The Nasdaq 100 index closed slightly lower 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: Nutanix, Inc. NTNX Chief Operating Officer David Sangster sold a total of 121,478 shares at an average price of $30.80. The insider received around $3.74 million from selling those shares.
- What’s Happening: Morgan Stanley recently maintained Nutanix with an Equal-Weight and raised the price target from $26 to $30.
- What Nutanix Does: Nutanix Inc provides native hybrid cloud capabilities for businesses.
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- The Trade: Peabody Energy Corporation BTU 10% owner Elliott Investment Management LP sold a total of 1,707,239 shares at an average price of $28.72. The insider received around $49.02 million as a result of the transaction.
- What’s Happening: Australia-based Coronado Global Resources recently jointly agreed with Peabody Energy to cease discussions regarding a potential combination of the two companies.
- What Peabody Energy Does: Peabody Energy Corp mines and sells coal through approximately 17 coal mines in the United States and Australia.
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- The Trade: Target Corporation TGT Executive Officer John Mulligan sold a total of 24,708 shares at an average price of $146.41. The insider received around $3.62 million from selling those shares.
- What’s Happening: Credit Suisse downgraded Target from Outperform to Neutral and lowered the price target from $165 to $160.
- What Target Does: With 1,926 stores (as of the end of fiscal 2021), Target is a leading American general merchandise retailer, offering a variety of products across several categories, including beauty and household essentials (26% of fiscal 2021 sales), food and beverage (19%), home furnishings and décor (19%), hardlines (18%), and apparel and accessories (17%).
- The Trade: Lowe's Companies, Inc. LOW EVP, Stores Joseph M. McFarland III sold a total of 15,301 shares at an average price of $ $203.82. The insider received around $3.12 million from selling those shares.
- What’s Happening: Credit Suisse initiated coverage on Lowe's Companies with a Neutral rating and announced a price target of $210.
- What Lowe's Does: Lowe's is the second-largest home improvement retailer in the world, operating 1,969 stores and servicing around 230 dealer-owned stores throughout the United States and Canada.
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