Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The Nasdaq 100 closed higher by around 1.5% on Thursday. 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.
Williams-Sonoma
- The Trade: Williams-Sonoma, Inc. (NYSE: WSM) President and CEO Laura Alber sold a total of 20,000 shares at an average price of $201.92. The insider received around $4.04 million from selling those shares.
- What’s Happening: Wedbush analyst Seth Basham recently upgraded Williams-Sonoma from Neutral to Outperform and announced a $230 price target.
- What Williams-Sonoma Does: With a retail and direct-to-consumer presence, Williams-Sonoma is a player in the $300 billion domestic home category, focused on expanding its exposure in the B2B, marketplace, and franchise areas.
Commercial Metals
- The Trade: Commercial Metals Company (NYSE: CMC) Executive Chairman Barbara Smith sold a total of 142,806 shares at an average price of $49.89. The insider received around $7.12 million from selling those shares.
- What’s Happening: CMC announced a $500 million increase to existing share repurchase program.
- What Commercial Metals Does: Commercial Metals Co operates steel mills, steel fabrication plants, and metal recycling facilities in the United States and manufactures rebar and structural steel, which are key product categories for the nonresidential construction sector.
- The Trade: Dropbox, Inc. (NASDAQ: DBX) Chief Legal Officer Bart Volkmer sold a total of 7,025 shares at an average price of $31.31. The insider received around $219,923 from selling those shares. The company’s Chief Financial Officer also sold 3,000 shares of the company.
- What’s Happening: Dropbox launched a new AI-powered feature for its paying subscribers, surfacing improved search results when the feature is enabled.
- What Dropbox Does: Dropbox is a leading provider of cloud-storage and content collaboration tools with an emphasis on individuals and SMB.
- The Trade: Walgreens Boots Alliance, Inc. (NASDAQ: WBA) Director Nancy Schlichting sold a total of 15,209 shares at an average price of $23.05. The insider received around $350,567 from selling those shares.
- What’s Happening: Walgreens Boots Alliance said its first-quarter sales increased 10% Y/Y to $36.7 billion, up 8.7% on a constant currency basis, beating the consensus of $34.86 billion.
- What Walgreens Boots Alliance Does: Walgreens Boots Alliance is one of the largest retail pharmacy chains in the U.S., with over 8,500 locations. Nearly three quarters of Americans live within five miles of a Walgreens location.
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