Google Inc (GOOG) SVP Nikesh Arora And CEO Page Sell Shares

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Google Inc (GOOG) SVP Nikesh Arora And CEO Page Sell Shares
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Google Inc (NASDAQ:GOOG) stock has witnessed a couple of high profile insider sales so far this week. On March 17th, SVP Nikesh Arora sold 1,192 shares of the internet giant on the open market at an average price of $1,179.25. The total transaction was valued at $1,405,666.00, according to a recent filing with the Securities & Exchange Commission. After selling the shares, Arora is left with 1,463 shares in the company, valued at approximately $1,725,243.

Page also sold shares

On March 14th, CEO Lawrence Page also sold 16,670 shares of Google Inc (NASDAQ:GOOG) on the open market. Page sold his shares at an average price of $1,179.37, and the total transaction amounted to $19,660,097.90, according to a filing with the Securities & Exchange Commission.

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Google Inc (NASDAQ:GOOG) announced an unconventional stock split on April 2 creating a class C stock, which would be distributed as a dividend to the Class A and Class B shareholders. The class A share carry one vote, class B ten vote while newly created class C shares carry no voting rights. Previously, it had been planned that they would simply replace Google’s class A shares with class C shares on the index, but on March 11, it was announced that both class A and C shares will be traded on the S&P index.

Google is a Buy

After the announcement of the stock split, Google Inc (NASDAQ:GOOG) has been on the recommended list of many analysts. On Friday, Cowen and Company analysts reiterated their Hold rating on the stock. Analysts at Telsey Advisory Group, in a note issued on Monday March 10th, raised the price target on Google’s shares from $1,375.00 to $1,475.00, and now have a Not Rated rating on the stock. Separately, analysts at Canaccord Genuity increased the price target on the stock from $1,370.00 to $1,400.00, with a Buy rating, in a note to investors on Thursday, February 27th. Overall, Google has an average rating of Buy and a consensus target price of $1,215.66.

In trading on Monday, Google Inc (NASDAQ:GOOG) shares were up 1.65% at $1192.10. The internet firm has a 52 week low of $761.26 and a 52 week high of $1228.88. The 50 day moving average for the stock is $1183, while the 200-day moving average is $1047. On Tuesday, at 10.25 am EDT, shares of the company were up 0.82% at $1201.92.

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