Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The Nasdaq 100 closed lower by around 90 points on Wednesday. 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.
Dover
- The Trade: Dover Corporation (NYSE: DOV) Senior Vice President and CFO Brad M Cerepak sold a total of 14,000 shares at an average price of $142.00. The insider received around $1.99 million from selling those shares.
- What’s Happening: On Oct. 24, Dover reported third-quarter FY23 revenue of $2.153 billion, missing the analyst consensus estimate of $2.22 billion.
- What Dover Does: Dover is a diversified industrial manufacturing company with products and services that include digital printing for fast-moving consuming goods, marking and coding for the food and beverage industry, loaders for the waste collection industry, pumps for the transport of fluids, including petroleum and natural gas, and commercial refrigerators used in groceries and convenience stores.
Salesforce
- The Trade: Salesforce, Inc. (NYSE: CRM) Chair and CEO Marc Benioff sold a total of 15,000 shares at an average price of $250.08. The insider received around $3.75 million from selling those shares.
- What’s Happening: On Nov. 29, Salesforce reported third-quarter financial results and issued FY24 guidance above estimates.
- What Salesforce Does: Salesforce Inc provides enterprise cloud computing solutions. The company offers customer relationship management technology that brings companies and customers together.
- The Trade: Visa Inc. (NYSE: V) President, Technology Rajat Taneja sold a total of 27,679 shares at an average price of $256.49. The insider received around $7.1 million from selling those shares.
- What’s Happening: On Oct. 24, Visa reported better-than-expected fourth-quarter financial results.
- What Visa Does: Visa is the largest payment processor in the world. In fiscal 2022, it processed over $14 trillion in total volume.
- The Trade: J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) President Shelley Simpson sold a total of 10,913 shares at an average price of $188.50. The insider received around $1.01 billion from selling those shares.
- What’s Happening: On Oct. 17, J.B. Hunt reported quarterly earnings of $1.80 per share, a 29.96% decrease over earnings of $2.57 per share from the same period last year.
- What J.B. Hunt Does: J.B. Hunt Transport Services ranks among the top surface transportation companies in North America by revenue.
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