The improved market conditions and positive outlook have prompted investors to go aggressive in the market. Among multiple market players, the Chief Executive Officer of Sprint Corp (NYSE:S) decided to make a bullish call recently. As per the reports, he bought stock worth $25 million of Sprint recently.
Insights On The Matter:
In order to make the best use of the current market situation, Marcelo Claure, President and Chief Executive Officer of Sprint Corp along with the Chief Financial Officer, Joseph J. Euteneuer, executed this transaction. Both of them transacted from February 24, 2015 through March 2, 2015 and bought 5.1 million shares worth $25.10 million. The average price of these shares was $4.92. Apart from them, two other people also sold around 80,659 shares worth $386,844.
The current transaction has helped the Sprint CEO enhancing the total holdings of Claure in his company. As per the reports, he now holds 5.08 million shares worth $25 million. He was appointed as the head of Sprint in the month of August and since then he has done his best to take this company to greater heights. His total stake in Sprint’s shares goes past 7.88 million, which is close to 1% of the total shares. Claure enjoyed the company of Euteneuer, who bought 20,000 shares of Sprint for $102,000.
With this transaction, the total stake of Euteneuer has touched 1.53 million marks. Euteneuer is more of an operational person, who doesn’t trade much. His last transaction at Sprint was recorded on May 1, 2012, when he bought 100,000 shares for $255,000.
Management team of Sprint Corp (NYSE:S) stands by both the senior management executives. One of the spokesmen of the company stated in an email that this transaction was a clear evidence of how confident they were about Sprint’s future progress and expansion plans.