The Nasdaq index closed lower on Tuesday amid a decline in tech stocks. 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.
Zoom Video Communications
- The Trade: Zoom Video Communications, Inc. ZM Chief Operating Officer Aparna Bawa sold a total of 2,404 shares at an average price of $109.14. The insider received around $262.38 thousand from selling those shares.
- What’s Happening: Citigroup downgraded the stock from Neutral to Sell and announced a $91 price target.
- What Zoom Video Does: Zoom Video Communications provides a communications platform that connects people through video, voice, chat, and content sharing.
- The Trade: PriceSmart, Inc. PSMT 10% owner Price Philanthropies Foundation sold a total of 20,000 shares at an average price of $66.63. The insider received around $1.33 million as a result of the transaction.
- What’s Happening: PriceSmart, last month, reported worse-than-expected Q3 EPS results.
- What PriceSmart Does: Pricesmart Inc is a company principally engaged in operating U.S.-style membership shopping warehouse clubs that offer consumer goods at low prices.
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- The Trade: Analog Devices, Inc. ADI Director Tunc Doluca sold a total of 16,800 shares at an average price of $180.00. The insider received around $3.02 million from selling those shares.
- What’s Happening: Analog Devices is expected to release financial results for the third quarter fiscal year today.
- What Analog Devices Does: Analog Devices is a leading analog, mixed-signal, and digital signal processing chipmaker.
- The Trade: CME Group Inc. CME Sr MD & Chief HR Officer Hilda Harris Piell sold a total of 4,901 shares at an average price of $203.88. The insider received around $1 million from selling those shares.
- What’s Happening: Raymond James downgraded CME Group from Outperform to Market Perform.
- What CME Group Does: Based in Chicago, CME Group operates exchanges giving investors, suppliers, and businesses the ability to trade futures and derivatives based on interest rates, equity indexes, foreign currencies, energy, metals, and commodities.
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