Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The Nasdaq 100 closed lower by around 1.5% 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.
CrowdStrike Holdings
- The Trade: CrowdStrike Holdings, Inc. (NASDAQ: CRWD) Director Sameer K Gandhi sold a total of 15,000 shares at an average price of $316.82. The insider received around $4.75 million from selling those shares.
- What’s Happening: On March 25, CrowdStrike and HCLTech announced a global strategic partnership to drive enterprise cybersecurity transformation.
- What CrowdStrike Holdings Does: CrowdStrike is a cloud-based cybersecurity company specializing in next-generation security verticals such as endpoint, cloud workload, identity, and security operations.
QUALCOMM
- The Trade: QUALCOMM Incorporated (NASDAQ: QCOM) CFO and COO Akash J. Palkhiwala sold a total of 3,000 shares at an average price of $173.49. The insider received around $520,480 from selling those shares.
- What’s Happening: On March 11, Cantor Fitzgerald analyst C J Muse reiterated Qualcomm with a Neutral and maintained a $150 price target.
- What QUALCOMM Does: Qualcomm develops and licenses wireless technology and designs chips for smartphones.
- The Trade: Broadcom Inc. (NASDAQ: AVGO) CEO and President Hock E Tan sold a total of 2,000 shares at an average price of $1,312.25. The insider received around $2.62 million from selling those shares.
- What’s Happening: On March 21, TD Cowen upgraded the stock from Market Perform to Outperform and raised its price target from $1,400 to $1,500.
- What Broadcom Does: Broadcom is the sixth-largest semiconductor company globally and has expanded into various software businesses, with over $30 billion in annual revenue.
- The Trade: American Eagle Outfitters, Inc. (NYSE: AEO) Global Brand President-aerie Jennifer M. Foyle sold a total of 16,971 shares at an average price of $25.53. The insider received around $433,253 from selling those shares.
- What’s Happening: On March 7, American Eagle Outfitters reported better-than-expected fourth-quarter earnings and issued strong three-year revenue outlook strategy.
- What American Eagle Outfitters Does: American Eagle Outfitters Inc is a specialty retailer. The company is engaged in the retail of apparel and accessories with company stores in the United States, Canada, Mexico, and Hong Kong.
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