Benzinga - by Lisa Levin, Benzinga Editor.
The Nasdaq 100 closed higher by over 1% on Monday. 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.
SLB
- The Trade: Schlumberger Limited (NYSE: SLB) EVP and CFO Stephane Biguet sold a total of 6,250 shares at an average price of $56.32. The insider received around $352,000 from selling those shares.
- What’s Happening: Schlumberger has been chosen by Eni S.p.A. to develop comprehensive plans for measuring and reporting fugitive methane emissions at global facilities.
- What SLB Does: SLB, formerly known as Schlumberger, is the largest oilfield service firm in the world, with expertise in myriad disciplines, including reservoir performance, well construction, production enhancement, and more recently, digital solutions.
Abbott Laboratories
- The Trade: Abbott Laboratories (NYSE: ABT) Director Daniel J Starks sold a total of 50,000 shares at an average price of $94.05. The insider received around $4.7 million from selling those shares.
- What’s Happening: Abbott Laboratories reported better-than-expected third-quarter results.
- What Abbott Does: Abbott manufactures and markets medical devices, adult and pediatric nutritional products, diagnostic equipment and testing kits, and branded generic drugs.
- The Trade: Bentley Systems, Incorporated (NASDAQ: BSY) Chairman, CEO and President Gregory Bentley sold a total of 104,407 shares at an average price of $48.54. The insider received around $5.07 million from selling those shares.
- What’s Happening: Bentley Systems is scheduled to release third quarter 2023 operating results on Nov. 7, 2023.
- What Bentley Systems Does: Bentley Systems is a software vendor that caters to engineers, architects, constructors, and geospatial professionals by enabling design, modeling, simulation and project, and data management of infrastructure assets.
- The Trade: Travelzoo (NASDAQ: TZOO) 10% owner Ralph Bartel sold a total of 190,000 shares at an average price of $7.04. The insider received around $1.34 million from selling those shares.
- What’s Happening: Travelzoo reported better-than-expected third-quarter financial results and announced a 1 million share buyback.
- What Travelzoo Does: Travelzoo acts as a publisher of travel and entertainment offers.
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