Although the Dow Jones dipped sharply by over 1,150 points on Wednesday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out Benzinga's insider transactions platform.
- The Trade: Avid Technology, Inc. AVID 10% owner Taylor Lauren Wolfe acquired a total of 256,242 shares at at an average price of $24.73. To acquire these shares, it cost around $6.18 million.
- What’s Happening: Avid Technology recently reported worse-than-expected Q1 adjusted EPS and sales results.
- What Avid Technology Does: Avid Technology Inc develops and sells software and hardware for digital media production and management. Its products are used in production, film studios, cable television stations, recording studios, and other agencies.
- The Trade: HubSpot, Inc. HUBS Chief Technology Officer Dharmesh Shah acquired a total of 10,000 shares at an average price of $340.08. To acquire these shares, it cost around $3.4 million.
- What’s Happening: Hubspot recently reported better-than-expected Q1 EPS and sales results.
- 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: Confluent, Inc. CFLT 10% owner Altimeter Capital Management General Partner Llc bought a total of 98,500 shares at an average price of $20.28. To acquire these shares, it cost around $2 million.
- What’s Happening: Wells Fargo maintained Confluent with an Overweight and lowered the price target from $45 to $35.
- What Confluent Does: Confluent Inc is a new category of data infrastructure designed to connect all the applications, systems, and data layers of a company around a real-time central nervous system.
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