Benzinga - Although US stocks traded higher on Monday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out Benzinga's insider transactions platform.
Akamai Technologies
- The Trade: Akamai Technologies, Inc. (NASDAQ: AKAM) CEO Thomson Leighton acquired a total of 1,041 shares an average price of $72.10. To acquire these shares, it cost around $75.05 thousand.
- What’s Happening: Akamai Technologies agreed to acquire London-based Ondat, a cloud-based storage technology provider.
- What Akamai Technologies Does: Akamai operates a content delivery network, or CDN, which entails locating servers at the edges of networks so its customers, which store content on Akamai servers, can reach their own customers faster, more securely, and with better quality.
- The Trade: Enovix Corporation (NASDAQ: ENVX) Director Thurman J Rodgers acquired a total of 98,700 shares at an average price of $10.95. To acquire these shares, it cost around $1.08 million.
- What’s Happening: Enovix said its Board of Directors approved the design of its next-generation manufacturing line, Gen2 Autoline.
- What Enovix Does: Enovix Corp is engaged in the business of advanced silicon-anode lithium-ion battery development and production.
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Southwest Gas Holdings
- The Trade: Southwest Gas Holdings, Inc. (NYSE: SWX) 10% owner Icahn Partners Master Fund LP bought a total of 204,519 shares at an average price of $60.09. To acquire these shares, it cost around $12.29 million.
- What’s Happening: Southwest Gas reported pricing of $207.7 million public offering of 3,576,180 shares of common stock at a price of $60.12 per share.
- What Southwest Gas Does: Southwest Gas Holdings Inc is a utility company primarily engaged in the purchasing, distributing, and transporting of natural gas in the American Southwest.
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