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I don't think a company or even an officer of a company can transact large sales/purchases in secret. Buy backs are a legitimate use of cash/stock. I paid off my 'readiloan' when GE tanked. That was a small scale buy back.
Your point about the value of a company is valid to a point. IP, patents, licenses, and even personalities (Steve Jobs) are part of the value of a company. There is speculation about future sales and success, too, but that's OK. Really, who buys a company/stock based on the value of its assets?
The thing is, if you look at Apple, a lot of that is gone. They have lost some of the perceived value of IP, patents, and licenses in court battles. Cook is not Jobs. People feel less positive about future sales as their customer base ages and low cost competitors get much better.
I don't know if $400 is the right price, but absent another amazing product, Apple is on the decline. People are talking about TVs and streaming boxes and watches. Those products will lead to a $300 Apple. They are not going to sustain historic margins competing with Roku and Amazon.
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