Microsoft (Nasdaq:MSFT) Is Alabama Senator’s Favorite Tech Pick
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U.S. Senator from Alabama Tommy Tuberville had been actively trading in Microsoft Corp (MSFT:US), a leading technology company, according to his trading history on Capitol Trades. In the month of October, he conducted six trades involving buying and selling of stocks and stock options in the technology firm, demonstrating his keen interest in the industry.
On October 5, the Senator sold MSFT stock worth between $100,000 - $250,000 and on October 13, he bought MSFT stock worth between $250,000 - $500,000. He also made a smaller purchase of MSFT stock on October 24, valued between $15,000 to $50,000. On the other hand, Tuberville sold MSFT stock options worth between $1,000 to $15,000 on October 28. Since politicians are only obliged to disclose the value of their trades in defined ranges by law, the precise amounts of the trades and their corresponding profits or losses remained unknown.
However, given the senator's history of executing well-timed trades that generated profits, it is possible that he secured significant capital gains from his Microsoft trades because, just in October, MSFT stock surged by 7.8%. The lawmaker sold three stock options on October 28, only three days after Microsoft reported better-than-expected FY23 Q1 results.
At the time of these trades, Wall Street analysts also had quite a positive outlook on Microsoft Corp. The stock had a Strong Buy consensus rating on TipRanks too, comprised of twenty-four Buys and three Holds.
Furthermore, hedge funds were incorporating MSFT stock into their portfolios. According to TipRanks’ Hedge Fund Trading Activity tool, confidence in Microsoft Corp. was back then 'Very Positive', with 163 hedge funds increasing their cumulative holdings of MSFT stock by 12.7 million shares in the last quarter.
Senator Tuberville is an active trader, and his trading activities regarding Microsoft were deemed controversial by many, with allegations that he may have used his position to gain an unfair advantage on his investments. Regardless, he continued to execute trades and investors could consider following his trades to earn reasonable returns on their investments.
