Benzinga - by Lisa Levin, Benzinga Editor.
The Nasdaq 100 closed higher by around 0.3% on Tuesday. 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.
NVIDIA
- The Trade: NVIDIA Corporation (NASDAQ: NVDA) EVP, Operations Debora Shoquist sold a total of 40,000 shares at an average price of $479.98. The insider received around $19.2 million from selling those shares. The company’s Director Mark A Stevens also sold 10,280 shares at an average price of $483.14.
- What’s Happening: NVIDIA announced its plans to hire approximately twenty-four positions for its autonomous driving team, with recruiting spanning across Beijing, Shanghai and Shenzhen.
- What NVIDIA Does: Nvidia is a leading developer of graphics processing units. Traditionally, GPUs were used to enhance the experience on computing platforms, most notably in gaming applications on PCs.
Electronic Arts
- The Trade: Electronic Arts Inc. (NASDAQ: EA) CEO and Board Chair Andrew Wilson sold a total of 2,500 shares at an average price of $137.19. The insider received around $342,976 from selling those shares.
- What’s Happening: Deutsche Bank recently maintained Electronic Arts with a Hold and raised the price target from $135 to $150.
- What Electronic Arts Does: EA is one of the world's largest third-party video game publishers and has transitioned from a console-based video game publisher to the one of the largest publishers on consoles, PC, and mobile.
- The Trade: Analog Devices, Inc. (NASDAQ: ADI) EVP, Global Operations Vivek Jain sold a total of 17,037 shares at an average price of $183.66. The insider received around $3.13 million from selling those shares.
- What’s Happening: Analog Devices reported a fourth-quarter FY23 revenue decline of 16% year-on-year to $2.72 billion, beating the consensus of $2.70 billion.
- What Analog Devices Does: Analog Devices is a leading analog, mixed signal, and digital signal processing chipmaker.
- The Trade: The Hershey Company (NYSE: HSY) SVP, Chief Financial Officer Steven E Voskuil sold a total of 1,500 shares at an average price of $192.71. The insider received around $289,065 from selling those shares.
- What’s Happening: Hershey Company recently reported upbeat earnings for its third quarter.
- What Hershey Does: Hershey is a leading confectionery manufacturer in the U.S. (around a $25 billion market), controlling around 45% of the domestic chocolate space (per IRI, as cited by Hershey).
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