Google (GOOG) Co-founders to Sell $4.4B Worth of Shares

Founders of the internet search giant Google Inc. (GOOG) intend to sell 2 million shares each of Class B common stock, and another 2 million shares of their Class C non-voting stocks, according to a new filing with the SEC.

Both Class B and Class C are currently worth $549 a share, meaning the total amount of 8 million shares the duo plans to sell translates to roughly $4.4 billion. It wasn’t specified when the selling will occur, but as the new filing suggests, it is part of a two-year diversification plan that is designed to minimize market impact.

Even after Page and Brin sell $4.4 billion worth of shares, they will retain majority control of Google. Following the sales, Brin and Page will continue to collectively own over 40 million shares of Class B common stock, which would represent about 12% of Google’s outstanding Class A and Class B common stock, taken together, and 52% of the voting power of Google’s outstanding voting stock.

Google stock closed Friday up more than six points to $549 and change. The ticker, currently valued at $373.67B, has a median Wall Street price target of $625.00 with a high target of $700.00. In the past 52 weeks, shares of Mountain View, California-based company have traded between a low of $487.56 and a high of $604.83 with the 50-day MA and 200-day MA located at $520.63 and $546.98 levels, respectively. Additionally, shares of GOOG trade at a P/E ratio of 1.56 and have a Relative Strength Index (RSI) and MACD indicator of 64.60 and +13.67, respectively.

GOOG currently prints a one year loss of 8.50%, and a year-to-date return of around 4%.

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About Ari Haruni 142 Articles
Ari Haruni is the Co-Founder & CEO of Wall Street Pit.

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