Oracle director Charles “Wick” Moorman bought up shares of the software giant..
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Oracle stock beat the market last year, and as the market slumped this year, director Charles “Wick” Moorman bought up shares of the software giant.
Barron’s was bullish on Oracle (ticker: ORCL) last year, as the company saw increased adoption of cloud-based versions of its database and application software. Oracle also experienced strong growth for Oracle Cloud, an emerging rival to Amazon.com’s (AMZN) Amazon Web Services and Microsoft ’s (MSFT) Azure. Oracle stock slipped in December on investor concerns over the company’s planned acquisition of healthcare information-technology firm Cerner (CERN), but it ended 2021 with a 35% surge, topping the 27% rise in the S&P 500 index. This year, however, shares slipped as tech stocks fell.
Moorman paid $1.3 million on Jan. 20 for 15,000 Oracle shares, an average per share price of $83.76 each. According to a filing with the Securities and Exchange Commission, Moorman made the purchases through trusts that now own 47,454 shares. He owns another 22,975 Oracle shares in a personal account.
Oracle didn’t respond to a request to make Moorman available for comment on his stock purchase. An Oracle director since May 2018, Moorman is a former CEO of both Amtrak and Norfolk Southern (NSC).
In March 2020, Moorman made his largest acquisition of Oracle shares, paying $1.4 million for 30,000 shares, at an average price of $47.47. His January open-market stock purchase is his largest transaction since then.
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 [email protected] and follow @BarronsEdLin.
