Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Although U.S. stocks closed higher on Monday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company’s prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out Benzinga’s insider transactions platform.
Snowflake
- The Trade: Snowflake Inc. (NYSE:SNOW) Director Michael L Speiser acquired a total of 76,200 shares at an average price of $131.09. To acquire these shares, it cost around $9.99 million.
- What's Happening: Snowflake new Chief Executive Officer Sridhar Ramaswamy is strategically targeting artificial intelligence acquisitions to stay ahead of rivals such as Databricks Inc. and major cloud computing companies.
- What Snowflake Does: Founded in 2012, Snowflake is a data lake, warehousing, and sharing company that came public in 2020.
- The Trade: MasterCraft Boat Holdings, Inc. (NASDAQ:MCFT) 10% owner Adam Gray acquired a total of 124,451 shares at an average price of $20.45. To acquire these shares, it cost around $2.54 million.
- What's Happening: On May 8, MasterCraft Boat reported upbeat third-quarter financial results.
- What MasterCraft Boat Does: MasterCraft Boat Holdings Inc designs, manufactures, and markets performance sport boats and outboard boats.
V.F. Corporation
- The Trade: V.F. Corporation (NYSE:VFC) President and CEO Bracken Darrell bought a total of 75,200 shares at an average price of $13.26. To acquire these shares, it cost around $997,407.
- What's Happening: On May 30, the company announced that Michelle Choehas been appointed as the Global Brand President of Vans, beginning in late July.
- What V.F. Corporation Does: VF designs, produces, and distributes branded apparel, footwear, and accessories.
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