Google Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) CEO Larry Page has sold off 33,332 shares of the search giant in a transaction dated Monday. He raked in an average of just under $529 per share, amounting to about $17.6 million.
Google CEO unloads shares
After selling those shares, Google’s CEO was left with about 22.7 million shares worth about $12 billion. The executive’s share sale was disclosed in a regulatory filing with the Securities and Exchange Commission. His sales were in Classes C and A shares of Google. As part of his transactions, he also exercised some of his Class B shares.
Page isn’t the only Google executive to move shares around this week. Senior Vice President and Chief Financial Officer Patrick Pichette also moved some Google stock around. He exercised some options to purchase some Class A and C shares of the search giant. Also David Drummond, Senior Vice President of Corporate Development, exercised some stock options to acquire more Google shares in transactions dated Dec. 8.
Earlier this month, co-founder Sergey Brin and executive chairman Eric Schmidt also moved some shares of Google stock around. Schmidt acquired some shares through options and disposing of some to rake in some hefty profits. Brin sold 63,242 Class C shares for prices between $532 and $535 per share, allowing him to rake in $33.8 million. Those sales left him with about 22.2 million shares.
Analysts slash their price target
Google’s 52-week low is $502.80, while its 52-week high is $604.83. The search giant’s market capitalization is $356.9 billion, and its price to earnings ratio is 27.68, according to WKRB.
Monness Crespi & Hardt analysts slashed their price target for Google from $605 to $555 per share in a report dated Monday. They rate the search giant’s stock at Neutral. Earlier this month, Bank of America analysts downgraded Google from Buy to Neutral and cut their price target from $600 to $580 per share.
