Benzinga - by Lisa Levin, Benzinga Editor.
The Nasdaq 100 closed lower by 1.5% on Friday . 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.
Citigroup
- The Trade: Citigroup Inc. (NYSE: C) Head of Markets Andrew J. Morton sold a total of 28,096 shares at an average price of $40.66. The insider received around $1.14 million from selling those shares.
- What’s Happening: Citigroup reported better-than-expected earnings for its third quarter.
- What Citigroup Does: Citigroup is a global financial services company doing business in more than 100 countries and jurisdictions.
Interactive Brokers
- The Trade: Interactive Brokers Group, Inc. (NASDAQ: IBKR) CFO Paul J. Brody sold a total of 26,294 shares at an average price of $82.19. The insider received around $2.16 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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Zoom Video Communications - The Trade: Zoom Video Communications, Inc. (NASDAQ: ZM) Chief Operating Officer Aparna Bawa sold a total of 16,957 shares at an average price of $63.14. The insider received around $1.07 million from selling those shares.
- What’s Happening: RBC Capital recently reiterated Zoom Video with an Outperform and maintains $95 price target.
- What Zoom Video Does: Zoom Video Communications provides a communications platform that connects people through video, voice, chat, and content sharing.
- The Trade: The Trade Desk, Inc. (NASDAQ: TTD) Director Gokul Rajaram sold a total of 2,999 shares at an average price of $78.82. The insider received around $236,381 from selling those shares.
- What’s Happening: The Trade Desk reported quarterly earnings of 28 cents per share which beat the analyst consensus estimate of 26 cents, a 40% increase over earnings of 20 cents per share from the same period last year.
- What Trade Desk Does: The Trade Desk provides a self-service platform that helps advertisers and ad agencies programmatically find and purchase digital ad inventory (display, video, audio, native, and social) on different devices like computers, smartphones, digital out of home, and connected TVs.
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