US crude oil futures traded lower this morning on Tuesday. 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.
- The Trade: Alphabet Inc. GOOG Senior Vice President Prabhakar Raghavan sold a total of 1,109 shares at an average price of $2,166.74. The insider received around $2.4 million from selling those shares.
- What’s Happening: Barclays maintained Alphabet with an Overweight and lowered the price target from $3,200 to $3,000.
- What Alphabet Does: Alphabet Inc is a holding company, with Google, the Internet media giant, as a wholly owned subsidiary.
Palo Alto Networks
- The Trade: Palo Alto Networks, Inc. PANW Director, EVP, Chief Technology Officer Nir Zuk sold a total of 12,000 shares at an average price of $501.62. The insider received around $6.02 million as a result of the transaction.
- What’s Happening: The company’s stock has dropped around 7% since the start of the year.
- What Palo Alto Networks Does: Palo Alto Networks is a pure-play cybersecurity vendor that sells security appliances, subscriptions, and support into enterprises, government entities, and service providers.
Have a look at our premarket coverage here .
- The Trade: McCormick & Company, Incorporated MKC Director Margaret Preston V sold a total of 10,580 shares at an average price of $84.44. The insider received around $893.38 thousand from selling those shares.
- What’s Happening: McCormick recently reported a second-quarter FY22 sales decline of 1.3% year-on-year to $1.54 billion, missing the consensus of $1.61 billion.
- What McCormick Does: In its 130-year history, McCormick has grown to become the leading global manufacturer, marketer, and distributor of spices, herbs, extracts, seasonings, and other flavorings.
Interactive Brokers Group
- The Trade: Interactive Brokers Group, Inc. IBKR Chairman Thomas Peterffy sold a total of 40,000 shares at an average price of $56.15. The insider received around $2.25 million from selling those shares.
- What’s Happening: Interactive Brokers Group recently reported its Electronic Brokerage monthly performance metrics for June.
- What Interactive Brokers Does: Interactive Brokers Group Inc, or IB, conducts broker-dealer agency business and proprietary trading business worldwide.
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