U.S. stock futures trading mixed this morning on Thursday after the Nasdaq index closed sharply higher in the previous session. 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: Analog Devices, Inc. ADI Director Tunc Doluca sold a total of 2,300 shares at an average price of $160.00. The insider received around $368 thousand from selling those shares.
- What’s Happening: Deutsche Bank maintained Analog Devices with a Hold and lowered the price target from $185 to $165.
- What Analog Devices Does: Analog Devices is a leading analog, mixed-signal, and digital signal processing chipmaker.
- The Trade: HubSpot, Inc. HUBS Executive Chair Brian Halligan sold a total of 8,500 shares at an average price of $279.20. The insider received around $2.37 million as a result of the transaction.
- What’s Happening: Piper Sandler recently maintained HubSpot with an Overweight and lowered the price target from $600 to $350.
- What HubSpot Does: HubSpot provides a cloud-based marketing, sales, and customer service software platform referred to as the growth platform.
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- The Trade: Snap Inc. SNAP Chief Business Officer Jeremi Gorman sold a total of 34,032 shares at an average price of $14.08. The insider received around $479.1 thousand from selling those shares.
- What’s Happening: Keybanc maintained Snap with an Overweight and lowered the price target from $27 to $25.
- 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.
- The Trade: Kellogg Company K 10% owner Kellogg W K Foundation sold a total of 146,153 shares at an average price of $70.76. The insider received around $10.34 million from selling those shares.
- What’s Happening: Morgan Stanley maintained Kellogg with an Equal-Weight and raised the price target from $69 to $72.
- What Kellogg Does: Founded in 1906, Kellogg is a leading global manufacturer and marketer of cereal, cookies, crackers, and other packaged foods.
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