Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The Nasdaq 100 closed slightly higher 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.
QUALCOMM
- The Trade: QUALCOMM Incorporated (NASDAQ: QCOM) Chief Commercial Officer James J Cathey sold a total of 1,000 shares at an average price of $139.00. The insider received around $139,000 from selling those shares.
- What’s Happening: Qualcomm’s Qualcomm Technologies announced the Snapdragon XR2+ Gen 2 Platform, a single-chip architecture that unlocks 4.3K spatial computing at 90 frames per second for to achieve improved visual clarity for work and play.
- What QUALCOMM Does: Qualcomm develops and licenses wireless technology and designs chips for smartphones.
Box
- The Trade: Box, Inc. (NYSE: BOX) CFO Dylan Smith sold a total of 13,000 shares at an average price of $24.91. The insider received around $323,882 from selling those shares. The company’s VP Chief Acct Ofr & Controller also sold 7,750 shares of the company.
- What’s Happening: UBS initiated coverage on the stock with a Buy rating and $33 price target.
- What Box Does: Box is a cloud-based content services platform that provides cloud-based storage and workflow collaboration services for enterprise customers.
- The Trade: Acuity Brands, Inc. (NYSE: AYI) SVP & General Counsel Barry R Goldman sold a total of 1,900 shares at an average price of $226.01. The insider received around $429,419 from selling those shares.
- What’s Happening: Acuity Brands reported better-than-expected first-quarter financial results.
- What Acuity Brands Does: Acuity Brands Inc is the parent company of Acuity Brands Lighting and other subsidiaries, which provide lighting products for commercial, institutional, industrial, and residential applications.
- The Trade: NetApp, Inc. (NASDAQ: NTAP) EVP Finance & Operations, CFO Michael J Berry sold a total of 15,000 shares at an average price of $86.11. The insider received around $1.29 million from selling those shares.
- What’s Happening: JP Morgan analyst Samik Chatterjee recently downgraded NetApp from Neutral to Underweight and announced an $87 price target.
- What NetApp Does: NetApp Inc is a leading provider of enterprise data management and storage solutions.
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