Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The Nasdaq 100 closed lower by around 1.6% points on Tuesday. 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.
Palantir Technologies
- The Trade: Palantir Technologies Inc. (NYSE: PLTR) Director Lauren Elaina Friedman Stat sold a total of 5,000 shares at an average price of $25.10. The insider received over $125,500 from selling those shares.
- What’s Happening: Palantir Technologies announced a strategic, multi-year partnership with Bapco Upstream to support Bahrain's energy production.
- What Palantir Technologies Does: Palantir is an analytical software company that focuses on leveraging data to create efficiencies in its clients' organizations.
Zoom Video Communications
- The Trade: Zoom Video Communications, Inc. (NASDAQ: ZM) Director Santiago Subotovsky sold a total of 2,067 at an average price of $65.88. The insider received around $136,180 from selling those shares.
- What’s Happening: Zoom recently unveiled a new application for Apple Vision Pro, aiming to enhance hybrid collaboration.
- What Zoom Video Communications Does: Zoom Video Communications provides a communications platform that connects people through video, voice, chat, and content sharing.
- The Trade: Emerson Electric Co. (NYSE: EMR) Director Mark A Blinn sold a total of 2,413 shares at an average price of $103.18. The insider received around $248,978 from selling those shares.
- What’s Happening: Emerson Electric reported better-than-expected first-quarter earnings and raised FY24 outlook.
- What Emerson Electric Does: Emerson Electric sells automation equipment and services under two segments: intelligent devices and software control.
- The Trade: Amazon.com, Inc. (NASDAQ: AMZN) Executive Chair Jeffrey P Bezos sold a total of 11,997,698 shares at an average price of $173.30. The insider received around $2 billion from selling those shares. The company’s Director Jonathan Rubinstein also sold 12,133 shares.
- What’s Happening: Amazon.com announced that it will lay off hundreds of employees at its One Medical and Pharmacy units as part of a major cost-cutting initiative.
- What Amazon.com Does: Amazon is a leading online retailer and one of the highest-grossing e-commerce aggregators, with $386 billion in net sales and approximately $578 billion in estimated physical/digital online gross merchandise volume in 2021.
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