Although US stocks closed mixed on Tuesday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out Benzinga's insider transactions platform.
Adobe (NASDAQ:ADBE)
- The Trade: Adobe Inc. (NASDAQ: ADBE) Director David Ricks acquired a total of 1,200 shares an average price of $280.56. To acquire these shares, it cost around $336.67 thousand.
- What’s Happening: MoffettNathanson recently initiated coverage on Adobe with a Hold rating and announced a price target of $354.
- What Adobe Does: Adobe provides content creation, document management, and digital marketing and advertising software and services to creative professionals and marketers for creating, managing, delivering, measuring, optimizing and engaging with compelling content multiple operating systems, devices and media.
- The Trade: FedEx Corporation (NYSE: NYSE:FDX) Director R. Brad Martin acquired a total of 1,977 shares at an average price of $144.19. To acquire these shares, it cost around $285.06 thousand.
- What’s Happening: Morgan Stanley (NYSE:MS) maintained FedEx with an Equal-Weight and lowered the price target from $250 to $125.
- What FedEx Does: FedEx pioneered overnight delivery in 1973 and remains the world's largest express package provider.
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Lazydays Holdings
- The Trade: Lazydays Holdings, Inc. (NASDAQ: LAZY) 10% owner Bryant Riley bought a total of 19,950 shares at an average price of $12.74. To acquire these shares, it cost around $254.13 thousand.
- What’s Happening: Truist Securities recently maintained Lazydays Hldgs with a Hold and lowered the price target from $16 to $13.
- What Lazydays Holdings Does: Lazydays Holdings Inc operates recreational vehicle dealerships.