Goodman Group (ASX: GMG) shares are pushing higher on Wednesday, even after another director share sale put the property giant back in the spotlight.
At the time of writing, the Goodman share price is up 1.28% to $31.60.
That puts the stock up almost 5% over the past month, although it is still down around 8% over the past year.
Today's gain comes after Goodman released a director's interest notice after market close on Tuesday.
Here's the detail in the notice.
Image source: Getty Images
Another director sells shares
According to the release, Goodman Executive Director Danny Peeters sold 600,000 GMG stapled securities on market.
The sale took place across 4 June and 5 June.
The total value of the sale was about $18.9 million.
After the transaction, Peeters still held 1,905,291 GMG stapled securities, along with 2,085,538 GMG performance rights under the company's long-term incentive plan.
It also follows a recent sale from Goodman Group boss Greg Goodman.
Earlier this month, Goodman sold 245,525 directly held securities for about $7.7 million. He still holds a much larger indirect interest in the group, along with performance rights.
Nonetheless, two big sales in the space of a week are always going to be noticed by shareholders.
It appears the market doesn't seem too worried today, but investors may still ask why senior insiders are taking some money off the table.
Why the market is still buying
The director sales have not stopped investors buying the stock today.
A big reason is that Goodman is still being viewed as one of the ASX's main ways to gain exposure to growth in data centres.
The company already has a large global industrial property platform, and investors are now watching how far it can push into sites built around data centre demand.
And that is being driven by cloud computing, artificial intelligence, and the need for more digital infrastructure.
Goodman has a market capitalisation of about $64.6 billion. It also trades on a price-to-earnings (P/E) ratio of around 38 times, with a dividend yield below 1%.
Foolish Takeaway
Goodman still has broker support, but the targets are not miles ahead of the current price.
Morgan Stanley recently lifted its target to $36 apiece, while Jefferies cut its target to $34.13, and Bell Potter lowered its target to $35.50.
That still points to some upside from $31.60, but it also shows expectations are already high.
After both insider sales, investors will want to see Goodman keep turning its data centre pipeline into earnings growth.
