Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The Nasdaq 100 closed higher by over 100 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.
Alphabet
- The Trade: Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG) CEO Sundar Pichai sold a total of 22,500 shares at an average price of $132.70. The insider received around $2.99 million from selling those shares.
- What’s Happening: To comply with the European Union’s (EU) Digital Markets Act (DMA), Google has unveiled the extensive work it has undertaken to meet the stringent regulations set to take effect on Thursday.
- 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.
Texas Roadhouse
- The Trade: Texas Roadhouse, Inc. (NASDAQ: TXRH) President Regina A. Tobin sold a total of 4,564 shares at an average price of $150.07. The insider received around $459,814 from selling those shares.
- What’s Happening: On Feb. 15, Texas Roadhouse reported better-than-expected fourth-quarter GAAP EPS results.
- What Texas Roadhouse Does: Texas Roadhouse Inc is a restaurant company operating predominately in the casual dining segment. The company's operating segment includes Texas Roadhouse; Bubba's 33 and others. It generates maximum revenue from the Texas Roadhouse segment.
- The Trade: Starbucks Corporation (NASDAQ: SBUX) EVP, CFO Rachel Ruggeri sold a total of 3,221 shares at an average price of $93.06. The insider received around $299,746 from selling those shares.
- What’s Happening: Gulf retail giant AlShaya Group, known for its Starbucks franchise in the Middle East, is reportedly set to lay off more than 2,000 employees due to business setbacks linked to Gaza war-related boycotts.
- What Starbucks Does: Starbucks is one of the most widely recognized restaurant brands in the world, operating more than 38,000 stores across more than 80 countries as of the end of fiscal 2023.
- The Trade: Morningstar, Inc. (NASDAQ: MORN) Executive Chairman Joseph D Mansueto sold a total of 21,578 shares at an average price of $303.51. The insider received around $6.5 million from selling those shares.
- What’s Happening: On Feb. 22, Morningstar reported a year-over-year increase in fourth-quarter financial results..
- What Morningstar Does: Morningstar Inc is a provider of independent investment research to financial advisers, asset managers, and investors. The company focuses its operations on two core sectors: data and research.
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