Benzinga - The Nasdaq Composite closed lower by around 100 points on Thursday. 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.
Kellogg
- The Trade: Kellogg Company (NYSE: K) 10% owner Kellogg W K Foundation sold a total of 100,000 shares at an average price of $67.14. The insider received around $6.71 million from selling those shares.
- What’s Happening: Stifel recently reinstated Kellogg with a Hold and announced a $71 price target.
- What Kellogg Does: Founded in 1906, Kellogg is a leading global manufacturer and marketer of cereal, cookies, crackers, and other packaged foods.
BlackRock
- The Trade: BlackRock, Inc. (NYSE: BLK) Chairman & CEO Laurence Fink sold a total of 35,799 shares at an average price of $694.50. The insider received around $24.86 million from selling those shares.
- What’s Happening: BlackRock recently reported better-than-expected Q1 EPS and reported total net inflows stood at $110.3 billion.
- What BlackRock Does: BlackRock is the largest asset manager in the world, with $9.090 trillion in AUM at the end of March 2023.
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TD SYNNEX
- The Trade: TD SYNNEX Corporation (NYSE: SNX) Director Ann Vezina sold a total of 1,618 shares at an average price of $95.51. The insider received around $154.54 thousand from selling those shares.
- What’s Happening: TD Synnex reported a first-quarter FY23 revenue decline of 2.2% year-over-year to $15.125 billion, missing the consensus of $15.750 billion.
- What TD SYNNEX Does: TD Synnex Corp is a global distributor and solutions aggregator for the IT ecosystem.