedule to sell stocks at a time when they are not in possession of material non-public information. The prices at which Boskin's shares were sold ranged from $117.32 to $118.05, with the reported price representing the weighted average.

On the same day, Boskin also acquired 45,000 shares of Oracle stock at a price of $43.49 per share, totaling approximately $1.96 million. This transaction is part of an equity award where a portion of the shares subject to the option vested annually on the anniversary of the grant date.

Following these transactions, Boskin's direct holdings in Oracle have been adjusted to 87,473 shares. Additionally, there is an indirect holding of 1,000 shares owned by Boskin's spouse.

Oracle Corp, headquartered in Austin, Texas, is a leader in the field of cloud computing and provides a wide range of software and hardware products and services. The company's stock is publicly traded on the New York Stock Exchange under the ticker symbol ORCL.

Investors and market watchers often pay close attention to insider transactions as they can provide valuable insights into the company's performance and the confidence that senior executives have in the firm's future prospects. However, it is important to note that insider transactions can be subject to various motivations and do not always signal the future direction of the stock.

InvestingPro Insights

Oracle Corp's (NYSE:ORCL) recent insider trading activity coincides with some notable financial metrics and analyst insights. According to InvestingPro data, Oracle has a market capitalization of approximately $322.65 billion, reflecting its significant presence in the technology sector. The company's P/E ratio stands at 30.19, signaling a premium valuation that investors are willing to pay for its earnings.

InvestingPro Tips highlight that Oracle has been a consistent performer when it comes to shareholder returns, having raised its dividend for 10 consecutive years and maintained dividend payments for 16 consecutive years. This track record suggests a commitment to returning value to shareholders, which could be a reassuring sign for investors following insider sales. Additionally, while analysts have revised their earnings expectations downwards for the upcoming period, Oracle is still expected to be profitable this year, as confirmed by the company's strong performance over the last twelve months.

For readers interested in a deeper analysis, there are over 10 additional InvestingPro Tips available for Oracle, which can be accessed by visiting InvestingPro's Oracle page. To benefit from these insights, 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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