U.S. gold futures traded higher this morning on Tuesday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. 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.
Workday
- The Trade: Workday, Inc. (NASDAQ: WDAY) 10% owner David Duffield sold a total of 102,500 shares at an average price of $156.24. The insider received around $16.02 million from selling those shares.
- What’s Happening: Citigroup (NYSE:C) recently initiated coverage on Workday with a Neutral rating and announced a price target of $186.
- What Workday Does: Workday is a software company that offers human capital management, or HCM, financial management, and business planning solutions.
Snap
- The Trade: Snap Inc . (NYSE: NYSE:SNAP) CFO Derek Andersen sold a total of 33,653 shares at an average price of $11.36. The insider received around $382.26 thousand as a result of the transaction.
- What’s Happening: Morgan Stanley (NYSE:MS) recently maintained Snap with an Underweight and raised the price target from $8 to $10.
- What Snap Does: Snap, which refers to itself as a camera company, has one of the most popular social networking apps, Snapchat, in developed regions such as North America and Europe.
Ciena
The Trade: Ciena Corporation (NYSE: CIEN) SVP, Networking Platforms Scott McFeely sold a total of 4,000 shares at an average price of $42.37. The insider received around $169.48 thousand from selling those shares.
What’s Happening: JP Morgan recently downgraded Ciena from Overweight to Neutral and lowered the price target from $62 to $45.
What Ciena Does: Ciena Corp is a network strategy and technology company. It provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks.
NetApp
The Trade: NetApp, Inc. (NASDAQ: NTAP) President Cesar Cernuda sold a total of 18,000 shares at an average price of $69.82. The insider received around $1.26 million from selling those shares.
What’s Happening: Susquehanna recently downgraded NetApp from Positive to Neutral and lowered the price target from $100 to $75.
What NetApp Does: NetApp is a leading provider of enterprise data management and storage solutions. The company's three operating business units are products, software maintenance, and hardware maintenance.
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