3D Systems Corporation (NYSE:DDD) director G. Walter Loewenbaum II unloaded 50,000 shares of his company’s stock on Wednesday at an average price of around $71 a share, raking in nearly $3.6 million in the sale. That’s according to a regulatory filing with the Securities and Exchange Commission. That left him with more than 1 million shares of the company’s stock left, which are valued at more than $73 million.
Of course it isn’t that uncommon for insiders to sell shares of their company’s stock. They create prearranged trading plans so that they can schedule shares to be sold at certain levels before they have any kind of material knowledge which could affect the company’s share price. Insiders are required to disclose sales of their company’s stock. Since 3D Systems Corporation (NYSE:DDD) had been on a run through the end of last year, it probably isn’t a surprise that an insider would decide to turn some paper profits into cash, as the stock is still up from where it was back in September.
3D Systems shares trend downward
3D Systems Corporation (NYSE:DDD) released its last earnings report a week ago, and the company delivered record fourth quarter revenue. Nonetheless, its stock continued the downward trend which began around Feb. 24, a few days before that last earnings report. 3D printing stocks have been hot these last several weeks, but investors may have had their fill.
Analysts still like 3D Systems
In the wake of 3D Systems Corporation (NYSE:DDD)’s latest earnings report, analysts continue to see the company in a neutral to positive light. Credit Suisse analysts increased their price target for 3D Systems to $79 a share earlier this week. They have a Neutral rating on the company. Canaccord Genuity analysts also increased their price target for the company
In addition, Piper Jaffray analysts increased their price target for 3D Systems Corporation (NYSE:DDD), raising it from $69 to $82 a share earlier this week as well. They actually have an Overweight rating on the company.