Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The Nasdaq 100 closed higher by over 200 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.
D.R. Horton
- The Trade: D.R. Horton, Inc. (NYSE: DHI) Executive Vice Chair David V Auld sold a total of 25,000 shares at an average price of $156.33. The insider received around $3.91 million from selling those shares.
- What’s Happening: D.R. Horton said it will release financial results for its second quarter on April 18, 2024.
- What D.R. Horton Does: D.R. Horton is a leading homebuilder in the United States with operations in 118 markets across 33 states.
Jabil
- The Trade: Jabil Inc. (NYSE: JBL) Executive Chairman Mark T Mondello sold a total of 50,000 shares at an average price of $126.09. The insider received around $6.3 million from selling those shares.
- What’s Happening: On March 15, Jabil reported second-quarter fiscal 2024 revenue of $6.77 billion, down by 16.8% year-on-year, missing the consensus estimate of $6.89 billion.
- What Jabil Does: Jabil Inc is a United States-based company engaged in providing manufacturing services and solutions.
- The Trade: Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG) CEO Sundar Pichai sold a total of 22,500 shares at an average price of $148.78. The insider received around $3.35 million from selling those shares.
- What’s Happening: Alphabet’s Google Pixel 8a is set to feature a 120Hz refresh rate, a first for the a-series Pixel, according to the latest leak report.
- What Alphabet Does: Alphabet is a holding company. Internet media giant Google is a wholly owned subsidiary. Google services account for nearly 90% of Alphabet's revenue, of which more than 85% is from online ads.
- The Trade: Tutor Perini Corporation (NYSE: TPC) President Gary G. Smalley sold a total of 71,857 shares at an average price of $13.02. The insider received around $935,249 from selling those shares.
- What’s Happening: On March 12, UBS analyst Steven Fisher maintained Tutor Perini with a Neutral and raised the price target from $11 to $14.
- What Tutor Perini Does: Tutor Perini Corp offers general contracting, construction management, and design-build services to private and public customers.
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