Investing
Tech Insider Buying Jumps as Politics and Data Fuel Roller-Coaster Week: Seagate, Infinera, Pandora, AT&T and More
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What a week for investors as some very unlikely scenarios became real. Donald Trump became the presumptive Republican nominee for U.S. president and the Leicester City soccer team won the Premier League Championship after starting the season at 5000 to 1 odds. The markets meanwhile seesawed as the earnings express starts to wind down for first-quarter numbers. Insiders continue to buy shares, and some were in very beaten down stocks.
We cover insider buying every week at 24/7 Wall St., and we like to remind readers that while insider buying is usually a very positive sign, it is not in of itself a reason to run out and buy a stock. Sometimes insiders and 10% owners have stock purchase plans set up at intervals to add to their holdings. That aside, it still remains a positive indicator.
Here are some of the companies that reported notable insider buying last week.
Seagate Technology PLC (NASDAQ: STX) saw the man at the top buying shares, and this could be a good sign for investors at the beaten down hard disk drive company. CEO Stephen Luczo bought a block of 200,000 shares of the stock at $20.08 apiece. The total for the purchase came in at $4 million. The company designs, manufactures and sells electronic data storage products in the Asia-Pacific, the Americas and elsewhere. The stock closed on Friday at $19.07.
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