The Russian ruble declined against the US dollar on Monday after the Moscow Exchange resumed trading of government debt securities. Investors, meanwhile, focused on some notable insider trades
When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. 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.
Eli Lilly and Company (NYSE:LLY)
- The Trade: Eli Lilly and Company (NYSE: LLY) 10% owner Lilly Endowment Inc sold a total of 220,000 shares at an average price of $283.80. The insider received around $62.44 million from selling those shares.
- What’s Happening: Eli Lilly announced plans to continue to supply drugs to Russia for urgent medical conditions such as cancer and diabetes but will suspend sales of "non-essential medicines."
- What Eli Lilly Does: Eli Lilly is a drug firm with a focus on neuroscience, endocrinology, oncology, and immunology. Lilly's key products include Alimta and Verzenio for cancer; Jardiance, Trulicity, Humalog, and Humulin for diabetes; and Taltz and Olumiant for immunology.
- The Trade: RPC, Inc. (NYSE: RES) 10% owner Rollins Holding Company Inc sold a total of 865,000 shares at an average price of $9.78. The insider received around $8.46 million from selling those shares.
- What’s Happening: RPC, in January, reported better-than-expected Q4 EPS and sales results.
- What RPC Does: RPC Inc is an oilfield services company. It provides specialized oilfield services and equipment primarily to independent and major oil and gas companies engaged in the exploration, production, and development of oil and gas properties throughout the United States.
ZoomInfo Technologies
- The Trade: ZoomInfo Technologies Inc. (NASDAQ: ZI) 10% owner CP VI Evergreen Holdings, L.P. sold a total of 197,330 shares at an average price of $57.27. The insider received around $11.3 million as a result of the transaction.
- What’s Happening: Wells Fargo (NYSE:WFC), last week, maintained ZoomInfo Technologies with an Overweight and lowered the price target from $80 to $70.
- What ZoomInfo Technologies Does: ZoomInfo Technologies Inc provides a go-to-market intelligence platform for sales and marketing teams.
- The Trade: Alphabet Inc. (NASDAQ: GOOG) Director Larry Page sold a total of 13,599 shares at an average price of $2,673.59. The insider received around $36.36 million from selling those shares.
- What’s Happening: Alphabet’s Google launched Equiano, its new private subsea cable that would connect Africa with Europe.
- What Alphabet Does: Alphabet Inc is a holding company, with Google, the Internet media giant, as a wholly owned subsidiary. Google generates 99% of Alphabet revenue, of which more than 85% is from online ads.
- The Trade: Palo Alto Networks, Inc. (NYSE: PANW) CEO Nikesh Arora sold a total of 34,464 shares at an average price of $557.78. The insider received around $19.22 million from selling those shares.
- What’s Happening: Palo Alto Networks, last month, reported better-than-expected Q2 adjusted EPS and sales results and issued Q3 adjusted EPS and FY22 sales guidance above estimates.
- What Palo Alto Networks Does: Palo Alto Networks is a pure-play cybersecurity vendor that sells security appliances, subscriptions, and support into enterprises, government entities, and service providers.
Read at Benzinga