Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Although U.S. stocks closed higher on Thursday, 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.
Snowflake
- The Trade: Snowflake Inc. (NYSE: SNOW) Director Mark D McLaughlin acquired a total of 3,030 shares an average price of $165.45. To acquire these shares, it cost around $501,314.
- What’s Happening: On Feb. 28, Snowflake said fourth-quarter revenue increased 32% year-over-year to $774.7 million, which beat the consensus estimate of $759.1 million. The company also announced that CEO Frank Slootman has decided to retire from his role as CEO, but will continue to serve as chairman of the board.
- What Snowflake Does: Founded in 2012, Snowflake is a data lake, warehousing, and sharing company that came public in 2020. To date, the company has over 3,000 customers, including nearly 30% of the Fortune 500 as its customers.
- The Trade: Redfin Corporation (NASDAQ: RDFN) CEO Glenn Kelman acquired a total of 30,500 shares at an average price of $6.41. To acquire these shares, it cost around $195,593.
- What’s Happening: On Feb. 27, Redfin posted downbeat quarterly sales.
- What Redfin Does: Redfin Corp is a residential real estate broker. It pairs its agents with the technology to create a service that is faster and costs less.
Dominion Energy
- The Trade: Dominion Energy, Inc. (NYSE: D) Director Joseph M Rigby bought a total of 2,130 shares at an average price of $46.94. To acquire these shares, it cost around $99,998.
- What’s Happening: On March 1, Dominion Energy said it concluded its business review and issued guidance..
- What Dominion Energy Does: Based in Richmond, Virginia, Dominion Energy is an integrated energy company with over 30 gigawatts of electric generation capacity and more than 90,000 miles of electric transmission and distribution lines.
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