Daniel Jeffrey Moore, President and Chief Executive Officer at Cyberonics Inc. (NASDAQ:CYBX), completed a stock disposition of 7,000 shares yesterday. The Common Stock was sold directly, for a weighted average selling price of $59.35 per share and the insider used 4,000 stock options for the sale. Although Moore’s latest stock sales have been small in volume, they have been very frequent this quarter, making the CEO the most active insider trader at Cyberonics this year.
Moreover, several other insiders have been disposing of their company shares in June, such as Mayo Milton Morris. The firm’s Senior Vice President of Research and Development recently unloaded 9,224 shares of Common Stock, paying a price of $58.06 per share.
However, in terms of quarterly movements amongst hedge funds, the outlook is positive for Cyberonics. Although William Leland Edwards’ Palo Alto Investors decreased the company’s portfolio activity by 12% this quarter, the hedge fund still owns a substantial 1.71 million shares, worth $111.7 million, and accounting for 9.23% of the overall portfolio.