Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The Nasdaq 100 closed higher by around 0.1% on Thursday. 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.
Snowflake
- The Trade: Snowflake Inc. (NYSE: SNOW) SVP, Product Management Christian Kleinerman sold a total of 10,000 shares at an average price of $210.00. The insider received around $2.1 million from selling those shares.
- What’s Happening: JMP Securities analyst Joe Goodwin recently reiterated Snowflake with a Market Outperform and maintained a $212 price target.
- What Snowflake Does: Founded in 2012, Snowflake is a data lake, warehousing, and sharing company that came public in 2020.
Morgan Stanley
- The Trade: Morgan Stanley (NYSE: MS) Executive Chairman James Gorman sold a total of 155,000 shares at an average price of $87.93. The insider received around $4.4 million from selling those shares.
- What’s Happening: Morgan Stanley reported a decline in its fourth-quarter net profit.
- What Morgan Stanley Does: Morgan Stanley is a global investment bank whose history, through its legacy firms, can be traced back to 1924.
- The Trade: Shutterstock, Inc. (NYSE: SSTK) Executive Chairman Jonathan Oringer sold a total of 24,197 shares at an average price of $50.34. The insider received around $1.22 million from selling those shares.
- What’s Happening: On Oct. 31, Shutterstock reported better-than-expected third-quarter financial results and raised its FY23 guidance.
- What Shutterstock Does: Shutterstock Inc is a U.S.-based company that is engaged in the provision of digital content.
- The Trade: Airbnb, Inc. (NASDAQ: ABNB) CEO and Chairman Brian Savage sold a total of 153,848 shares at an average price of $141.60. The insider received around $21.79 million from selling those shares.
- What’s Happening: Needham analyst Bernie McTernan recently reiterated Airbnb with a Buy and maintained a $150 price target.
- What Airbnb Does: Started in 2008, Airbnb is the world's largest online alternative accommodation travel agency, also offering booking services for boutique hotels and experiences.
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