Alphabet Inc. (NASDAQ:GOOG) legal chief unloaded about $145 million of stock

Alphabet Inc. (NASDAQ:GOOG) legal chief unloaded about $145 million of stock

Alphabet Inc. (NASDAQ:GOOG) legal chief unloaded about $145 million of stock

Alphabet Inc. legal chief David Drummond unloaded about $145 million of stock — his biggest share sale on record — in the weeks before co-founder Larry Page stepped down as chief executive officer.

Drummond sold $72 million of stock in early November and an additional $73 million on Dec. 2, regulatory filings show. The latter disposal occurred a day before the Google parent announced that Sundar Pichai would succeed Page as CEO and become Drummond’s boss.

While he has sold stock periodically since joining the firm in 2002, Drummond has divested almost twice as much this year as he did in 2018. He was Google’s first lawyer and ran the search giant’s legal and corporate development arms for years before shifting to Alphabet in 2015.

Last year, Drummond was accused of having had a relationship with a female employee in the legal department. The woman, Jennifer Blakely, later came forward, saying Drummond abandoned her and their child and repeatedly violated rules governing workplace relationships.

Drummond, 56, has said the two underwent a difficult breakup and that he never started a relationship with anyone else at company.

But the details, coupled with accusations of misconduct by other senior Google executives, gave more fuel to critics who said that the company hadn’t done enough to reform a culture where powerful men weren’t penalized for inappropriate relationships or sexual misconduct. Last year, thousands of Google employees worldwide walked off the job in protest.

This year, Alphabet’s board began investigating how misconduct matters were handled. The company no longer requires that workers sign away their right to challenge it in court. Some other executives accused of misconduct have left the company.

A Google spokeswoman declined to comment or to make Drummond available for comment.

Insider sales are closely watched by some investors to gauge management’s confidence in the business. That said, executive stock sales are hardly unusual. Most public-company bosses receive the bulk of their compensation in equity and periodically dispose of some of it to diversify their wealth.

Drummond, whose most recent transactions were made under a pre-arranged stock-trading plan, has sold about 120,000 shares worth roughly $157 million so far this year. Regulatory filings suggest he collected most of those shares by exercising stock options with expiration dates from December 2020 through April 2022. The sales figures don’t exclude the cost of exercising those options.

Drummond married another Google employee earlier this year, according to Axios.

Technical Indicators

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

The projected upper bound is: 1,388.07.

The projected lower bound is: 1,319.42.

The projected closing price is: 1,353.74.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 31 white candles and 19 black candles for a net of 12 white candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 68.9322. This is not an overbought or oversold reading. The last signal was a sell 1 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 68.77. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 17 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 104.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 6 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 4 period(s) ago.

Rex Takasugi – TD Profile

ALPHABET INC C closed up 5.250 at 1,350.270. Volume was 1% above average (neutral) and Bollinger Bands were 16% narrower than normal.

Open     High      Low     Close     Volume___
1,345.9401,355.7751,340.5001,350.270 1,281,722
Technical Outlook 
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 1,326.30 1,280.28 1,197.93
Volatility: 15 17 29
Volume: 1,201,688 1,254,786 1,408,853

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

ALPHABET INC C is currently 12.7% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of GOOG.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on GOOG.O and have had this outlook for the last 4 periods.

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