Boston, MA 05/13/2014 (wallstreetpr) – After Electronic Arts Inc. (NASDAQ:EA) shares hit a 6-year high, several insiders sought to benefit from the surge with stock sales. The company has witnessed three executive selling in the latest move as the company continues to announce its comeback after several years of lackluster performance.
The company recently reported 4Q financial data that crushed Wall Street expectation and the company guided positively for the current quarter and year.
Though insider selling, sometimes ends up sending a chill down the spines of investors, this time around the case is different. It is not a case of panic over the potential downside due to deteriorating performance in the company but moves by insiders to book profits after years of hard work to bring the company to stability and growth.
Latest insider sellers
Electronic Arts Inc. (NASDAQ:EA) filed will SEC that Chief Operating Offer Peter Moore, General Counsel Stephen Bene and EVP Patrick Soderlund sold a huge amount of shares. Mr. Moore sold 100,000 shares to realized $3.4 million in proceeds. Mr. Bene and sold 7,771 shares to cash in $295,555 and Mr. Soderlund sold 36,133 shares to generate $1.2 million in proceeds. Both Bene and Soderlund exhausted their stock holding through the sale while Mr. Moore retained 108,681 shares after the latest transaction.
A quarter that changed the story
4Q2014 completely changed the story at Electronic Arts Inc. (NASDAQ:EA). The company realized earnings per share of $0.48 on revenue of $914 million. Analysts were looking for earnings per share of $0.11 on revenue of $812 million. However, both revenue and earnings well short of a year ago figures. Nonetheless, the quarter marked a turning point in the company’s performance under the new CEO Andrew Wilson.
The company anticipates improved performance in the future as it continues to develop new titles especially for the latest consoles – PlayStation4 from Sony and Xbox One from Microsoft Corporation (NASDAQ:MSFT).
Shares of Electronic Arts Inc. (NASDAQ:EA) have maintained their upward trend since the release of the widely positive 4Q results.