An Intel Corp. board member who made a well-timed purchase of shares last fall bought up stock again more recently.
Lip-Bu Tan purchased 66,000 Intel shares
at prices ranging from $37.77 to $37.95 on Nov. 9, according to a filing with the Securities and Exchange Commission made public Tuesday. Tan spent about $2.5 million to scoop up the shares.
Tan, the former chief executive of chip-design-software company Cadence Design Systems Inc.,
joined Intel’s board in September 2022. He previously bought $2.9 million worth of Intel shares last November at an average price of $28.72, “which proved timely ahead of INTC’s recovery,” according to analysts at VerityData, which tracks activity such as insider buying and company buybacks.
See also: SoFi CEO Anthony Noto makes $300,000 stock purchase, and CFO buys as well
Tan has “a deep industry pedigree” with experience on 11 other tech boards besides Cadence’s over the course of his career, according to the VerityData analysts. He bought shares of six of the companies at which he held board roles and demonstrated a “solid” purchasing track record at Cadence, including when he conducted “astute” buying during the Great Recession,” the analysts added.
After Tan’s latest purchases, which came through a trust, he owns 166,000 Intel shares indirectly through that trust and has direct ownership of another 6,024 shares.
Tan joins Chief Executive Pat Gelsinger, who scooped up about $250,000 in Intel shares at the start of November.
Intel didn’t immediately respond to a MarketWatch request for comment on Tan’s recent transaction.
Shares of Intel are up 3.2% in afternoon trading Wednesday, on track to log their highest close since they finished at $41.23 on June 8, 2022, according to Dow Jones Market Data. The stock was changing hands at $40.68 late in Wednesday’s session.
Intel’s stock is up 54% so far this year, as the S&P 500
has gained 17% as the PHLX Semiconductor Index
has run up 47%.