Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The Nasdaq 100 closed higher by more than 100 points on Monday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company’s prospects or that they view the stock as being overpriced. 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.
Microsoft
- The Trade: Microsoft Corporation (NASDAQ: MSFT) EVP, Chief Human Resources Officer Kathleen T Hogan sold a total of 24,680.983 shares at an average price of $369.00. The insider received around $9.11 million from selling those shares.
- What’s Happening: Microsoft reached a groundbreaking agreement with the Communications Workers of America, integrating specific language about artificial intelligence (AI) use into its first U.S. collective bargaining contract.
- What Microsoft Does: Microsoft develops and licenses consumer and enterprise software. It is known for its Windows operating systems and Office productivity suite.
Hyatt Hotels
- The Trade: Hyatt Hotels Corporation (NYSE: H) David Udell sold a total of 3,157 shares at an average price of $122.00. The insider received around $385,154 from selling those shares.
- What’s Happening: On Dec. 5, Wells Fargo initiated coverage on Hyatt Hotels with an Overweight rating and announced a price target of $138.
- What Hyatt Hotels Does: Hyatt is an operator of owned (4% of total rooms) and managed and franchise (96%) properties across around 20 upscale luxury brands, which includes vacation brands (Apple Leisure Group, Hyatt Ziva and Hyatt Zilara), the recently launched full-service lifestyle brand Hyatt Centric, the soft lifestyle brand Unbound, and the wellness brand Miraval.
- The Trade: U.S. Bancorp (NYSE: USB) Vice Chair Shailesh M Kotwal sold a total of 10,000 shares at an average price of $40.12. The insider received around $401,220 from selling those shares.
- What’s Happening: On Dec. 8, Piper Sandler maintained U.S. Bancorp with an Overweight and raised the price target from $38 to $44.
- What U.S. Bancorp Does: As a diversified financial-services provider, U.S. Bancorp is one of the nation's largest regional banks, with branches in roughly 26 states, primarily in the Western and Midwestern United States.
- The Trade: Kinder Morgan, Inc. (NYSE: KMI) VP (Pres., Products Pipelines) Dax Sanders sold a total of 50,000 shares at an average price of 17.63. The insider received around $881,610 from selling those shares.
- What’s Happening: Kinder Morgan recently disclosed preliminary 2024 financial forecasts, projecting net income attributable per share of $1.21 (+11% Y/Y), DCF per share of $2.21 (+5% Y/Y), and Adjusted EBITDA of $8.0 billion (+5% Y/Y).
- What Kinder Morgan Does: Kinder Morgan is one of the largest midstream energy firms in North America, with an interest in or an operator on about 83,000 miles in pipelines and 140 storage terminals.
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