Benzinga - by Lisa Levin, Benzinga Editor. The Nasdaq 100 closed slightly lower on Tuesday. 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) CFO Nelson Chai sold a total of 100,000 shares at an average price of $45.05. The insider received around $4.5 million from selling those shares.
- What’s Happening: Uber Technologies penned a new deal with grocery chain Hy-Vee to offer on-demand and scheduled grocery delivery across the Midwest region in the U.S.
- What Uber Technologies 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.
Boston Scientific
- The Trade: Boston Scientific Corporation (NYSE: BSX) EVP& Grp Pres, MedSurg & APAC Arthur Butcher sold a total of 6,600 shares at an average price of $50.40. The insider received around $332,661 from selling those shares.
- What’s Happening: Boston Scientific will present results from ADVENT pivotal trial for its Farapulse Pulsed Field Ablation (PFA) system at the 2023 European Society of Cardiology Congress on 27 August.
- What Boston Scientific Does: Boston Scientific produces less invasive medical devices that are inserted into the human body through small openings or cuts.
- The Trade: Target Corporation (NYSE: TGT) Executive Officer Brian Cornell sold a total of 30,000 shares at an average price of $130.70. The insider received around $3.92 million from selling those shares.
- What’s Happening: Target reported better-than-expected second-quarter earnings, but lowered its profit forecast.
- What Target Does: Target serves as the nation's sixth-largest retailer, with its strategy predicated on delivering a gratifying in-store shopping experience and a wide product assortment of trendy apparel, home goods, and household essentials at competitive prices.
- The Trade: Pinterest, Inc. (NYSE: PINS) Chief People Officer Christine Deputy sold a total of 45,153 shares at an average price of $27.26. The insider received around $1.23 million from selling those shares.
- What’s Happening: Pinterest posted upbeat earnings and sales results for its second quarter.
- What Pinterest Does: Pinterest is an online product and idea discovery platform that helps users gather ideas on everything from recipes to cook to destinations to travel to.
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