Although gold futures traded higher on Thursday, there were a few 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.
Verizon Communications
- The Trade: Verizon Communications Inc. (NYSE: NYSE:VZ) Executive Vice President & Chief Administrative, Legal & Public Policy Officer Craig L Silliman sold a total of 1,558 shares at an average price of $52.00. The insider received around $81.02 thousand from selling those shares.
- What’s Happening: Verizon, last month, highlighted the launch of Verizon Mobile for Microsoft (NASDAQ:MSFT) Teams.
- What Verizon Communications Does: Verizon is now primarily a wireless business (more than 70% of revenue and nearly all operating income). It serves about 91 million postpaid and 4 million prepaid phone customers and connects another 25 million data devices, like tablets, via its nationwide network, making it the largest U.S. wireless carrier.
- The Trade: Civeo Corporation (NYSE: CVEO) 10% owner Tammy Torgerson sold a total of 958,475 shares at an average price of $22.75. The insider received around $21.81 million from selling those shares.
- What’s Happening: The company, in February, reported a profit for the fourth quarter.
- What Civeo Does: Civeo Corp provides long-term and temporary remote site accommodations, logistics, and facility management services, especially to the natural resource industry.
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ServiceNow
- The Trade: ServiceNow, Inc. (NYSE: NOW) Director Frederic B Luddy sold a total of 6,600 shares at an average price of $556.81. The insider received around $3.67 million as a result of the transaction.
- What’s Happening: The company’s stock has dropped around 16% since the start of the year.
- What ServiceNow Does: ServiceNow Inc provides software solutions to structure and automate various business processes via a SaaS delivery model.
Read at Benzinga