Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The Nasdaq 100 closed higher by around 0.5% 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.
NVIDIA
- The Trade: NVIDIA Corporation (NASDAQ: NVDA) Director Mark A Stevens sold a total of 10,400 shares at an average price of $481.60. The insider received around $5.01 million from selling those shares.
- What’s Happening: NVIDIA CEO Jensen Huang recently acknowledged the stiff competition in the AI chip market, identifying Huawei Technologies Co. as a significant contender..
- What NVIDIA Does: Nvidia is a leading developer of graphics processing units. Traditionally, GPUs were used to enhance the experience on computing platforms, most notably in gaming applications on PCs.
U.S. Bancorp
- The Trade: U.S. Bancorp (NYSE: USB) Vice Chair Terrance R Dolan sold a total of 22,756 shares at an average price of $45.04. The insider received around $1.02 million from selling those shares.
- What’s Happening: On Friday, Baird analyst David George downgraded U.S. Bancorp from Outperform to Neutral and announces $52 price target.
- What U.S. Bancorp Does: As a diversified financial-services provider, U.S. Bancorp is one of the nation's largest regional banks, with branches in roughly 26 states, primarily in the Western and Midwestern United States.
- The Trade: Coinbase Global, Inc. (NASDAQ: COIN) Director Kathryn Haun sold a total of 8,443 shares at an average price of $149.00. The insider received around $1.26 million from selling those shares. The company’s CFO also bought 1,000 shares of the company.
- What’s Happening: U.S. regulators recently rejected a rulemaking petition submitted by Coinbase Global.
- What Coinbase Global Does: Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States. The company intends to be the safe and regulation-compliant point of entry for retail investors and institutions into the cryptocurrency economy.
- The Trade: Arista Networks, Inc. (NYSE: ANET) President and CEO Jayshree Ullal sold a total of 22,000 shares at an average price of $231.11. The insider received around $5.08 million from selling those shares.
- What’s Happening: Arista Networks named Chantelle Breithaupt as new CFO, effective Feb. 2024.
- What Arista Networks Does: Arista Networks is a networking equipment provider that primarily sells Ethernet switches and software to data centers.
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