Larry Ellison, founder of software giant Oracle, continues to sell shares, which have been eking out a small gain so far this year.
Phillip Faraone/Getty ImagesLarry Ellison, founder of software giant Oracle, continues to sell shares, which have been eking out a small gain this year.
Ellison used options from June 25 through July 1 to acquire 6.5 million Oracle (ticker: ORCL) shares for a total of $181.3 million, or $28.11 each. He sold the same number of shares on those days for $351.7 million, a per share average price of $54.52.
Ellison, who now serves as Oracle’s chairman and chief technology officer, owns 1.1 million shares, according to a form he filed with the Securities and Exchange Commission.
The options he exercised expired on July 1 and 2.
Oracle didn’t make Ellison available for comment on his latest stock sale.
His most recent previous sale was on June 23 and 24, when he exercised options and sold 2.8 million shares for $154.6 million, an average per share price of $55.22. That was Ellison’s first Oracle stock sale on the open market in nearly a decade.
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Oracle stock has gained about 6% this year, which still tops the 3% drop in the S&P 500 index, a broad measure of the market.
Credit Suisse analyst Brad Zelnick ticked up his price target on Oracle stock to $58 from $57, and raised his earnings estimates for the company after it reported mixed fiscal-fourth-quarter earnings on June 16.
“Against a turbulent backdrop, results held up fairly well, as operating income and earnings per share both exceeded expectations,” Zelnick wrote, “though license/total revenues came in a bit below.” He kept an Outperform rating.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.
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