Alphabet (NASDAQ:) Inc. (NASDAQ:GOOG) director John L. Hennessy has sold a portion of his holdings in the company, according to a recent SEC filing. The transaction, which took place on April 26, involved the sale of 2,100 shares of Class C Capital Stock at a price of $175.76 per share, amounting to a total of $369,096.
The sale was executed under a prearranged trading plan, known as a Rule 10b5-1 plan, which Hennessy had adopted on November 1, 2023. Such plans allow company insiders to establish predetermined trading arrangements for selling stocks at a time when they are not in possession of material non-public information.
Following the transaction, Hennessy still maintains a significant stake in Alphabet Inc., holding 5,891 shares of Class C Capital Stock indirectly through a trust. Additionally, the director holds 33,160 shares of Class A Common Stock and has interests in various tranches of Class C Google Stock Units (GSUs), which are set to vest over time subject to continued service on the company’s board.
The filing also included footnotes detailing the vesting schedules of the GSUs, indicating that a fraction of the units vests monthly, with the first vesting event for the mentioned grants having occurred on July 25 of the respective past years.
Investors often monitor insider transactions as they provide insights into executives’ perspectives on the company’s stock value. However, it’s important to note that such sales can occur for a variety of reasons and may not necessarily reflect a negative outlook.
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