Multiple Executives at Microsoft (MSFT) Sell Company Stock
Several executives at technology giant Microsoft (MSFT) have sold company stock in recent days.
Confident Investing Starts Here:
Millions of dollars of MSFT stock has been raised by senior managers at the Seattle-based company, according to filings with the U.S. Securities and Exchange Commission (SEC). This includes Judson Althoff, Microsoft's Vice-President of Financials, who sold 16,000 shares at approximately $458 each, for proceeds of $7.3 million. Althoff still owns 98,010 shares of MSFT stock.
Additionally, Microsoft Executive Vice-President Kathleen Hogan sold 21,500 shares of company stock at an average price of $454 each, totaling $9.8 million. Hogan still owns 134,887 shares of MSFT stock. The share sales come as Microsoft's stock has recovered from its April lows and risen 15% in the past month.
Stock Recovery
At $450 a share, MSFT stock is now at its highest level since last December and not far from its 52-week high of $468.35. Executives within the company appear to have used the recent rally to offload some stock they own and book profits.
The stock's rally and executive sales come after Microsoft reported strong quarterly results at the beginning of May. In addition to beating Wall Street estimates on the top and bottom lines, MSFT also reported that revenue from its Azure cloud computing unit grew 33% during the year's first quarter, with 16 percentage points of that growth coming from artificial intelligence (AI).
Is MSFT Stock a Buy?
average price target on MSFT stock of $512.34 implies 13.81% upside from current levels.
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