US stock futures traded lower this morning on Friday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. 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.
Zoom Video Communications
- The Trade: Zoom Video Communications, Inc. (NASDAQ: ZM) Chief Operating Officer Aparna Bawa sold a total of 2,000 shares at an average price of $108.47. The insider received around $216.94 thousand from selling those shares.
- What’s Happening: Zoom Video recently announced better-than-expected financial results and raised guidance.
- What Zoom Video Does: Zoom Video Communications provides a communications platform that connects people through video, voice, chat, and content sharing.
Williams-Sonoma
- The Trade: Williams-Sonoma, Inc. (NYSE: WSM) EVP Julie Whalen sold a total of 5,000 shares at an average price of $130.00. The insider received around $650 thousand as a result of the transaction.
- What’s Happening: Williams-Sonoma recently reported better-than-expected Q1 EPS and sales results and reiterated FY22 and long term guidance.
- What Williams-Sonoma Does: With a wide retail and direct-to-consumer presence, Williams-Sonoma is a leader in the $300 billion domestic home category, focused on expanding its exposure in the B2B, marketplace, and franchise areas.
Best Buy
- The Trade: Best Buy Co., Inc. (NYSE: BBY) CEO Corie Barry sold a total of 44,619 shares at an average price of $80.68. The insider received around $3.6 million from selling those shares.
- What’s Happening: Best Buy recently reported a first-quarter FY23 sales decline of 8.5% year-on-year to $10.65 billion, beating the consensus of $10.43 billion.
- What Best Buy Does: With $51.8 billion in fiscal 2022 sales, Best Buy is the largest pure-play consumer electronics retailer in the U.S., with roughly 10.6% share of the aggregate market and north of 40% share of offline sales, per our calculations, CTA industry, and Euromonitor data.
- The Trade: Cushman & Wakefield plc (NYSE: CWK) 10% owner Jon Winkelried sold a total of 2,920,717 shares at an average price of $18.39. The insider received around $53.7 million from selling those shares.
- What’s Happening: The company, last month, reported upbeat quarterly results.
- What Cushman & Wakefield Does: Cushman & Wakefield is the third largest commercial real estate services firm in the world with a global headquarters in Chicago.
Read at Benzinga