Benzinga - The Nasdaq Composite closed sharply higher on Thursday. 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.
Vertex
- The Trade: Vertex, Inc. (NASDAQ: VERX) 10% owner Jeffery Westphal sold a total of 1,509,373 shares at an average price of $17.82. The insider received around $26.9 million from selling those shares.
- What’s Happening: Vertex reported better-than-expected Q4 results.
- What Vertex Does: Vertex Inc is a provider of tax technology and services. It enables companies to realize the full strategic potential of the tax function by automating and integrating tax processes while leveraging advanced and predictive analytics of tax data.
Arista Networks
- The Trade: Arista Networks, Inc. (NYSE: ANET) CTO and SVP Software Eng. Kenneth Duda sold a total of 3,500 shares at an average price of $151.64. The insider received around $530.75 thousand from selling those shares.
- What’s Happening: Goldman Sachs recently initiated coverage on the stock with a bullish rating.
- What Arista Networks Does: Arista Networks is a networking equipment provider that primarily sells Ethernet switches and software to data centers.
- The Trade: Lowe's Companies, Inc. (NYSE: LOW) EVP, Supply Chain Donald Frieson sold a total of 9,411 shares at an average price of $197.00. The insider received around $1.85 million from selling those shares.
- What’s Happening: Lowe's reported mixed Q4 results and issued weak FY23 revenue guidance.
- What Lowe's Companies Does: Lowe's is the second-largest home improvement retailer in the world, operating more than 1,700 stores in the United States, after the 2023 divestiture of its Canadian locations (RONA, Lowe's Canada, Réno-Dépôt, and Dick's Lumber).
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