Although gold futures traded lower this morning on Thursday, there were a few notable insider trades.
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.
- The Trade: Kellogg Company K 10% owner Kellogg W K Foundation sold a total of 146,153 shares at an average price of $68.40. The insider received around $10 million from selling those shares.
- What’s Happening: Morgan Stanley recently maintained Kellogg with an Equal-Weight and lowered the price target from $67 to $65.
- What Kellogg Does: Founded in 1906, Kellogg is a leading global manufacturer and marketer of cereal, cookies, crackers, and other packaged foods.
- The Trade: Accenture plc ACN Chair and CEO Julie Spellman Sweet sold a total of 3,287 shares at an average price of $315.22. The insider received around $1.04 million from selling those shares.
- What’s Happening: Accenture announced intent to acquire Greenfish.
- What Accenture Does: Accenture is a leading global IT-services firm that provides consulting, strategy, and technology and operational services.
BJ's Wholesale Club
- The Trade: BJ's Wholesale Club Holdings, Inc. BJ President and CEO Robert Eddy sold a total of 45,000 shares at an average price of $66.85. The insider received around $3.01 million as a result of the transaction.
- What’s Happening: BJ's Wholesale Club recently announced the chainwide rollout of Same-Day Select, a Membership add-on to its popular Same-Day Delivery service.
- What BJ's Wholesale Club Does: BJ's Wholesale Club Holdings Inc is a warehouse club and gas station operator.
Have a look at our premarket coverage here .
- The Trade: Alphabet Inc. GOOG Director Larry Page sold a total of 13,789 shares at an average price of $2,553.50. The insider received around $35.21 million from selling those shares.
- What’s Happening: Citigroup recently upgraded Alphabet from Neutral to Buy and raised the price target from $2,965 to $3,500.
- What Alphabet Does: Alphabet Inc is a holding company, with Google, the Internet media giant, as a wholly owned subsidiary. Google generates 99% of Alphabet revenue, of which more than 85% is from online ads.
- The Trade: Snap Inc. SNAP Chief Business Officer Jeremi Gorman sold a total of 42,239 shares at an average price of $32.28. The insider received around $1.36 million from selling those shares.
- What’s Happening: Citigroup upgraded Snap from Neutral to Buy and raised the price target from $41 to $50.
- What Snap Does: Snap, which refers to itself as a camera company, has one of the most popular social networking apps, Snapchat, in developed regions such as North America and Europe.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.