Intel board member buys $2.5 million in inventory — and has a ‘solid’ observe document

Tan, the previous chief government of chip-design-software firm Cadence Design Systems Inc.,
CDNS,
-2.51%
joined Intel’s board in September 2022. He beforehand purchased $2.9 million price of Intel shares final November at a mean worth of $28.72, “which proved timely ahead of INTC’s recovery,” in accordance with analysts at VerityData, which tracks exercise similar to insider shopping for and firm buybacks.

See additionally: SoFi CEO Anthony Noto makes $300,000 inventory buy, and CFO buys as nicely

Tan has “a deep industry pedigree” with expertise on 11 different tech boards moreover Cadence’s over the course of his profession, in accordance with the VerityData analysts. He purchased shares of six of the businesses at which he held board roles and demonstrated a “solid” buying observe document at Cadence, together with when he performed “astute” shopping for in the course of the Great Recession,” the analysts added.

After Tan’s newest purchases, which got here via a belief, he owns 166,000 Intel shares not directly via that belief and has direct possession of one other 6,024 shares.

Tan joins Chief Executive Pat Gelsinger, who scooped up about $250,000 in Intel shares at first of November.

Intel didn’t instantly reply to a MarketWatch request for touch upon Tan’s current transaction.

Shares of Intel are up 3.2% in afternoon buying and selling Wednesday, on observe to log their highest shut since they completed at $41.23 on June 8, 2022, in accordance with Dow Jones Market Data. The inventory was altering arms at $40.68 late in Wednesday’s session.

Intel’s inventory is up 54% to this point this 12 months, because the S&P 500
SPX
has gained 17% because the PHLX Semiconductor Index
SOX
has run up 47%.