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.
Morningstar
The Trade: Morningstar, Inc. (NASDAQ:MORN) Executive Chairman Joseph Mansueto disposed a total of 20089 shares at an average price of $273.70. The insider received $5,498,277.15 as a result of the transaction.
What’s Happening: Morningstar announced the acquisition of Moorgate Benchmarks.
What Morningstar Does: Morningstar is a provider of independent investment research to financial advisers, asset managers, and investors.
Advanced Drainage Systems
The Trade: Advanced Drainage Systems, Inc. (NYSE:WMS) Director Ross M Jones sold a total of 1455990 shares at an average price of $109.75. The insider received $159,794,902.50 from selling those shares.
What’s Happening: Canada Pension Plan Investment Board, last month, invested $350 million in Advanced Drainage Systems through purchasing shares in a secondary transaction.
What Advanced Drainage Systems Does: Advanced Drainage Systems is engaged in designing, manufacturing, and marketing thermoplastic corrugated pipe and related water management products in North and South America, and Europe.
McAfee
The Trade: McAfee Corp. (NASDAQ:MCFE) 10% owner Gic Private Ltd, Gic Special Investments Pte Ltd, Snowlake Investment Pte Ltd sold a total of 1344898 shares at an average price of $22.50. The insider received $30,260,205.00 as a result of the transaction.
What’s Happening: McAfee Group recently announced a 20 million offering by selling shareholders will be priced at $22.50 per share.
What McAfee Does: McAfee is a device-to-cloud cybersecurity company. It is engaged in protecting consumers, enterprises, and governments from cyberattacks with integrated security, privacy, and trust solutions.
ZoomInfo Technologies
What’s Happening: Barclays upgraded ZoomInfo Technologies from Equal-Weight to Overweight and raised the price target from $66 to $83.
What ZoomInfo Technologies Does: ZoomInfo Technologies Inc provides a go-to-market intelligence platform for sales and marketing teams.
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