Although Alphabet Inc. GOOGL reported weaker-than-expected quarterly earnings on Tuesday, 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: AutoNation, Inc. AN 10% owner Edward S Lampert sold a total of 110,355 shares at an average price of $111.23. The insider received around $12.27 million from selling those shares.
- What’s Happening: Truist Securities upgraded the stock from Hold to Buy.
- What AutoNation Does: AutoNation is the largest automotive dealer in the United States, with 2021 revenue of $25.8 billion and about 250 dealerships at nearly 350 locations, plus 57 collision centers.
- The Trade: Adobe Inc. ADBE Director John Warnock sold a total of 5,000 shares at an average price of $404.30. The insider received around $2.02 million from selling those shares.
- What’s Happening: The company’s stock dropped around 38% over the past six months.
- What Adobe Does: Adobe provides content creation, document management, and digital marketing and advertising software and services to creative professionals and marketers for creating, managing, delivering, measuring, optimizing and engaging with compelling content multiple operating systems, devices and media.
- The Trade: Bentley Systems, Incorporated BSY Director Raymond Bentley sold a total of 317,887 shares at an average price of $42.68. The insider received around $13.57 million as a result of the transaction.
- What’s Happening: Bentley Systems recently said it has acquired Watertown, Massachusetts-based ADINA R & D Inc.
- What Bentley Systems Does: Bentley Systems Inc is a provider of software solutions to engineers, architects, geospatial professionals, constructors, and owner-operators for the design, construction, and operations of infrastructure.
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- The Trade: Prologis, Inc. PLD Director Irving F. Lyons III sold a total of 44,385 shares at an average price of $164.60. The insider received around $7.31 million from selling those shares.
- What’s Happening: Raymond James recently maintained Prologis PLD with a Strong Buy and raised the price target from $180 to $190.
- What Prologis Does: Prologis was formed by the June 2011 merger of AMB Property and ProLogis Trust. The company develops, acquires, and operates over 900 million square feet of high-quality industrial and logistics facilities across the globe.
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