Not that he didn’t already have millions, but in May and June, he added 210K on the open market and anotner 15K exercising options…
We think this is highly significant.
- 25000 at $49.6 (21 May)
- 85000 at $46.45 (24 May)
- 50000 at $47.10 (28 June)
- 50000 at $43.98 (29 June)
In total 210,000 shares for almost $10M
Then there was another 15,000 option exercise on May 10th.
Details at SEDI (not one of the more transparent websites, if you ask us..)
Now, a lot is often made of funds buying or selling stock in a company. With all respect, we don’t think that’s really terribly significant (with the exception of Soros, perhaps). In any company of this size, there will always be some funds buying, and others selling.
But a CEO buying on the open market when he already has millions of shares, that really gives quite a powerful signal.