<p>随着近几周一般市场指数飙升至新高，一个明显的趋势出现了：许多高飞的公司内部人士正在套现他们的股份。这波内部人士的抛售行为通常被视为一种悲观信号，表明那些最接近公司的人预见到了一个下行趋势。</p>
<p>然而，重要的是要理解，内部人士的抛售并不总是未来麻烦的指示。许多时候，这样的交易是预先安排的或是日常财务策略的一部分，并不反映公司的表现或未来前景。</p>
<p>事实上，内部人士经常出售股份以实现个人投资组合的多样化或实现基于股票的薪酬的价值。这些交易通常是预先安排的，不管公司的表现或前景如何都可能发生。因此，内部人士的抛售并不总是一个悲观信号，而是企业世界中的标准程序。</p>
<p>在本文中，我选择了三家最近内部人士积极抛售股份的公司。尽管有这种活动，以下公司仍然蓬勃发展，并以当前股价提供引人注目的投资机会。让我们仔细看一下！</p>
<h2><strong>爱彼迎（ABNB）</strong></h2>
<p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1" height="1" original-src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>图片来源：sdx15 / Shutterstock.com</p>
<p>首先是本文提到的 <strong>爱彼迎</strong>（纳斯达克：<strong>ABNB</strong>），过去三个月内部人士的活动包括 30 次独立销售，总计 1,575,285 股，相当于当前股价的 2.331 亿美元。虽然这可能引起一些关注，但爱彼迎的投资案例仍然引人注目。</p>
<p>该公司在旅行热潮中取得了显著成功。作为点对点住宿和体验预订的领导者，尽管偶尔会遇到监管障碍，爱彼迎仍在迅速增长。2024 年第一季度，爱彼迎的营收同比增长了 17.8%，达到 21.4 亿美元。这一增长紧随 2023 年第一季度强劲增长 20.5% 和 2022 年第一季度惊人增长 57.6%。显然，对独特住宿和当地体验的需求比以往任何时候都要高，进一步巩固了爱彼迎的主导地位。</p>
<p>与此同时，爱彼迎作为自由现金流强大的公司脱颖而出，有显著潜力增强其资产负债表上的股权价值并向股东返现。在第一季度，其自由现金流利润率飙升至令人印象深刻的 89%，这是少数公司能够在可持续基础上与之匹敌的水平。</p>
<h2><strong>万事达（MA）</strong></h2>
<p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1" height="1" original-src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>图片来源：David Cardinez / Shutterstock.com</p>
<p>接下来是我们提到的 <strong>万事达</strong>（纽约证券交易所：<strong>MA</strong>），过去三个月内部人士的活动包括 56 次独立销售，总计 5,133,463 股。按照当前股价，这相当于巨额的 22.8 亿美元。尽管这种程度的内部人士抛售可能令人担忧，但万事达今天仍然呈现出一个有吸引力的投资案例。</p>
<p>该公司不断发布强劲的营收和每股收益数据，这两个指标在截至 2024 年第一季度的五年期间分别以 11% 和 16% 的复合年增长率增长。从实体现金向数字支付的社会转变将继续在未来几年甚至几十年内展开，这将使万事达在持续实现两位数的营收和净利润增长方面处于有利位置。</p>
<p>虽然股价可能看起来有点昂贵，略高于今年预期每股收益的 31 倍，但我认为情况并非如此。随着共识每股收益预测预计未来几年以中至高两位数增长，我认为万事达今天相当具有吸引力的估值。特别是当考虑到其整体品质和在支付处理行业中的护城河时。</p>
<h2><strong>Paycom Software (PAYC)</strong></h2>
<p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1" height="1" original-src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>图片来源：STEFANY LUNA DE LINZY / Shutterstock.com</p>
<p>最近看到一些大量内部人士抛售股份并值得考虑的最后一支股票是 <strong>Paycom Software</strong>（纽约证券交易所：<strong>PAYC</strong>）。过去三个月内部人士的活动记录了 45 次销售，总计 169,012 股，按照当前价格价值 2.67 亿美元。尽管这对一些投资者可能看起来令人担忧，特别是考虑到过去一年股价惨跌了 56%，但在我看来，Paycom 的潜在投资案例仍然引人注目。</p>
<p>具体来说，Paycom 继续保持快速增长，其基于云的人力资本管理软件在寻求集成工资和人力资源解决方案的中型企业中仍然需求旺盛。这种需求受到了工作场所数字化转型的更广泛趋势的推动，企业正在迅速采用一体化人力资源平台来简化运营并提高效率。</p>
<p>去年，Paycom 的营收和每股收益飙升至新的历史高位，分别增长了 23.2% 和 21.5%。今年，共识预测表明这两个指标有望再次达到新的历史水平。与此同时，尽管其强劲业绩，股价的持续下跌使 Paycom 当前的估值仅为今年预期每股收益的 20.4 倍，这一倍数似乎并不反映其潜在表现。</p>
<p>_在发布日期，Nikolaos Sismanis 持有 ABNB 的多头头寸。本文中表达的观点属于作者个人观点，遵循 InvestorPlace.com 的发布准则。</p>
<p>_在发布日期，负责编辑在本文提到的证券中没有（直接或间接）任何头寸。</p>
<p>Nikolaos Sismanis 是一位拥有五年股票研究和财务建模经验的专业研究分析师。Nikolaos 撰写了超过 1,000 篇关于揭示深度价值机会、识别合理估值的增长股和关注被忽视的国际股票的股票相关文章。</p>

万事达

爱彼迎

<p>高飞公司的内部人士正在出售股份，但这并不总是表示有麻烦。内部人士的卖出行为可能是日常财务策略的一部分，或是为了实现个人投资组合的多样化。尽管有内部人士的卖出行为，爱彼迎、万事达和 Paycom Software 仍然呈现出引人注目的投资机会。爱彼迎在旅行行业蓬勃发展，万事达在数字支付领域拥有持续增长的优势，而 Paycom Software 在人力资本管理软件领域持续保持快速增长</p>

<p>As general market indexes have soared to new heights in recent weeks, a noticeable trend has emerged: insiders at many high-flying companies are cashing out their shares. This wave of insider selling can often be perceived as a bearish signal, suggesting that those closest to the company foresee a downturn.</p>
<div class="lb-trans"><p>随着近几周一般市场指数飙升至新高，一个明显的趋势出现了：许多高飞的公司内部人士正在套现他们的股份。这波内部人士的抛售行为通常被视为一种悲观信号，表明那些最接近公司的人预见到了一个下行趋势。</p>
</div><p>However, it’s crucial to understand that insider selling is not always an indication of trouble ahead. Many times, such transactions are pre-scheduled or part of a routine financial strategy and do not reflect the company’s performance or future prospects.</p>
<div class="lb-trans"><p>然而，重要的是要理解，内部人士的抛售并不总是未来麻烦的指示。许多时候，这样的交易是预先安排的或是日常财务策略的一部分，并不反映公司的表现或未来前景。</p>
</div><p>In fact, insiders frequently sell shares to diversify their personal portfolios or to realize the value of stock-based compensation. These transactions are typically prearranged and can occur regardless of the company’s performance or outlook. Thus, insider selling isn’t always a bearish signal but rather a standard procedure in the corporate world.</p>
<div class="lb-trans"><p>事实上，内部人士经常出售股份以实现个人投资组合的多样化或实现基于股票的薪酬的价值。这些交易通常是预先安排的，不管公司的表现或前景如何都可能发生。因此，内部人士的抛售并不总是一个悲观信号，而是企业世界中的标准程序。</p>
</div><p>In this article, I have selected three companies where insiders have been actively selling shares recently. Despite this activity, the following names continue to thrive and present compelling investment opportunities at their current share prices. Let’s take a closer look!</p>
<div class="lb-trans"><p>在本文中，我选择了三家最近内部人士积极抛售股份的公司。尽管有这种活动，以下公司仍然蓬勃发展，并以当前股价提供引人注目的投资机会。让我们仔细看一下！</p>
</div><h2><strong>Airbnb (ABNB)</strong></h2>
<div class="lb-trans"><h2><strong>爱彼迎（ABNB）</strong></h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif" alt="" original-src="https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>Source: sdx15 / Shutterstock.com</p>
<div class="lb-trans"><p>图片来源：sdx15 / Shutterstock.com</p>
</div><p>First up on this list is <strong>Airbnb</strong> (NASDAQ:<strong>ABNB</strong>), where insider activity during the past three months has seen 30 separate sales amounting to 1,575,285 shares, translating to a notable $233.1 million at the stock’s current price. While this might raise some eyebrows, Airbnb’s investment case remains compelling.</p>
<div class="lb-trans"><p>首先是本文提到的 <strong>爱彼迎</strong>（纳斯达克：<strong>ABNB</strong>），过去三个月内部人士的活动包括 30 次独立销售，总计 1,575,285 股，相当于当前股价的 2.331 亿美元。虽然这可能引起一些关注，但爱彼迎的投资案例仍然引人注目。</p>
</div><p>The company is riding the wave of the travel boom with remarkable success. As the leader in peer-to-peer accommodation and experience bookings, Airbnb continues to grow swiftly despite occasional regulatory hurdles. In Q1 2024, Airbnb registered a 17.8% revenue gain year-over-year, reaching $2.14 billion. This growth follows a strong 20.5% rise in Q1 2023 and a staggering 57.6% in Q1 2022. Clearly, demand for unique stays and local experiences is higher than ever, reinforcing Airbnb’s dominance.</p>
<div class="lb-trans"><p>该公司在旅行热潮中取得了显著成功。作为点对点住宿和体验预订的领导者，尽管偶尔会遇到监管障碍，爱彼迎仍在迅速增长。2024 年第一季度，爱彼迎的营收同比增长了 17.8%，达到 21.4 亿美元。这一增长紧随 2023 年第一季度强劲增长 20.5% 和 2022 年第一季度惊人增长 57.6%。显然，对独特住宿和当地体验的需求比以往任何时候都要高，进一步巩固了爱彼迎的主导地位。</p>
</div><p>In the meantime, Airbnb stands out as a free cash flow powerhouse, with notable potential to bolster the equity value in its balance sheet and return cash to shareholders. In Q1, its free cash flow margin soared to an impressive 89%, a level that few, if any, companies can rival on a sustainable basis.</p>
<div class="lb-trans"><p>与此同时，爱彼迎作为自由现金流强大的公司脱颖而出，有显著潜力增强其资产负债表上的股权价值并向股东返现。在第一季度，其自由现金流利润率飙升至令人印象深刻的 89%，这是少数公司能够在可持续基础上与之匹敌的水平。</p>
</div><h2><strong>Mastercard (MA)</strong></h2>
<div class="lb-trans"><h2><strong>万事达（MA）</strong></h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif" alt="" original-src="https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>Source: David Cardinez / Shutterstock.com</p>
<div class="lb-trans"><p>图片来源：David Cardinez / Shutterstock.com</p>
</div><p>Next on our list is <strong>Mastercard</strong> (NYSE:<strong>MA</strong>), where insider activity has seen 56 separate sales over the past three months, totaling 5,133,463 shares. At current stock prices, this is equal to a substantial $2.28 billion. While this level of insider selling may seem troubling, Mastercard continues to present an attractive investment case today.</p>
<div class="lb-trans"><p>接下来是我们提到的 <strong>万事达</strong>（纽约证券交易所：<strong>MA</strong>），过去三个月内部人士的活动包括 56 次独立销售，总计 5,133,463 股。按照当前股价，这相当于巨额的 22.8 亿美元。尽管这种程度的内部人士抛售可能令人担忧，但万事达今天仍然呈现出一个有吸引力的投资案例。</p>
</div><p>The company keeps posting robust revenue and earnings-per-share figures, with the two metrics noting a compound annual growth rate (CAGR) of 11% and 16%, respectively, over the five-year period ending in the first quarter of 2024. The ever-present societal shift from physical cash to digital payments is set to continue unfolding over the coming years, possibly even decades, positioning Mastercard favorably for sustained, double-digit top and bottom-line growth.</p>
<div class="lb-trans"><p>该公司不断发布强劲的营收和每股收益数据，这两个指标在截至 2024 年第一季度的五年期间分别以 11% 和 16% 的复合年增长率增长。从实体现金向数字支付的社会转变将继续在未来几年甚至几十年内展开，这将使万事达在持续实现两位数的营收和净利润增长方面处于有利位置。</p>
</div><p>While the stock might appear pricy at a little over 31X this year’s expected EPS, I believe this is hardly the case. With consensus EPS estimates forecasting EPS growth in the mid-to-high teens in the coming years, I find Mastercard rather attractively valued today. This is especially true when you take into account its overall qualities and moat in the payments processing industry.</p>
<div class="lb-trans"><p>虽然股价可能看起来有点昂贵，略高于今年预期每股收益的 31 倍，但我认为情况并非如此。随着共识每股收益预测预计未来几年以中至高两位数增长，我认为万事达今天相当具有吸引力的估值。特别是当考虑到其整体品质和在支付处理行业中的护城河时。</p>
</div><h2><strong>Paycom Software (PAYC)</strong></h2>
<div class="lb-trans"><h2><strong>Paycom Software (PAYC)</strong></h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif" alt="" original-src="https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>Source: STEFANY LUNA DE LINZY / Shutterstock.com</p>
<div class="lb-trans"><p>图片来源：STEFANY LUNA DE LINZY / Shutterstock.com</p>
</div><p>The final stock that has seen some heavy insider selling lately and is worth considering is <strong>Paycom Software</strong> (NYSE:<strong>PAYC</strong>). Insider activity has recorded 45 sales totaling 169,012 shares over the past three months, worth $26.7 million at current prices. While this may seem concerning for some investors, especially given the stock’s awful 56% decline over the past year, the underlying investment case for Paycom remains compelling, in my view.</p>
<div class="lb-trans"><p>最近看到一些大量内部人士抛售股份并值得考虑的最后一支股票是 <strong>Paycom Software</strong>（纽约证券交易所：<strong>PAYC</strong>）。过去三个月内部人士的活动记录了 45 次销售，总计 169,012 股，按照当前价格价值 2.67 亿美元。尽管这对一些投资者可能看起来令人担忧，特别是考虑到过去一年股价惨跌了 56%，但在我看来，Paycom 的潜在投资案例仍然引人注目。</p>
</div><p>Specifically, Paycom continues to record rapid growth, with its cloud-based human capital management software remaining in high demand among mid-sized businesses looking for integrated payroll and HR solutions. This demand is, in turn, powered by a broader trend toward digital transformation in the workplace, where businesses are swiftly adopting all-in-one HR platforms to streamline operations and enhance efficiency.</p>
<div class="lb-trans"><p>具体来说，Paycom 继续保持快速增长，其基于云的人力资本管理软件在寻求集成工资和人力资源解决方案的中型企业中仍然需求旺盛。这种需求受到了工作场所数字化转型的更广泛趋势的推动，企业正在迅速采用一体化人力资源平台来简化运营并提高效率。</p>
</div><p>Last year, Paycom’s revenue and earnings per share soared to new record highs, increasing by 23.2% and 21.5%, respectively. This year, consensus estimates suggest that both metrics are set to achieve new record levels once again. Meanwhile, despite its strong results, the stock’s extended sell-off has driven Paycom’s current valuation to just 20.4X this year’s expected EPS—a multiple that doesn’t seem to reflect its underlying performance.</p>
<div class="lb-trans"><p>去年，Paycom 的营收和每股收益飙升至新的历史高位，分别增长了 23.2% 和 21.5%。今年，共识预测表明这两个指标有望再次达到新的历史水平。与此同时，尽管其强劲业绩，股价的持续下跌使 Paycom 当前的估值仅为今年预期每股收益的 20.4 倍，这一倍数似乎并不反映其潜在表现。</p>
</div><p><em>On the date of publication, Nikolaos Sismanis held a long position in ABNB. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.</em></p>
<div class="lb-trans"><p>_在发布日期，Nikolaos Sismanis 持有 ABNB 的多头头寸。本文中表达的观点属于作者个人观点，遵循 InvestorPlace.com 的发布准则。</p>
</div><p><em>On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.</em></p>
<div class="lb-trans"><p>_在发布日期，负责编辑在本文提到的证券中没有（直接或间接）任何头寸。</p>
</div><p>Nikolaos Sismanis is a professional research analyst with five years of experience in the field of equity research and financial modeling. Nikolaos has authored over 1,000 stock-related articles that focus on uncovering deep value opportunities, identifying growth stocks at reasonable valuations, and shining a spotlight on overlooked international equities.</p>
<div class="lb-trans"><p>Nikolaos Sismanis 是一位拥有五年股票研究和财务建模经验的专业研究分析师。Nikolaos 撰写了超过 1,000 篇关于揭示深度价值机会、识别合理估值的增长股和关注被忽视的国际股票的股票相关文章。</p>
</div>

3 Stocks to Buy Even While Insiders Are Selling: July 2024

- Airbnb (ABNB) 的内部人士最近积极出售股票，但公司仍然保持强劲增长，Q1 2024 收入同比增长 17.8%，达到 21.4 亿美元。- Airbnb 作为旅行热潮的领头羊，继续迅速增长，自由现金流强劲，Q1 的自由现金流利润率飙升至令人印象深刻的 89%。- Mastercard (MA) 保持强劲的收入和每股收益增长，未来数字支付的持续转变将使其受益，尽管内部人士大量卖出，但公司前景依然看好。

即使内部人士在抛售，这三只股票仍值得买入：2024 年 7 月