Benzinga - by Lisa Levin, Benzinga Editor.
The Nasdaq 100 closed slightly higher 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.
Zscaler
- The Trade: Zscaler, Inc. (NASDAQ: ZS) Chief Operating Officer Dali Rajic sold a total of 22,000 shares at an average price of $157.22. The insider received around $3.46 million from selling those shares.
- What’s Happening: Zscaler said fourth-quarter revenue increased 43% year-over-year to $455.01 million, which beat the consensus estimate of $430.42 million.
- What Zscaler Does: Zscaler is a software-as-a-service, or SaaS, firm focusing on providing cloud-native cybersecurity solutions to primarily enterprise customers.
Ciena
- The Trade: Ciena Corporation (NYSE: CIEN) President, CEO Gary B Smith sold a total of 4,166 shares at an average price of $48.79. The insider received around $203,240 from selling those shares.
- What’s Happening: Ciena reported upbeat third-quarter results.
- What Ciena Does: Ciena Corp is a network strategy 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: Pinterest, Inc. (NYSE: PINS) Director Jeffrey Jordan sold a total of 7,500 shares at an average price of $27.82. The insider received around $208,650 from selling those shares.
- What’s Happening: Pinterest posted upbeat earnings and sales results for its second quarter.
- What Pinterest Does: Pinterest is an online product and idea discovery platform that helps users gather ideas on everything from recipes to cook to destinations to travel to.
- The Trade: HP Inc. (NYSE: HPQ) CFO Marie Myers sold a total of 4,165 shares at an average price of $30.00. The insider received around $124,950 from selling those shares.
- What’s Happening: HP Inc. issued FY23 adjusted EPS guidance below estimates.
- 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.
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