The Nasdaq Composite 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.
- The Trade: Apple Inc. AAPL COO Jeffrey E Williams sold a total of 187,730 shares at an average price of $159.76. The insider received around $29.99 million from selling those shares.
- What’s Happening: Apple is seeking changes in India’s labor laws to expand local production.
- What Apple Does: Apple designs a wide variety of consumer electronic devices, including smartphones (iPhone), tablets (iPad), PCs (Mac), smartwatches (Apple Watch), and AirPods.
Have a look at our premarket coverage here
- The Trade: Micron Technology, Inc. MU EVP, Technology & Products Scott Deboer sold a total of 20,000 shares at an average price of $60.00. The insider received around $1.2 million from selling those shares.
- What’s Happening: Raymond James reinstated Micron Technology with an Outperform and announced a $70 price target.
- What Micron Technology Does: Micron historically focused on designing and manufacturing DRAM for PCs. The firm then expanded into the NAND flash memory market.
- The Trade: Jabil Inc. JBL EVP, CEO, DMS Steven Borges sold a total of 8,483 shares at an average price of $83.40. The insider received around $707.48 thousand from selling those shares. The company’s SVP, Chief Procurement Officer also sold the company’s shares.
- What’s Happening: Jabil reported second-quarter FY23 revenue growth of 7.7% year-on-year to $8.13 billion, beating the consensus estimate of $8.09 billion.
- What Jabil Does: Jabil Inc is a United States-based company engaged in providing manufacturing services and solutions. It provides comprehensive electronics design, production and product management services to companies in various industries and end markets. It operates in two segments.
Check This Out: Top 5 Defensive Stocks That Are Set To Fly
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.