US stocks closed higher on Friday. Investors, meanwhile, focused on some 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.
Eli Lilly and Company
- The Trade: Eli Lilly and Company LLY 10% owner Lilly Endowment Inc sold a total of 178,390 shares at an average price of $311.27. The insider received around $55.53 million from selling those shares.
- What’s Happening: Lilly recently announced plans to invest $2.1 billion in new manufacturing sites in Indiana.
- What Eli Lilly Does: Eli Lilly is a drug firm with a focus on neuroscience, endocrinology, cancer, and immunology. Lilly's key products include Verzenio for cancer; Jardiance, Trulicity, Humalog, and Humulin for diabetes; and Taltz and Olumiant for immunology.
- The Trade: The Charles Schwab Corporation SCHW Chairman Charles Schwab sold a total of 217,265 shares at an average price of $68.96. The insider received around $10.16 million from selling those shares.
- What’s Happening: Charles Schwab, last month, reported worse-than-expected Q1 EPS and sales results.
- What Charles Schwab Does: Charles Schwab operates in brokerage, banking, and asset-management businesses. The company runs a large network of brick-and-mortar brokerage branch offices and a well-established online investing website.
- The Trade: Range Resources Corporation RRC SVP and COO Dennis Degner sold a total of 125,332 shares at an average price of $32.65. The insider received around $4.09 million as a result of the transaction.
- What’s Happening: The company, last month, posted upbeat quarterly results.
- What Range Resources Does: Fort Worth-based Range Resources is an independent exploration and production company with that focuses entirely on its operations in the Marcellus Shale in Pennsylvania.
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- The Trade: Boyd Gaming Corporation BYD Co-Executive Chair Marianne Boyd Johnson sold a total of 99,765 shares at an average price of $56.36. The insider received around $5.62 million from selling those shares.
- What’s Happening: The company, last month, posted strong quarterly results.
- What Boyd Gaming Does: Boyd Gaming Corp is a multi-jurisdictional gaming company. The company operates wholly owned gaming entertainment properties (casino space, slot machines, table games, and hotel rooms) in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania.
- The Trade: Arista Networks, Inc. ANET Director, Chief Development Officer Andreas Bechtolsheim sold a total of 200,000 shares at an average price of $101.78. The insider received around $20.36 million from selling those shares.
- What’s Happening: Arista Networks recently posted better-than-expected Q1 earnings.
- What Arista Networks Does: Arista Networks is a software and hardware provider for the networking solutions sector. Operating as one business unit, software, switching, and router products are targeted for high-performance networking applications, while service revenue comes from technical support.
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