In a recent move, Bill Pereira, the COO and President of IDT Corp (NYSE:IDT), engaged in significant trading activity involving the company's shares. On March 15, 2024, Pereira acquired a substantial amount of Class B Common Stock at no cost, which immediately vested. Following this transaction, he owned a total of 85,613 shares, including both restricted stock and shares issued upon the vesting of deferred stock units.
However, on the same day, a portion of these shares, amounting to 19,967, were withheld by the company for tax obligations upon the vesting of the restricted stock, at a price of $37.825 each, resulting in a total transaction value of $755,251. This left Pereira with a direct holding of 65,646 shares after the transaction.
Further trading activity occurred on March 19, when Pereira sold 15,647 shares at an average price of $37.9472 per share, totaling approximately $593,759. After this sale, his direct ownership in the company stood at 49,999 shares.
In addition to these transactions, it was noted that Pereira has an indirect ownership of 3,480 shares through a 401(k) Plan as of February 29, 2024.
These transactions were disclosed in a Form 4 filing with the Securities and Exchange Commission, which provides up-to-date information on the buying and selling activities of a company's insiders. The form is a valuable source of data for investors monitoring the financial dealings of company executives and directors.
InvestingPro Insights
Amidst the flurry of trading activity by Bill Pereira, COO and President of IDT Corp, investors might be keen to understand the company's current financial health and stock performance. IDT Corp, a telecommunications and payment services company, has been navigating the market with a steady hand, as reflected in some key metrics from InvestingPro.
The company's market capitalization stands at a robust $965.49 million, indicating a significant presence in its sector. Investors may also find the company's profitability reassuring, with a Price-to-Earnings (P/E) ratio of 26.06, which adjusts to a slightly lower 22.56 when looking at the last twelve months as of Q2 2024. This figure suggests that the company has maintained earnings growth, making it potentially attractive for value investors.
Moreover, IDT Corp's financial stability is highlighted by an InvestingPro Tip that notes the company holds more cash than debt on its balance sheet. This is a critical indicator of financial health, as it implies the company is well-positioned to manage its liabilities and invest in growth opportunities. Another InvestingPro Tip relevant to potential investors is the stock's low price volatility, which could be an appealing trait for those seeking a more stable investment amidst market uncertainty.
Finally, it's worth noting that IDT Corp's stock has been trading near its 52-week high, with the price at 98.44% of this peak. This could signal strong market confidence in the company's prospects. For investors intrigued by IDT's performance and interested in further insights, there are additional InvestingPro Tips available. By visiting the InvestingPro platform and using the coupon code PRONEWS24, investors can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of data and analytics to inform their investment decisions.
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