Hewlett Packard Enterprise’s (NYSE:HPE) Executive Vice President, Neil MacDonald, recently bought the company’s shares worth $1.7 million. As per the latest SEC filing, MacDonald bought HPE stock at a weighted average price of $16.22. HPE is a provider of intelligent solutions and cloud-based services.
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Based on the data collected by TipRanks, MacDonald has had a success rate of 67% over the past three months, with an average return of 4% per transaction.
Recent Updates
The recent insider purchase follows HPE’s November-end announcement of an expanded strategic partnership with Nvidia (NVDA). This collaboration aims to deliver new hybrid cloud solutions for machine learning, data analytics, and artificial intelligence (AI)-optimized storage services. The move reflects HPE’s commitment to bolstering its position in the AI market.
Also, the company delivered strong Fiscal 2023 results as both revenue and earnings climbed year-over-year, driven by strong demand for AI. The strong results, coupled with strategic investments and continued innovation, paved the way for the company’s plans to increase dividend payouts in Fiscal 2024.
Bearish Insider Trading Signal
On the contrary, TipRanks’ Insider Trading Activity Tool shows that insider confidence in the stock is currently Very Negative. Corporate insiders have sold HP Enterprise stock worth $14 million over the last three months.
Monitoring transactions by key insiders remains a valuable strategy for investors, as these actions often mirror their confidence in the company’s future performance. Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is HPE Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on HPE stock based on four Buys and seven Holds assigned in the past three months. The average HPE price target of $18.10 per share implies 10.57% upside potential.
