In a recent transaction, John L. Hennessy, a director at Alphabet (NASDAQ:GOOGL) Inc. (NASDAQ:GOOG), sold shares of the company's Class C Capital Stock. The sale was for a total of $74,750, with the shares being sold at a price of $149.50 each.
Hennessy, who serves on the board of the technology giant, completed the sale on March 18, 2024, according to a Form 4 filing with the Securities and Exchange Commission. The transaction was executed under a pre-arranged 10b5-1 trading plan, a tool that allows insiders to set up a predetermined plan to sell stocks at a time when they are not in possession of material non-public information.
The Form 4 filing revealed that Hennessy sold 500 shares of Alphabet's Class C capital stock. Despite this sale, he still holds a substantial number of shares in the company. Post-transaction, Hennessy owns 8,791 shares of Class C Capital Stock directly and has indirect ownership of 33,160 shares of Class A Common Stock through a trust.
The filing also detailed Hennessy's holdings in Class C Google Stock Units, which entitle him to receive shares of Alphabet Inc. Class C Capital Stock as they vest. These holdings include 600, 1,340, 2,600, and 3,382 units in various GSU grants, each subject to vesting schedules contingent upon continued service on Alphabet's Board.
Investors often monitor insider sales to gain insight into how executives and directors perceive the company's stock value and future performance. However, it is important to note that sales made under 10b5-1 plans are planned trades to allow insiders to sell shares at predetermined times and prices, which can help to avoid concerns about trading on non-public material information.
The transaction was legally executed and disclosed in accordance with SEC regulations, and the details of the sale are publicly available for investors' scrutiny.
InvestingPro Insights
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