Benzinga - by Lisa Levin, Benzinga Editor.
The Nasdaq 100 closed lower by more than 100 points 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.
Uber Technologies
- The Trade: Uber Technologies, Inc. (NYSE: UBER) CEO Dara Khosrowshahi sold a total of 200,000 shares at an average price of $50.00. The insider received around $5 million from selling those shares.
- What’s Happening: Uber reported third-quarter FY23 revenue growth of 11% year-on-year to $9.29 billion, missing the consensus of $9.52 billion.
- What Uber Does: Uber Technologies is a technology provider that matches riders with drivers, hungry people with restaurants and food delivery service providers, and shippers with carriers.
QUALCOMM
- The Trade: QUALCOMM Incorporated (NASDAQ: QCOM) Chief Technology Officer James H Thompson sold a total of 10,000 shares at an average price of $120.11. The insider received around $1.2 million from selling those shares.
- What’s Happening: DZ Bank recently upgraded Qualcomm from Hold to Buy and announced a $140 price target
- What QUALCOMM Does: Qualcomm develops and licenses wireless technology and designs chips for smartphones.
- The Trade: Merck & Co., Inc (NYSE: MRK) EVP&Pres, Merck Animal Heallth Richard R Deluca sold a total of 43,823 shares at an average price of $105.03. The insider received around $4.6 million from selling those shares.
- What’s Happening: Deutsche Bank initiated coverage on Merck & Co with a Buy rating and announced a price target of $115.
- What Merck Does: Merck makes pharmaceutical products to treat several conditions in a number of therapeutic areas, including cardiometabolic disease, cancer, and infections.
- The Trade: McKesson Corporation (NYSE: MCK) CEO Brian Tyler sold a total of 23,963 shares at an average price of $457.51. The insider received around $10.96 million from selling those shares.
- What’s Happening: McKesson posted upbeat earnings for its second quarter.
- What McKesson Does: McKesson Corp is one of three leading pharmaceutical wholesalers in the U.S. engaged in sourcing and distributing branded, generic, and specialty pharmaceutical products to pharmacies (retail chains, independent, and mail order), hospitals networks, and healthcare providers.
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