Benzinga - by Lisa Levin, Benzinga Editor.
The Nasdaq 100 closed lower by around 270 points on Thursday. 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.
Charles Schwab
- The Trade: The Charles Schwab Corporation (NYSE: SCHW) Director Paula Sneed sold a total of 6,918 shares at an average price of $49.98. The insider received around $345,737 from selling those shares.
- What’s Happening: Charles Schwab reported better-than-expected earnings for the third quarter.
- What Charles Schwab Does: Charles Schwab operates in brokerage, wealth management, banking, and asset-management businesses.
Micron Technology
- The Trade: Micron Technology, Inc. (NASDAQ: MU) CVP, Chief Accounting Officer Scott Allen sold a total of 8,882 shares at an average price of $67.79. The insider received around $602,111 from selling those shares.
- What’s Happening: Micron recently marked the commencement of construction on a pioneering memory manufacturing facility in Boise, Idaho.
- What Micron Technology Does: Micron is one of the largest semiconductor companies in the world, specializing in memory and storage chips. Its primary revenue stream comes from dynamic random access memory, or DRAM, and it also has minority exposure to not-and or NAND, flash chips.
- The Trade: Electronic Arts Inc. (NASDAQ: EA) Director, CEO and Board Chair Andrew Wilson sold a total of 2,500 shares at an average price of $126.46. The insider received around $ $316,153 from selling those shares.
- What’s Happening: Wells Fargo maintained Electronic Arts with an Equal-Weight and raised the price target from $145 to $148.
- What Electronic Arts Does: EA is one of the world's largest third-party video game publishers and has transitioned from a console-based video game publisher to the one of the largest publishers on consoles, PC, and mobile.
- The Trade: Interactive Brokers Group, Inc. (NASDAQ: IBKR) Director, Chief Financial Officer Paul J. Brody sold a total of 20,595 shares at an average price of $80.25. The insider received around $1.65 million from selling those shares.
- What’s Happening: The company reported quarterly earnings of $1.55 per share which beat the analyst consensus estimate of $1.51, a 43.52% increase over earnings of $1.08 per share from the same period last year.
- What Interactive Brokers Does: Interactive Brokers is an online brokerage that generates trading commissions (around 43% of net revenue) from facilitating trading in a wide range of products, including equity, options, futures, foreign exchange, bonds, mutual funds, and ETFs.
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