Benzinga - by Lisa Levin, Benzinga Editor.
The Nasdaq 100 closed higher by around 1% 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.
Hershey
- The Trade: The Hershey Company (NYSE: HSY) SVP, Chief Financial Officer Steven E Voskuil sold a total of 1,500 shares at an average price of $190.55. The insider received around $285,825 from selling those shares.
- What’s Happening: B of A Securities recently maintained Hershey with a Buy and lowered the price target from $300 to $250.
- What Hershey Does: Hershey is a leading confectionery manufacturer in the U.S. (around a $25 billion market), controlling around 45% of the domestic chocolate space (per IRI).
Fastly
- The Trade: Fastly, Inc. (NYSE: FSLY) Executive Vice President, CRO Brett Shirk sold a total of 7,000 shares at an average price of $14.60. The insider received around $102,200 from selling those shares.
- What’s Happening: Fastly is expected to release financial results for the third quarter of 2023 on Nov. 1, 2023.
- What Fastly Does: Fastly operates a content delivery network, which is necessary for entities to provide faster and more reliable online content.
- The Trade: Sensient Technologies Corporation (NYSE: SXT) President, Flavors Group Craig Mitchell sold a total of 2,608 shares at an average price of $57.39. The insider received around $149,673 from selling those shares.
- What’s Happening: Sensient Technologies posted in-line earnings for the third quarter.
- What Sensient Technologies Does: Sensient Technologies Corp manufactures and markets natural and synthetic colors, flavors, and other specialty ingredients.
- The Trade: Accenture plc (NYSE: ACN) General Counsel/Corp Secretary Joel Unruch sold a total of 3,251 shares at an average price of $297.00. The insider received around $965,561 from selling those shares.
- What’s Happening: The company recently posted better-than-expected second-quarter results.
- What Accenture Does: Accenture said it acquired cybersecurity services company MNEMO Mexico.
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