Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The Nasdaq 100 closed lower by over 90 points on Wednesday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company’s prospects or that they view the stock as being overpriced. 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.
Electronic Arts
- The Trade: Electronic Arts Inc. (NASDAQ: EA) Chief Legal Officer Jacob J Schatz sold a total of 1,000 shares at an average price of $137.95. The insider received around $137,950 from selling those shares.
- What’s Happening: BMO Capital analyst Brian Pitz recently initiated coverage on Electronic Arts with an Outperform rating and announced a price target of $160.
- What Electronic Arts Does: EA is one of the world's largest third-party video game publishers and has transitioned from a console-based video game publisher to the one of the largest publishers on consoles, PC, and mobile.
Alphabet
- The Trade: Alphabet Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL) CEO Sundar Pichai sold a total of 22,500 shares at an average price of $142.14. The insider received around $3.2 million from selling those shares.
- What’s Happening: In a recent internal memo, Google CEO Sundar Pichai reportedly informed the company’s employees to brace for more job cuts in 2024. This announcement follows a series of layoffs across various departments.
- 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.
- The Trade: Moderna, Inc. (NASDAQ: MRNA) President Stephen Hoge sold a total of 15,000 shares at an average price of $103.90. The insider received around $1.56 million from selling those shares.
- What’s Happening: Moderna recently announced a series of business updates and progress on the company’s pipeline of mRNA medicines at the 42nd annual JPMorgan Healthcare Conference on Monday.
- What Moderna Does: Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018.
- The Trade: Automatic Data Processing, Inc. (NASDAQ: ADP) Corp. VP John Ayala sold a total of 1,500 shares at an average price of $235.13. The insider received around $352,695 from selling those shares.
- What’s Happening: B of A Securities analyst Jason Kupferberg upgraded Automatic Data Processing from Underperform to Neutral and raised the price target from $217 to $243.
- What Automatic Data Processing Does: ADP is a provider of payroll and human capital management solutions servicing the full scope of businesses from micro to global enterprises.
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