Benzinga - The S&P 500 closed lower on Wednesday after the Fed increased rates by 25 basis points, as widely expected. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out Benzinga's insider transactions platform.
Adobe
- The Trade: Adobe Inc. (NASDAQ: ADBE) EVP, CPO, Creative Cloud Scott Belsky sold a total of 3,000 shares at an average price of $374.56. The insider received around $1.12 million from selling those shares.
- What’s Happening: The UK CMA said it is investigating the anticipated acquisition by Adobe of Figma.
- What Adobe Does: Adobe provides content creation, document management, and digital marketing and advertising software and services to creative professionals and marketers for creating, managing, delivering, measuring, optimizing and engaging with compelling content multiple operating systems, devices and media.
AutoNation
- The Trade: AutoNation, Inc. (NYSE: AN) 10% owner Edward S. Lampert sold a total of 37,156 shares at an average price of $137.39. The insider received around $5.1 million from selling those shares.
- What’s Happening: AutoNation reported a first-quarter FY23 sales decline of 5% year-on-year to $6.40 billion, missing the consensus of $6.63 billion.
- What AutoNation Does: AutoNation is the second largest automotive dealer in the United States, with 2022 revenue of $27 billion and about 250 dealerships, plus 55 collision centers.
- The Trade: Stoke Therapeutics, Inc. (NASDAQ: STOK) Chief Medical Officer Barry Ticho sold a total of 55,177 shares at an average price of $10.06. The insider received around $555.27 thousand from selling those shares.
- What’s Happening: B of A Securities recently upgraded the stock from Underperform to Neutral and raised its price target from $9 to $12.
- What Stoke Therapeutics Does: Stoke Therapeutics Inc is engaged in addressing the underlying causes of severe diseases by upregulating protein expression with RNA-based medicines.