Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The Nasdaq 100 closed higher by around 0.1% on Monday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company’s prospects or that they view the stock as being overpriced. 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.
Amazon
- The Trade: Amazon.com, Inc. (NASDAQ: AMZN) CEO Amazon Web Services Adam Selipsky sold a total of 1,000 shares at an average price of $153.32. The insider received around $153,320 from selling those shares.
- What’s Happening: Benchmark analyst Daniel L. Kurnos reiterated a Buy rating on Amazon.Com and raised the price target from $170 to $175.
- What Amazon Does: Amazon is a leading online retailer and one of the highest-grossing e-commerce aggregators, with $386 billion in net sales and approximately $578 billion in estimated physical/digital online gross merchandise volume in 2021.
Zoom Video
- The Trade: Zoom Video Communications, Inc. (NASDAQ: ZM) Chief Operating Officer Aparna Bawa sold a total of 19,207 shares at an average price of $67.00. The insider received around $1.29 million from selling those shares.
- What’s Happening: Exane BNP Paribas analyst Stefan Slowinski recently downgraded Zoom Video from Neutral to Underperform and announced a $60 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: Commercial Metals Company (NYSE: CMC) Executive Chairman Barbara Smith sold a total of 57,194 shares at an average price of $49.94. The insider received around $2.86 million from selling those shares.
- What’s Happening: CMC recently announced a $500 million increase to existing share repurchase program.
- What Commercial Metals Does: Commercial Metals Co operates steel mills, steel fabrication plants, and metal recycling facilities in the United States and manufactures rebar and structural steel, which are key product categories for the nonresidential construction sector.
- The Trade: The Hershey Company (NYSE: HSY) President, U.S. Confection Charles R Raup sold a total of 2,065 shares at an average price of $191.85. The insider received around $396,170 from selling those shares.
- What’s Happening: Barclays analyst Lauren Lieberman recently maintained Hershey with an Equal-Weight and lowered the price target from $212 to $200.
- What Hershey Does: Hershey is a leading confectionery manufacturer in the U.S. (around a $25 billion market), controlling around 45% of the domestic chocolate space (per IRI, as cited by Hershey).
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