Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Alphabet director John Hennessy sells $271,124 in stock

Published 13/11/2024, 09:22 am
© Reuters.
GOOGL
-

John L. Hennessy, a director at Alphabet Inc. (NASDAQ:GOOGL), has recently sold shares of the company's Class A common stock. According to a filing with the Securities and Exchange Commission, Hennessy sold a total of 1,500 shares on November 12, 2024, generating proceeds of approximately $271,124. The shares were sold at prices ranging from $179.80 to $182.03 per share.

Following these transactions, Hennessy holds 24,824 shares of Class A common stock through a trust. The sales were conducted under a Rule 10b5-1 trading plan, a pre-determined trading strategy that allows insiders to sell shares at set intervals to avoid potential conflicts of interest.

In other recent news, Alphabet Inc. has been a focal point in several developments. Loop Capital has adjusted its price target for Alphabet from $170 to $185, retaining a Hold rating, based on 2026 projections. The new target reflects a valuation of 15 times the earnings per share for core Google operations and 20 times the adjusted earnings for Google Cloud in 2026.

Former President Donald Trump has indicated a potential shift in antitrust policies, suggesting a halt to efforts to break up Google. Trump has questioned the impact of dismantling the tech giant, proposing alternative measures to ensure fairness without a breakup.

In legal developments, a federal judge dismissed a class action lawsuit against Google, which accused the company of profiting from fraudulent Google Play gift cards. The court ruled that the plaintiff failed to demonstrate that Google was responsible for her financial loss or that the company was aware it was receiving stolen funds.

The United States government has renewed its request for Italy to cancel its digital services tax, which targets tech giants such as Google. Italian authorities are considering expanding the tax's reach in the upcoming 2025 budget.

Lastly, Trump has pledged to pursue legal action against various individuals, including technology leaders like Google, accusing them of election interference. These are recent developments that investors should be aware of.

InvestingPro Insights

While John L. Hennessy's recent sale of Alphabet Inc. (NASDAQ:GOOGL) shares may catch investors' attention, it's crucial to consider the broader financial picture of the tech giant. According to InvestingPro data, Alphabet boasts a substantial market capitalization of $2.23 trillion, underlining its position as a major player in the tech industry.

InvestingPro Tips reveal that Alphabet holds more cash than debt on its balance sheet, indicating strong financial health. This aligns with the company's robust financial position, which may provide context for insider transactions like Hennessy's sale.

Moreover, Alphabet's revenue growth remains impressive, with a 14.38% increase over the last twelve months as of Q3 2024. This growth trajectory is further supported by the fact that 30 analysts have revised their earnings upwards for the upcoming period, suggesting positive expectations for the company's financial performance.

For investors seeking a deeper understanding of Alphabet's financial metrics and growth potential, InvestingPro offers 13 additional tips, providing a comprehensive analysis of the company's market position and future prospects.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.