On Mar 18 Google Inc. (GOOG) director John Doerr unloaded 8,334 shares of stock, just one day after he sold off some 3,497 shares, according to documents filed with the SEC. Additionally, CEO Lawrence Page sold some 51,000 shares in March, with 16,600 coming on Mar 14 in a transaction that netted him $19.66 million.
Insider selling at Google has ramped up in March as shares are once again approaching their all-time high of $1,228. However, it should be noted that a couple key insiders have long indicated they would be unloading shares in the company; specifically co-founders Sergey Brin and Larry Page.
Larry Page and Brin announced in early 2010 that they would be unloading shares at a steady rate over the following five years. Notably, when the two announced the slow, steady, unloading of shares, the stock sat at a relatively paltry $550 a share. By dispersing the sale, they avoided spooking investors, while taking in billions. Google's shares have consistently risen since then, more than doubling in that time frame.
Despite Larry Page and Brin following thorugh on their plan to sell shares, it does not account for other insiders aside from them selling off millions in stock. But whether or not the spate of insider selling is merely a case of higher-ups getting while the getting’s good, or pessimism over the ability of the tech stock to maintain its stratospheric valuation, is up to investors. For the time being, the market appears to favor the former interpretation, with the tech stock remaining highly popular.
Despite its high valuation Google’s stock is up 6.37 percent this year, and 46.4 percent from the same time a year ago. Tech players continue to be wowed by Google’s foray into ultra high-speed internet, video production, and the crown jewel, the rumored self-driving car.
Google was up 1.27 percent in early action, hitting $1,207.44 a share.
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