U.S. crude oil futures traded lower this morning. 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.
Nasdaq
- The Trade: Nasdaq, Inc. (NASDAQ: NDAQ) Executive Vice President Ann Dennison sold a total of 6,500 shares at an average price of $62.00. The insider received around $403 thousand from selling those shares.
- What’s Happening: During July, Nasdaq reported better-than-expected Q2 results and announced a 3-for-1 stock split.
- What Nasdaq Does: Founded in 1971, Nasdaq is primarily known for its equity exchange, but in addition to its market-services business (about 35% of sales), the company sells and distributes market data as well as offers Nasdaq-branded indexes to asset managers and investors through its information-services segment (30%).
Alphabet (NASDAQ:GOOGL)
- The Trade: Alphabet Inc. (NASDAQ: GOOG) Director John L Hennessy sold a total of 1,500 shares at an average price of $110.00. The insider received around $165 thousand as a result of the transaction.
- What’s Happening: A law firm on behalf of publishers slapped damages claims for up to €25 billion ($25.4 billion) on Alphabet Google over its digital advertising practices in two suits filed in British and Dutch courts, Reuters reported.
- What Alphabet Does: Alphabet is a holding company. Internet media giant Google is a wholly owned subsidiary. Google generates 99% of Alphabet revenue, of which more than 85% is from online ads.
PG&E
- The Trade: PG&E Corporation (NYSE: PCG) CEO Patricia K Poppe sold a total of 83,330 shares at an average price of $13.00. The insider received around $1.08 million from selling those shares.
- What’s Happening: During July, the company posted downbeat quarterly earnings.
- What PG&E Does: PG&E is a holding company whose main subsidiary is Pacific Gas and Electric, a regulated utility operating in Central and Northern California that serves 5.3 million electricity customers and 4.6 million gas customers in 47 of the state's 58 counties.
- The Trade: Raymond James Financial, Inc. (NYSE: RJF) President of Global Equities and Investment Banking James E Bunn sold a total of 4,000 shares at an average price of $106.75. The insider received around $427 thousand from selling those shares.
- What’s Happening: Jefferies, last month, maintained Raymond James Financial with a Buy and raised the price target from $108 to $130.
- What Raymond James Financial Does: Raymond James Financial is a financial holding company whose major operations include wealth management, investment banking, asset management, and commercial banking.