<p>隨着近幾週一般市場指數飆升至新高，一個明顯的趨勢出現了：許多高飛的公司內部人士正在套現他們的股份。這波內部人士的拋售行為通常被視為一種悲觀信號，表明那些最接近公司的人預見到了一個下行趨勢。</p>
<p>然而，重要的是要理解，內部人士的拋售並不總是未來麻煩的指示。許多時候，這樣的交易是預先安排的或是日常財務策略的一部分，並不反映公司的表現或未來前景。</p>
<p>事實上，內部人士經常出售股份以實現個人投資組合的多樣化或實現基於股票的薪酬的價值。這些交易通常是預先安排的，不管公司的表現或前景如何都可能發生。因此，內部人士的拋售並不總是一個悲觀信號，而是企業世界中的標準程序。</p>
<p>在本文中，我選擇了三家最近內部人士積極拋售股份的公司。儘管有這種活動，以下公司仍然蓬勃發展，並以當前股價提供引人注目的投資機會。讓我們仔細看一下！</p>
<h2><strong>愛彼迎（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>圖片來源：sdx15 / Shutterstock.com</p>
<p>首先是本文提到的 <strong>愛彼迎</strong>（納斯達克：<strong>ABNB</strong>），過去三個月內部人士的活動包括 30 次獨立銷售，總計 1,575,285 股，相當於當前股價的 2.331 億美元。雖然這可能引起一些關注，但愛彼迎的投資案例仍然引人注目。</p>
<p>該公司在旅行熱潮中取得了顯著成功。作為點對點住宿和體驗預訂的領導者，儘管偶爾會遇到監管障礙，愛彼迎仍在迅速增長。2024 年第一季度，愛彼迎的營收同比增長了 17.8%，達到 21.4 億美元。這一增長緊隨 2023 年第一季度強勁增長 20.5% 和 2022 年第一季度驚人增長 57.6%。顯然，對獨特住宿和當地體驗的需求比以往任何時候都要高，進一步鞏固了愛彼迎的主導地位。</p>
<p>與此同時，愛彼迎作為自由現金流強大的公司脱穎而出，有顯著潛力增強其資產負債表上的股權價值並向股東返現。在第一季度，其自由現金流利潤率飆升至令人印象深刻的 89%，這是少數公司能夠在可持續基礎上與之匹敵的水平。</p>
<h2><strong>萬事達（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>圖片來源：David Cardinez / Shutterstock.com</p>
<p>接下來是我們提到的 <strong>萬事達</strong>（紐約證券交易所：<strong>MA</strong>），過去三個月內部人士的活動包括 56 次獨立銷售，總計 5,133,463 股。按照當前股價，這相當於鉅額的 22.8 億美元。儘管這種程度的內部人士拋售可能令人擔憂，但萬事達今天仍然呈現出一個有吸引力的投資案例。</p>
<p>該公司不斷髮布強勁的營收和每股收益數據，這兩個指標在截至 2024 年第一季度的五年期間分別以 11% 和 16% 的複合年增長率增長。從實體現金向數字支付的社會轉變將繼續在未來幾年甚至幾十年內展開，這將使萬事達在持續實現兩位數的營收和淨利潤增長方面處於有利位置。</p>
<p>雖然股價可能看起來有點昂貴，略高於今年預期每股收益的 31 倍，但我認為情況並非如此。隨着共識每股收益預測預計未來幾年以中至高兩位數增長，我認為萬事達今天相當具有吸引力的估值。特別是當考慮到其整體品質和在支付處理行業中的護城河時。</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>圖片來源：STEFANY LUNA DE LINZY / Shutterstock.com</p>
<p>最近看到一些大量內部人士拋售股份並值得考慮的最後一支股票是 <strong>Paycom Software</strong>（紐約證券交易所：<strong>PAYC</strong>）。過去三個月內部人士的活動記錄了 45 次銷售，總計 169,012 股，按照當前價格價值 2.67 億美元。儘管這對一些投資者可能看起來令人擔憂，特別是考慮到過去一年股價慘跌了 56%，但在我看來，Paycom 的潛在投資案例仍然引人注目。</p>
<p>具體來説，Paycom 繼續保持快速增長，其基於雲的人力資本管理軟件在尋求集成工資和人力資源解決方案的中型企業中仍然需求旺盛。這種需求受到了工作場所數字化轉型的更廣泛趨勢的推動，企業正在迅速採用一體化人力資源平台來簡化運營並提高效率。</p>
<p>去年，Paycom 的營收和每股收益飆升至新的歷史高位，分別增長了 23.2% 和 21.5%。今年，共識預測表明這兩個指標有望再次達到新的歷史水平。與此同時，儘管其強勁業績，股價的持續下跌使 Paycom 當前的估值僅為今年預期每股收益的 20.4 倍，這一倍數似乎並不反映其潛在表現。</p>
<p>_在發佈日期，Nikolaos Sismanis 持有 ABNB 的多頭頭寸。本文中表達的觀點屬於作者個人觀點，遵循 InvestorPlace.com 的發佈準則。</p>
<p>_在發佈日期，負責編輯在本文提到的證券中沒有（直接或間接）任何頭寸。</p>
<p>Nikolaos Sismanis 是一位擁有五年股票研究和財務建模經驗的專業研究分析師。Nikolaos 撰寫了超過 1,000 篇關於揭示深度價值機會、識別合理估值的增長股和關注被忽視的國際股票的股票相關文章。</p>

萬事達

愛彼迎

<p>高飛公司的內部人士正在出售股份，但這並不總是表示有麻煩。內部人士的賣出行為可能是日常財務策略的一部分，或是為了實現個人投資組合的多樣化。儘管有內部人士的賣出行為，愛彼迎、萬事達和 Paycom Software 仍然呈現出引人注目的投資機會。愛彼迎在旅行行業蓬勃發展，萬事達在數字支付領域擁有持續增長的優勢，而 Paycom Software 在人力資本管理軟件領域持續保持快速增長</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>隨着近幾週一般市場指數飆升至新高，一個明顯的趨勢出現了：許多高飛的公司內部人士正在套現他們的股份。這波內部人士的拋售行為通常被視為一種悲觀信號，表明那些最接近公司的人預見到了一個下行趨勢。</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，內部人士的拋售並不總是未來麻煩的指示。許多時候，這樣的交易是預先安排的或是日常財務策略的一部分，並不反映公司的表現或未來前景。</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>事實上，內部人士經常出售股份以實現個人投資組合的多樣化或實現基於股票的薪酬的價值。這些交易通常是預先安排的，不管公司的表現或前景如何都可能發生。因此，內部人士的拋售並不總是一個悲觀信號，而是企業世界中的標準程序。</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，我選擇了三家最近內部人士積極拋售股份的公司。儘管有這種活動，以下公司仍然蓬勃發展，並以當前股價提供引人注目的投資機會。讓我們仔細看一下！</p>
</div><h2><strong>Airbnb (ABNB)</strong></h2>
<div class="lb-trans"><h2><strong>愛彼迎（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>圖片來源：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>愛彼迎</strong>（納斯達克：<strong>ABNB</strong>），過去三個月內部人士的活動包括 30 次獨立銷售，總計 1,575,285 股，相當於當前股價的 2.331 億美元。雖然這可能引起一些關注，但愛彼迎的投資案例仍然引人注目。</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>該公司在旅行熱潮中取得了顯著成功。作為點對點住宿和體驗預訂的領導者，儘管偶爾會遇到監管障礙，愛彼迎仍在迅速增長。2024 年第一季度，愛彼迎的營收同比增長了 17.8%，達到 21.4 億美元。這一增長緊隨 2023 年第一季度強勁增長 20.5% 和 2022 年第一季度驚人增長 57.6%。顯然，對獨特住宿和當地體驗的需求比以往任何時候都要高，進一步鞏固了愛彼迎的主導地位。</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>與此同時，愛彼迎作為自由現金流強大的公司脱穎而出，有顯著潛力增強其資產負債表上的股權價值並向股東返現。在第一季度，其自由現金流利潤率飆升至令人印象深刻的 89%，這是少數公司能夠在可持續基礎上與之匹敵的水平。</p>
</div><h2><strong>Mastercard (MA)</strong></h2>
<div class="lb-trans"><h2><strong>萬事達（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>圖片來源：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>接下來是我們提到的 <strong>萬事達</strong>（紐約證券交易所：<strong>MA</strong>），過去三個月內部人士的活動包括 56 次獨立銷售，總計 5,133,463 股。按照當前股價，這相當於鉅額的 22.8 億美元。儘管這種程度的內部人士拋售可能令人擔憂，但萬事達今天仍然呈現出一個有吸引力的投資案例。</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>該公司不斷髮布強勁的營收和每股收益數據，這兩個指標在截至 2024 年第一季度的五年期間分別以 11% 和 16% 的複合年增長率增長。從實體現金向數字支付的社會轉變將繼續在未來幾年甚至幾十年內展開，這將使萬事達在持續實現兩位數的營收和淨利潤增長方面處於有利位置。</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>雖然股價可能看起來有點昂貴，略高於今年預期每股收益的 31 倍，但我認為情況並非如此。隨着共識每股收益預測預計未來幾年以中至高兩位數增長，我認為萬事達今天相當具有吸引力的估值。特別是當考慮到其整體品質和在支付處理行業中的護城河時。</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>圖片來源：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>最近看到一些大量內部人士拋售股份並值得考慮的最後一支股票是 <strong>Paycom Software</strong>（紐約證券交易所：<strong>PAYC</strong>）。過去三個月內部人士的活動記錄了 45 次銷售，總計 169,012 股，按照當前價格價值 2.67 億美元。儘管這對一些投資者可能看起來令人擔憂，特別是考慮到過去一年股價慘跌了 56%，但在我看來，Paycom 的潛在投資案例仍然引人注目。</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>具體來説，Paycom 繼續保持快速增長，其基於雲的人力資本管理軟件在尋求集成工資和人力資源解決方案的中型企業中仍然需求旺盛。這種需求受到了工作場所數字化轉型的更廣泛趨勢的推動，企業正在迅速採用一體化人力資源平台來簡化運營並提高效率。</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 的營收和每股收益飆升至新的歷史高位，分別增長了 23.2% 和 21.5%。今年，共識預測表明這兩個指標有望再次達到新的歷史水平。與此同時，儘管其強勁業績，股價的持續下跌使 Paycom 當前的估值僅為今年預期每股收益的 20.4 倍，這一倍數似乎並不反映其潛在表現。</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>_在發佈日期，Nikolaos Sismanis 持有 ABNB 的多頭頭寸。本文中表達的觀點屬於作者個人觀點，遵循 InvestorPlace.com 的發佈準則。</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>_在發佈日期，負責編輯在本文提到的證券中沒有（直接或間接）任何頭寸。</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 是一位擁有五年股票研究和財務建模經驗的專業研究分析師。Nikolaos 撰寫了超過 1,000 篇關於揭示深度價值機會、識別合理估值的增長股和關注被忽視的國際股票的股票相關文章。</p>
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3 Stocks to Buy Even While Insiders Are Selling: July 2024

- Airbnb (ABNB) 的內部人士最近積極出售股票，但公司仍然保持強勁增長，Q1 2024 收入同比增長 17.8%，達到 21.4 億美元。- Airbnb 作為旅行熱潮的領頭羊，繼續迅速增長，自由現金流強勁，Q1 的自由現金流利潤率飆升至令人印象深刻的 89%。- Mastercard (MA) 保持強勁的收入和每股收益增長，未來數字支付的持續轉變將使其受益，儘管內部人士大量賣出，但公司前景依然看好。

即使內部人士在拋售，這三隻股票仍值得買入：2024 年 7 月