Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The Nasdaq 100 closed lower by around 0.9% 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.
Walt Disney
- The Trade: The Walt Disney Company (NYSE: DIS) Sr. EVP and Chief HR Officer Sonia L Coleman sold a total of 1,857 shares at an average price of $121.92. The insider received around $226,405 from selling those shares.
- What’s Happening: On April 2, Rosenblatt analyst Barton Crockett maintained Walt Disney with a Buy and raised the price target from $129 to $137.
- What Walt Disney Does: Disney operates in three global business segments: entertainment, sports, and experiences.
- The Trade: Pinterest, Inc. (NYSE: PINS) Director Jeffrey D Jordan sold a total of 20,000 shares at an average price of $35.08. The insider received around $701,672 from selling those shares.
- What’s Happening: On March 26, Piper Sandler analyst Thomas Champion reiterated Pinterest with an Overweight and maintained a $48 price target.
- What Pinterest Does: Pinterest is an online product and idea discovery platform that helps users gather ideas on everything from cooking recipes to travel destinations.
- The Trade: Western Digital Corporation (NASDAQ: WDC) Director Kimberly Alexy sold a total of 2,648 shares at an average price of $69.95. The insider received around $185,228 from selling those shares.
- What’s Happening: On March 27, Evercore ISI Group analyst Amit Daryanani initiated coverage on Western Digital with an Outperform rating and announced a price target of $80.
- What Western Digital Does: Western Digital is a leading vertically integrated supplier of data storage solutions, spanning both hard disk drives and solid-state drives.
- The Trade: United Natural Foods, Inc. (NYSE: UNFI) Chief Accounting Officer Richard Eric Esper sold a total of 4,375 shares at an average price of $11.35. The insider received around $49,656 from selling those shares.
- What’s Happening: On March 6, United Natural reported second-quarter adjusted earnings per share of 7 cents, beating the analyst consensus of a loss of 1 cent.
- What United Natural Foods Does: United Natural Foods Inc is a wholesale distributor of natural, organic and specialty foods and nonfood products across North America.
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