Benzinga - by Lisa Levin, Benzinga Editor. The Nasdaq 100 closed higher by more than 200 points on Wednesday. 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.
Palo Alto Networks
- The Trade: Palo Alto Networks, Inc. (NASDAQ: PANW) Director Carl M Eschenbach sold a total of 7,482 shares at an average price of $237.00. The insider received around $1.77 million from selling those shares.
- What’s Happening: Palo Alto Networks announced first-quarter and full-year EPS guidance above analyst estimates.
- What Palo Alto Networks Does: Palo Alto Networks is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, and security operations.
State Street
- The Trade: State Street Corporation (NYSE: STT) Vice Chairman and CFO Eric Aboaf sold a total of 11,886 shares at an average price of $67.13. The insider received around $797,952 from selling those shares.
- What’s Happening: State Street reported better-than-expected second-quarter earnings.
- What State Street Does: State Street is a leading provider of financial services, including investment servicing, investment management, and investment research and trading.
- The Trade: Textron Inc. (NYSE: TXT) Director Kerry Clark sold a total of 5,000 shares at an average price of $75.33. The insider received around $376,645 from selling those shares.
- What’s Happening: Textron reported strong second-quarter results and raised its financial outlook.
- What Textron Does: Textron Inc is a conglomerate that designs, manufactures and services specialty aircraft for various end markets, but it also has several unrelated businesses.
- The Trade: The Buckle, Inc. (NYSE: BKE) SVP Leasing Brett Milkie sold a total of 15,000 shares at an average price of $37.89. The insider received around $568,382 from selling those shares.
- What’s Happening: Buckle reported a second-quarter FY23 sales decrease of 3.2% year-on-year to $292.43 million, beating the analyst consensus of $290.36 million.
- What Buckle Does: Buckle Inc is a retailer of casual apparel, footwear, and accessories. The company retails medium to better-priced casual apparel, footwear, and accessories for fashion-conscious young men and women.
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