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| 20:40 EDT |  | EMC |
| theflyonthewall.com: | Three EMC insiders sold about two million shares, Barron's reports | | EMC (EMC) shares have run up 48% over the past six months, as consumers have been shelling out money for storage devices rather than for new computers or servers, allowing insiders to sell millions in shares. John R. Egan, an EMC director, sold 200,000 shares for $3.5M, or an average price of $17.37 each, on Nov. 18. After the sale, he held 1.9M shares directly and indirectly and about 100,000 exercisable options. Egan's stake remains far less than 1% of the company's outstanding shares. On the same day, Arthur W. Coviello, an executive vice president and head of the security division at EMC, sold 15,000 directly held shares for $253,900, and exercised options and sold 50,000 of those shares for $846,200. Howard D. Elias, president and COO of information infrastructure and cloud services, sold 33,000 shares for $566,000, also on Nov. 18. An EMC spokesman says the company's officers regularly diversify and balance their personal portfolios as they see appropriate. Officers are subject to stock ownership guidelines requiring them to retain a certain amount of their EMC holdings and to sell within designated windows, one of which is occurring now, he adds. Jonathan Moreland, director of research at InsiderInsights.com, says it's difficult to read much into selling patterns like these because EMC insiders have a track record of selling early. They tend to sell when the stock is rising and hold when the stock is falling, Moreland says. "Storage has been a traditionally hot sector. It's very difficult to short EMC with this information because you don't know how much more the stock might rise," he says. Reference Link :theflyonthewall.com |
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