Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The Nasdaq 100 closed lower by around 0.5% on Thursday. 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.
Adobe
- The Trade: Adobe Inc. (NASDAQ: ADBE) President, Digital Media David Wadhwani sold a total of 6,099 shares at an average price of $571.77. The insider received around $3.49 million from selling those shares.
- What’s Happening: Adobe and Figma mutually agreed to terminate their previously announced $20 billion merger agreement, originally shared on Sept. 15, 2022, under which Adobe decided to snap Figma for a mix of cash and stock consideration.
- 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.
Zoom Video Communications
- The Trade: Zoom Video Communications, Inc. (NASDAQ: ZM) Director Santiago Subotovsky sold a total of 2,067 shares at an average price of $69.67. The insider received around $144,015 from selling those shares.
- What’s Happening: Wells Fargo analyst Phil Winslow recently downgraded Zoom Video from Equal-Weight to Underweight and announced a $70 price target.
- What Zoom Video Does: Zoom Video Communications provides a communications platform that connects people through video, voice, chat, and content sharing.
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Kraft Heinz Company - The Trade: The Kraft Heinz Company (NASDAQ: KHC) Director Miguel Patricio sold a total of 131,500 shares at an average price of $38.02. The insider received around $5 million from selling those shares.
- What’s Happening: Evercore ISI Group analyst David Palmer recently upgraded Kraft Heinz from In-Line to Outperform and raised the price target from $40 to $42.
- What Kraft Heinz Does: In July 2015, Kraft merged with Heinz to create the third-largest food and beverage manufacturer in North America behind PepsiCo and Nestle and the fifth-largest player in the world. Beyond its namesake brands, the combined firm's portfolio includes Oscar Mayer, Velveeta, and Philadelphia.
- The Trade: Alphabet Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL) CEO Sundar Pichai sold a total of 22,500 shares at an average price of $140.11. The insider received around $3.15 million from selling those shares.
- What’s Happening: Alphabet Google is advancing significant changes to online user tracking, impacting the $600 billion online advertising industry.
- 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.
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