Lip-Bu Tan, a board member of Intel Corp., recently made another purchase of Intel shares. According to a filing with the Securities and Exchange Commission, Tan bought 66,000 Intel shares at prices ranging from $37.77 to $37.95 on November 9. This latest purchase cost Tan approximately $2.5 million.
Tan, the former CEO of chip-design-software company Cadence Design Systems Inc., joined Intel's board in September 2022. Last November, he also bought $2.9 million worth of Intel shares, an action that proved advantageous ahead of INTC's recovery, according to analysts at VerityData.
Analysts describe Tan as having a "deep industry pedigree," with experience on 11 other tech boards besides Cadence's throughout his career. He has purchased shares of six companies where he held board roles and has been recognized for his astute buying during the Great Recession.
Following his recent purchases through a trust, Tan now indirectly owns 166,000 Intel shares and directly owns another 6,024 shares.
In addition to Tan's recent transactions, Chief Executive Pat Gelsinger also bought approximately $250,000 in Intel shares at the beginning of November.
Intel has not yet commented on Tan's recent purchase.
Currently, Intel's stock is up 3.2% in afternoon trading on Wednesday and is on track to reach its highest close since June 8, 2022. As of late Wednesday's session, the stock was priced at $40.68. For the year, Intel's stock has risen by 54%, outperforming the S&P 500 and the PHLX Semiconductor Index, which have increased by 17% and 47%, respectively.