Gold futures traded lower this morning on Wednesday. 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.
Palo Alto (NASDAQ:PANW) Networks
- The Trade: Palo Alto Networks, Inc.. (NASDAQ: PANW) CEO Nikesh Arora sold a total of 12,500 shares at an average price of $554.56. The insider received around $6.93 million from selling those shares.
- What’s Happening: Palo Alto Networks recently reported better-than-expected Q4 results and issued FY23 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.
Genpact
- The Trade: Genpact Limited (NYSE: G) Senior Vice President Balkrishan Kalra sold a total of 10,000 shares at an average price of $47.35. The insider received around $473.54 thousand as a result of the transaction.
- What’s Happening: The company recently posted upbeat quarterly earnings.
- What Genpact Does: Genpact Ltd is a provider of business process management services. Clients are industry verticals and operate in banking and financial services, insurance, capital markets, consumer product goods, life sciences, infrastructure, manufacturing and services, healthcare, and high-tech.
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Fifth Third Bancorp (NASDAQ:FITB)
- The Trade: Fifth Third Bancorp (NASDAQ: FITB) Director Mitchell Feiger sold a total of 8,734 shares at an average price of $35.21. The insider received around $307.48 thousand from selling those shares.
- What’s Happening: The company, last month, posted downbeat quarterly earnings.
- What Fifth Third Bancorp Does: Fifth Third Bancorp is a diversified financial-services company headquartered in Cincinnati.
Read at Benzinga