Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The Nasdaq 100 closed lower by over 300 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.
Quanta Services
- The Trade: Quanta Services, Inc. (NYSE: PWR) Director Margaret B Shannon sold a total of 8,515 shares at an average price of $239.92. The insider received around $2.94 million from selling those shares.
- What’s Happening: On Feb. 28, DA Davidson analyst Brent Thielman maintained Quanta Services with a Neutral and raised the price target from $190 to $225.
- What Quanta Services Does: Quanta Services is a leading provider of specialty contracting services, delivering comprehensive infrastructure solutions for the electric and gas utility, communications, pipeline, and energy industries in the United States, Canada, and Australia.
Progress Software
- The Trade: Progress Software Corporation (NASDAQ: PRGS) EVP/GM Infrastructure Mgmt Sundar Subramanian sold a total of 5,799 shares at an average price of $52.58. The insider received around $304,911 from selling those shares.
- What’s Happening: On Feb. 27, Progress Software priced upsized offering of $400 million 3.50% convertible senior notes due 2030.
- What Progress Software Does: Progress Software Corporation is a provider of cloud-based security solutions to large-and mid-sized organizations in a wide range of industries.
- The Trade: Ciena Corporation (NYSE: CIEN) President, CEO Gary B Smith sold a total of 8,332 shares at an average price of $60.20. The insider received around $501,601 from selling those shares.
- What’s Happening: On March 5, JP Morgan analyst Samik Chatterjee maintained Ciena with an Overweight and raised the price target from $56 to $67.
- What Ciena Does: Ciena Corp is a network and technology company. It provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks.
- The Trade: AutoNation, Inc. (NYSE: AN) Director Lisa Lutoff-Perlo sold a total of 3,671 shares at an average price of $149.67. The insider received around $549,436 from selling those shares.
- What’s Happening: On Feb. 13, the company reported fourth-quarter adjusted EPS of $5.02, beating the street view of $4.95.
- What AutoNation Does: AutoNation is the second largest automotive dealer in the United States, with 2023 revenue of about $27 billion and over 250 dealerships, plus 53 collision centers.
Check This Out: Fear & Greed Index Moves To 'Greed' Zone; Dow Dips Over 400 Points
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.