shares continue to skyrocket, fueled in
part by a stronger-than-expected first-quarter performance, five company insiders have filed to sell some of their holdings.
The move comes as Yahoo's shares trade near their 52-week high of 129.63,
and in light of the fact that the company took Wall Street by surprise when it posted earnings on April 8 that were double what analysts had expected.
Last week, five executives filed to sell a total of 105,936 shares, according to Securities and Exchange Commission filings. Based on yesterday's closing price of 125.75, those shares are valued at more than $13 million.
Despite the planned sales by insiders, the shares represent only a small portion of the executives' holdings when their options are taken into account.
"I'm surprised we don't see more selling," said Craig Columbus, an insider
analyst with Disclosure. "The lack
of selling usually is considered a sign of bullishness."
Gary Valenzuela, Yahoo's chief financial officer, filed to sell 39,690 shares,
valued at $5 million based on yesterday's closing price. Since the company reported strong fourth-quarter results in mid-January, Valenzuela has filed to sell a total of 116,419 shares.
Jeff Mallett, the company's chief operating officer, filed to sell 50,000 shares, valued
at $6.3 million based on yesterday's close. He has filed to sell 140,000 shares since mid-January.
Anil Singh, vice president of advertising and sales, filed to sell 11,092 shares, valued at $1.4 million based on yesterday's close. The advertising executive has filed to sell 59,233 shares since the previous quarter.
James Nelson, vice president of finance, filed to sell 6,720 shares, valued at nearly $845,040. He has filed to sell 32,538 shares since the company's successful fourth quarter.
Finally, John Place, Yahoo's general counsel, has filed to sell 1,560 shares, valued at nearly $195,400 based on yesterday's closing price. Place has filed to sell 22,370 shares since the company reported its year-end results.
The executives could not be reached for comment.