Benzinga - The Nasdaq index dropped by more than 1% on Tuesday. 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.
Verint Systems
- The Trade: Verint Systems Inc. (NASDAQ: VRNT) Chief Administrative Officer Peter Fante sold a total of 8,202 shares at an average price of $35.11. The insider received around $287.98 thousand from selling those shares.
- What’s Happening: Verint recently announced a $200 million buyback program.
- What Verint Systems Does: Verint Systems Inc with its subsidiaries helps brands provide Boundless Customer Engagement.
Best Buy
- The Trade: Best Buy Co., Inc. (NYSE: BBY) EVP, Omnichannel Damien Harmon sold a total of 2,500 shares at an average price of $79.99. The insider received around $199.97 thousand as a result of the transaction.
- What’s Happening: Credit Suisse (SIX:CSGN) recently initiated coverage on Best Buy with a Neutral rating and announced a price target of $90.
- What Best Buy Does: With $51.8 billion in fiscal 2022 sales, Best Buy is the largest pure-play consumer electronics retailer in the U.S., with roughly 10.6% share of the aggregate market and north of 40% share of offline sales, per our calculations, CTA industry, and Euromonitor data.
Box
- The Trade: Box, Inc. (NYSE: BOX) Director Daniel Levin sold a total of 56,341 shares at an average price of $30.84. The insider received around $1.74 million from selling those shares.
- What’s Happening: Morgan Stanley (NYSE:MS) recently maintained Box with an Overweight and raised the price target from $34 to $39.
- What Box Does: Box is a cloud-based content services platform that provides cloud-based storage and workflow collaboration services for enterprise customers.