Benzinga - by Lisa Levin, Benzinga Editor.
The Nasdaq 100 closed higher by over 200 points on Wednesday. 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.
Alphabet
- The Trade: Alphabet Inc. (NASDAQ: GOOG) Senior Vice President Prabhakar Raghavan sold a total of 16,083 shares at an average price of $133.82. The insider received around $2.15 million from selling those shares.
- What’s Happening: HP and Alphabet’s Google have announced their plan to partner up and produce low-cost Chromebooks in India to enhance digital education accessibility.
- What Alphabet Does: Alphabet is a holding company. Internet media giant Google is a wholly owned subsidiary.
HP
- The Trade: HP Inc. (NYSE: HPQ) President and CEO Enrique Lores sold a total of 38,000 shares at an average price of $25.75. The insider received around $978,500 from selling those shares.
- What’s Happening: B of A Securities upgraded HP from Underperform to Buy and announced a $33 price target.
- What HP Does: HP (formerly Hewlett-Packard) is a behemoth in the PC and printing markets. It has focused on these markets since it exited IT infrastructure in 2015 with the split from Hewlett Packard Enterprise.
- The Trade: NetApp, Inc. (NASDAQ: NTAP) President Cesar Cernuda sold a total of 22,000 shares at an average price of $75.70. The insider received around $1.67 million from selling those shares. The company’s Director T. Michael Nevens also sold 7,000 shares.
- What’s Happening: NetApp reported better-than-expected first-quarter earnings.
- What NetApp Does: NetApp Inc is a leading provider of enterprise data management and storage solutions. The company's segments include Hybrid Cloud and Public Cloud.
- The Trade: Caleres, Inc. (NYSE: CAL) Executive Chair Diane M Sullivan sold a total of 26,363 shares at an average price of $28.23. The insider received around $744,324 from selling those shares.
- What’s Happening: Caleres presented three-year strategic and financial plan, reiterating Q3 and FY23 outlook ahead of Investor Day.
- What Caleres Does: Caleres Inc is a footwear retailer in the United States. The Company's business are organized into two reportable segments are famous Footwear and Brand Portfolio.
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