Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The Nasdaq 100 closed lower by around 0.1% 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.
McKesson
- The Trade: McKesson Corporation (NYSE:MCK) CEO Brian S. Tyler sold a total of 3,753 shares at an average price of $574.41. The insider received around $2.16 million from selling those shares.
- What's Happening: On June 3, McKesson's Board of Directors elected Deborah Dunsire as New Director.
- What McKesson Does: McKesson Corp is one of three leading pharmaceutical wholesalers in the us engaged in sourcing and distributing branded, generic, and specialty pharmaceutical products to pharmacies (retail chains, independent, and mail order), hospitals networks, and healthcare providers.
Western Digital
- The Trade: Western Digital Corporation (NASDAQ:WDC) EVP & GM, Flash Business Robert Soderbery sold a total of 26,853 shares at an average price of $73.48. The insider received around $1.97 million from selling those shares.
- What's Happening: On June 4, Loop Capital analyst Ananda Baruah maintained Western Digital with a Buy and raised the price target from $90 to $100.
- 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: Booz Allen Hamilton Holding Corporation (NYSE:BAH) Executive Vice President Richard Crowe sold a total of 1,006 shares at an average price of $151.96. The insider received around $152,872 from selling those shares.
- What's Happening: On May 24, Booz Allen Hamilton posted better-than-expected fourth-quarter earnings.
- What Booz Allen Hamilton Does: Booz Allen Hamilton Holding Corp is a provider of management consulting services to the U.S. government.
- The Trade: MongoDB, Inc. (NASDAQ:MDB) Director Dwight A Merriman sold a total of 2,000 shares at an average price of $234.24. The insider received around $468,472 from selling those shares.
- What's Happening: On June 3, Scotiabank analyst Patrick Colville maintained MongoDB with a Sector Perform and lowered the price target from $385 to $250.
- What MongoDB Does: Founded in 2007, MongoDB is a document-oriented database with nearly 33,000 paying customers and well past 1.5 million free users.
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